In the last years the interest in the Value at Risk (VaR) estimation has significantly growth due to international financial instability. We modelled the daily VaR estimation trough different static and non-static variance techniques in order to evaluate the changes produced in financial risk...

The paper tests the hypothesis of a positive impact of democratization on growth, economic development and changes in well-being. We construct an empirical model to explain the impact of political institutions (democracy), economic institutions, financial market efficiency, scientific...