On the estimation of non linear functions in stochastic volatility models

Abstract

This paper focuses on the inference of suitable generally non linear functions in stochastic volatility models. In this context, in order to estimate the variance of the proposed estimators, a moving block bootstrap (MBB) approach is suggested and discussed. Under mild assumptions, we show that the MBB procedure is weakly consistent. Moreover, a methodology to choose the optimal length block in the MBB is proposed. Some examples and simulations on the model are also made to show the performance of the proposed procedure.     

Delivery and funding are provincial matters in Canada

The following article is one of a series that deal with the provision of health care services around the world. Other countries in the series include Germany, Italy, Japan, Mexico, the Netherlands, and the United States. Countries scheduled for coverage in the series include Austria, France, Singapore, Spain, and the United Kingdom. The countries are described using a grid of characteristics so that comparisons may be made more easily. All of the analyses, along with further comparative data, will be gathered into a freestanding book to be published later in the year. Dr. Mendoza serves as editor for the project.     

Innovations to Make Markets More Inclusive for the Poor

Market failures, government failures and some of the characteristics of both the poor and business actors as well as their environment can act as barriers preventing the poor from participating more actively in markets, both as consumers and as producers. Private actors ‐ including for‐profit and not‐for‐profit entities, often in partnership with the public sector ‐ have been able to mitigate some of these constraints through innovations that have helped to make markets more inclusive for the poor, enabling them not just to gain access, but also to participate in ways that enhance their economic empowerment and human development. This article identifies the strategies and innovations used and devises a possible typology for them.     

DISTRIBUTIONAL INCENTIVES IN AN EQUILIBRIUM MODEL OF DOMESTIC SOVEREIGN DEFAULT

Europe's debt crisis resembles historical episodes of outright default on domestic public debt about which little research exists. This paper proposes a theory of domestic sovereign default based on distributional incentives affecting the welfare of risk‐averse debt and nondebtholders. A utilitarian government cannot sustain debt if default is costless. If default is costly, debt with default risk is sustainable, and debt falls as the concentration of debt ownership rises. A government favoring bond holders can also sustain debt, with debt rising as ownership becomes more concentrated. These results are robust to adding foreign investors, redistributive taxes, or a second asset.     

Care-giving Coping Strategies Among Mothers with Chronically Ill Children

ABSTRACT

The purpose of the study is to identify the types of stresses experienced and the coping strategies used by mothers who are responsible for providing care to their chronically ill and disabled children. A qualitative approach was selected to systematically document the experiences and highlight individual coping strategies. Purposive sampling was used in this qualitative pilot study, fifteen (15) mothers who were known to the researcher as well as two schools that specifically cater for children with disabilities were selected to participate in the study. Thirty questionnaires were handed out of which fifteen were returned. Data was collected using the coping Health Inventory for Parents (CHIP) to measure the extent to which parents perceived a number of coping strategies to be helpful in coping with the chronic illness of their child (ren). The scale comprised 45 items with 3 subscales. The results highlighted the types of stresses that were experienced by the mothers and the coping strategies practiced by these mothers when caring for their disabled children. Mothers who care for chronically ill children are faced with daily stress that relates to care as well as their personal life.     

A comment on “An analysis of global warming in the Alpine Region based on nonlinear nonstationary time series models” by F. Battaglia and M. K. Protopapas

We discuss the paper by Battaglia and Protopapas concerning the analysis of global warming phenomenon in the Alpine Region. The Authors consider a nonlinear model which takes into account regimes in time and levels. In this contribution some of the statistical results presented in the paper are commented and a different approach to the problem is proposed. It is based on a temporal aggregation analysis and it can help to highlight some features in the data.     

Hungary: a health system in transition

Hungary has an area of 93,030 square kilometers (35,900 square miles), the size of the state of Indiana in the United States. It is landlocked by the Czech Republic and the Slovak Republic to the north, Austria to the west, Yugoslavia to the south, and Romania and the Soviet Union to the east. Although the health care system is based on the Soviet system, there have been dramatic changes since 1991, when the soviet Union and its Eastern European partners discarded their communist structures and the Soviet empire was disbanded. In this report, the current Hungarian health care system and the political structure in which it is housed will be described in terms of a key set of characteristics and their subparts. The purpose of this approach is to facilitate comparison of the Hungarian system with other national health care systems. An expanded version of this article will appear in an upcoming second edition of the College's book, International Health Care: A Framework for Comparing National Health Care Systems, by Drs. Mendoza and Henderson.     

Strategic planning for small and medium-sized enterprises: The COMPASS project

The paper introduces a methodology and a set of software tools designed to support the definition and implementation of enterprise strategies particularly for small and medium-sized enterprises SMEs . The COMPASS method and tools support a stepwise refinement of basic strategic options and a simulation-based evaluation taking into account the objectives the SME has given itself. They assist in the derivation of detailed project plans, and they help monitoring the success of the chosen strategy. Inexperienced users can taken advantage of the built-in knowledge and experience in the field of strategic planning which reflects the actual state of the art in economic science. The paper describes the method and tools which were developed in the ESPRIT project 6617 COMPASS, and discusses their strong and weak points in the light of experience gained during test applications in three SMEs.     

Labour incorporation of young Southern European graduates in Mexico: the impact of the economic crisis

ABSTRACT

The 2008 economic crisis has had particularly negative effects on the youth labour market outcomes in Southern Europe. Thus, it is hardly surprising that many Southern European youngsters see migration as the only way to escape from under-employment and precariousness. In this context, the article studies the reasons for emigration to Mexico of a group of young graduates from Italy and Spain. The paper is based on 42 in-depth semi-structured interviews with young graduates, aged 29 years old or less on their arrival in Mexico. The article first explores the relevance of the economic crisis as the main reason behind the migration of this group. It is revealed that the interviewed graduates had a precarious labour incorporation back in their countries of origin, and migration appeared as a means to further their careers. Second, the paper analyses the interviewees’ labour incorporation in Mexico; in many cases this coincides with an extended university-work transition, since many of them had not secured full-time permanent jobs before their arrival in Mexico. Finally, the paper explores the interviewees’ future plans. These depend not only on their work experiences in Mexico but also on their degree of social and cultural integration in the host country.