Project background: one common strategy within the capital structure relative value umbrella is trading credit versus equity. Credit and equity are both claims on the assets of a company. Debt securities typically pay a fixed coupon to the holder as long as the company does not default, but offers no additional upside if the company’s performance improves and its assets become more valuable. On...

This paper analyses public policy choices in the security economy from an economic perspective. It discusses the role of public goods for national and global security and identifies the importance of the firstand second-order indirect effects of insecurity on economic activity, which include the behavioural responses of agents and the government to security measures, akin to such effects in ins...

The title of this session assumes a trade-off between growth and equity, and a need to choose a point on that trade-off. Indeed, a recurring issue in development circles is whether countries should focus their development strategies on growth or on poverty reduction strategies. The trade-off could come from a possible influence of growth on the distribution of wealth; or from a possible influen...

Abstract The present paper attempts to demonstrate that finding an appropriate trade-off between direct and indirect taxes can help smooth policy makers’ way through reconciling the contradictory notions of equity efficiency. Our theoretical empirical analysis is based on assumption discourage work effort, thus impinging incentives supply labour, save invest, finally, grow, whereas consumption ...