Inge Kaul, Isabelle Grunberg, and Marc Stern (eds)
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780195130522
- eISBN:
- 9780199867363
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195130529.001.0001
- Subject:
- Economics and Finance, Public and Welfare
This collection of papers offers a new rationale and framework for international development cooperation. Its main argument is that in actual practice development cooperation has already moved beyond ...
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This collection of papers offers a new rationale and framework for international development cooperation. Its main argument is that in actual practice development cooperation has already moved beyond aid. In the name of aid (i.e., assistance to poor countries), we are today dealing with issues such as the ozone hole, global climate change, HIV, drug trafficking, and financial volatility. All of these issues are not really poverty related. Rather, they concern global housekeeping: ensuring an adequate provision of global public goods. Many important lessons could be drawn by first recognizing this fact – revealing innovative reforms toward more effective international policy making in the twenty‐first century.Less
This collection of papers offers a new rationale and framework for international development cooperation. Its main argument is that in actual practice development cooperation has already moved beyond aid. In the name of aid (i.e., assistance to poor countries), we are today dealing with issues such as the ozone hole, global climate change, HIV, drug trafficking, and financial volatility. All of these issues are not really poverty related. Rather, they concern global housekeeping: ensuring an adequate provision of global public goods. Many important lessons could be drawn by first recognizing this fact – revealing innovative reforms toward more effective international policy making in the twenty‐first century.
Cristina Amado and Helinä Laakkonen
- Published in print:
- 2014
- Published Online:
- August 2014
- ISBN:
- 9780199679959
- eISBN:
- 9780191760136
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199679959.003.0006
- Subject:
- Economics and Finance, Econometrics
The “unusually uncertain” phase in the global financial markets has inspired many researchers to study the effects of ambiguity (or “Knightian uncertainty”) on the decisions made by investors and ...
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The “unusually uncertain” phase in the global financial markets has inspired many researchers to study the effects of ambiguity (or “Knightian uncertainty”) on the decisions made by investors and their implications for the capital markets. We contribute to this literature by using a modified version of the time-varying GARCH model of Amado and Teräsvirta (2013) to analyze whether the increasing uncertainty has caused excess volatility in the US and European government bond markets. In our model, volatility is multiplicatively decomposed into two time-varying conditional components: the first being captured by a stable GARCH(1,1) process and the second driven by the level of uncertainty in the financial market.Less
The “unusually uncertain” phase in the global financial markets has inspired many researchers to study the effects of ambiguity (or “Knightian uncertainty”) on the decisions made by investors and their implications for the capital markets. We contribute to this literature by using a modified version of the time-varying GARCH model of Amado and Teräsvirta (2013) to analyze whether the increasing uncertainty has caused excess volatility in the US and European government bond markets. In our model, volatility is multiplicatively decomposed into two time-varying conditional components: the first being captured by a stable GARCH(1,1) process and the second driven by the level of uncertainty in the financial market.
Tim Hayward
- Published in print:
- 2019
- Published Online:
- September 2019
- ISBN:
- 9780198842767
- eISBN:
- 9780191878695
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198842767.003.0002
- Subject:
- Political Science, Political Economy
Recent debates about global justice have featured various proposals to make the world more just by means of transferring money. Their assumption is that just purposes may be achieved by applying, in ...
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Recent debates about global justice have featured various proposals to make the world more just by means of transferring money. Their assumption is that just purposes may be achieved by applying, in a global context, the kind of redistributive fiscal policy that has proven capable of supporting social justice within the context of a welfare state. In global or international contexts, however, that assumption may not be warranted. In the absence of global political institutions and a single global currency, it would be premature to make policy commendations whose effectiveness would presuppose their existence. Additionally, there is a problem that the value of taxes, even if successfully raised and transmitted, can be subject to volatilities in financial markets. Attention should be directed to the institutional conditions required for global taxation as well as for the governance of global finance more generally to ensure it is in the public interest.Less
Recent debates about global justice have featured various proposals to make the world more just by means of transferring money. Their assumption is that just purposes may be achieved by applying, in a global context, the kind of redistributive fiscal policy that has proven capable of supporting social justice within the context of a welfare state. In global or international contexts, however, that assumption may not be warranted. In the absence of global political institutions and a single global currency, it would be premature to make policy commendations whose effectiveness would presuppose their existence. Additionally, there is a problem that the value of taxes, even if successfully raised and transmitted, can be subject to volatilities in financial markets. Attention should be directed to the institutional conditions required for global taxation as well as for the governance of global finance more generally to ensure it is in the public interest.
