Powers of recursion are often adduced for ‘recombinant innovation'. The onset of the digital economy, based on operations on discretely encoded information, has renewed interest in this. Digital computing has a provenance with the John von Neumann dynamical systems theory based on complex...

- The emergence of neo-banks in India and the UK reflects the increasing demand for digital financial services. The dawn of the digital age in the financial sector has paved the way for increased alliances between incumbents and ‘fintech’ organizations.- Neo-banks, digital-only banks that...

We analyse systemic risk in the core global banking system using a new network-based spectral eigen-pair method, which treats network failure as a dynamical system stability problem. This is compared with market price-based Systemic Risk Indexes (SRIs), viz. MES (Marginal Expected Shortfall),...

In this paper, we use data from the British Household Panel Survey (BHPS) for the years 1992 to 1998 to study the determinants of saving in the form of voluntary contributions to personal pension plans (PPPs). We first estimate a probit model with selection for the probability of making these...

The prices of the option and futures of a stock both reflect the market's expectation of futures changes of the stock's price. Their prices normally align with each other within a limited window. When they do not, arbitrage opportunities arise: an investor who spots the misalignment will be able...

We study the formation of social networks that are based on local interaction and simple rule following. Agents evaluate the profitability of link formation on the basis of the Myerson-Shapley principle that payoffs come from the marginal contribution they make to coalitions. The NP-hard problem...