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The purpose of this paper is to investigate the time series behavior of co‐movements among 11 European real estate securities markets, with each other as well as between country‐averages, over the sample period from January 1999 to January 2010 by utilizing the asymmetric dynamic conditional correlation (ADCC) technique, long‐memory tests and multiple structural break methodology.

First the ADCC from the multivariate GJR‐GARCH model is used to estimate the pair‐wise conditional correlations between the 11 securitized real estate markets. Then, the 11 country‐average conditional correlation series is subject to a battery of four long‐memory tests to form an “on the balance of evidence” picture; the semi‐parametric Geweke and Porter‐Hudak procedure and Robinson test, as well as the non‐parametric Hurst‐Mandelbrot R/S and Lo's modified R/S tests. Finally, the Bai and Perron's multiple structural break methodology seeks to test whether the average conditional correlations are subject to regime switching via the detection of breaks in the co‐movements of real estate securities returns.

Low to moderate conditional correlations are found for these European real estate securities market and a higher level of correlation in the aftermath of the global financial crisis. The long‐memory correlation effect is present for nine European real estate securities markets. In addition, the conditional correlations are subject to regime switching with two structural breaks in four country‐average correlation series. Across the regimes, a higher level of correlation is linked to a higher level of volatility and a lower level of return, and this happened around the global financial crisis period.

The findings that national real estate securities correlations exhibit time‐varying and asymmetric behavior can help investors understand how real estate securities will co‐move in different market scenarios (e.g. “crisis” and “non‐crisis” times). Moreover, the process of dynamic covariance analysis and forecasting (the ultimate objective in portfolio management) should not rely too much on short‐term autoregressive moving average models. Instead, a combination of some appropriate long‐range dependence models and regime‐switching specifications is needed.

This paper offers useful insights into the time series behavior of average dynamic conditional correlations in European public property markets.

A novel approach to modeling exchange rates is presented based on a set of models distinguished by the drivers of the rate and regime duration. The models are combined into a “meta model” using model averaging and non-nested hypothesis-testing techniques. The meta model accommodates periods of stability and slowly evolving or abruptly changing regimes involving multiple drivers. Estimated meta models for five exchange rates provide a compelling characterization of their determination over the last 40 years or so, identifying “phases” during which the influences from policy and financial market responses to news succumb to equilibrating macroeconomic pressures and vice versa.

The purpose of this study is to ascertain whether nonlinearities could be present in electricity loads observed in subtropical environments, where none or little heating is required, and whether threshold autoregressive (TAR)-type regime switching models could be advantageous in the modeling of those loads.

The actual observed load of a Brazilian regional electricity distributor from January 2013 to August 2012 was modeled using a popularly employed ARMA model for reference, and smooth and non-smooth TAR transition (non-linear) models were used as non-linear regime switching models.

Evidence of nonlinearities were found in the load series, and evidence was also found on the intrinsic resistance of this type of models to structural breaks in the data. Additionally, to reacting well to asymmetries in the data, these models avoid the use of exogenous variables. Altogether, this could prove to be a definite advantage of the use of such model alternatives.

However, even if the present work may have been limited by the observation frequency of the available data, it appears TAR models appear to be a viable alternative to forecasting short-term electricity loads. Nonetheless, additional research is required to achieve a higher accuracy of forecast data.

If such models can be successfully used, it will be a great advantage for electricity generators, as the computational effort involved in the use of such models is not significantly larger than regular linear ones.

To our knowledge, this type of research has not yet been made with subtropical/tropical electricity load data.

In 2019, a popular revolution toppled Sudan's long-term military president, Umar al-Bashir. The country then entered a three-year transition toward democratic rule during which power was shared between Sudan's military and civilian political organizations. In this period, international organizations and foreign governments were quick to proclaim their support for Sudan's democratic transition. However, policy reforms during Sudan's transition went beyond changes to formal political institutions, as the transitional government implemented major programs of economic restructuring. These restructurings were supported by Sudan's international partners, who normalized a discourse that Sudan was “overindebted,” and who held that political and economic reforms ought naturally to accompany each other. As a result, the transitional government implemented a shock program of liberalization and austerity that imposed material hardship on much of Sudanese society, including during a global recession resulting from the COVID-19 pandemic. This contributed to endangering the transition itself and the progressive promises of Sudan's 2019 revolution.

This chapter traces the history of how Sudan was excluded from Western financial and commercial markets through the imposition of sanctions in the 1990s. This caused Sudan to explore non-Western sources of external financing in East Asia and the Arabian Gulf. This history then shapes the contested ways in which Sudan's debts are counted by international institutions to create the misleading impression that the country is overindebted. Finally, the chapter examines how different elites coalesced to impose a program of shock fiscal austerity and economic liberalization during a crucial political moment, which helped to imperil the country's fragile political transition.

The real estate market has evolved significantly over the past 10 years and has experienced rapid growth throughout the world in its various forms. Many emerging countries witnessed the significant growth in their commercial real estate markets that became a stable sector of their economies. These countries, after developing a reliable commercial real estate base within their economies subsequently developed real estate financial markets. The growth of the real estate investment trusts, REITs, markets in many countries within the past decade helped attract global capital that facilitated additional investments in local real estate developments. Significantly, this period of time may have witnessed a higher degree of integration of real estate with the broader financial markets due in large part to the securitization of mortgages. Yet the general real estate market was also impacted in many parts of the world with rising prices and subsequent price collapses. This section focuses on the various areas of the global real estate market and the changes that it has encountered as examined by researchers of real estate. This chapter also examines the recent trends in global real estate markets and explores how these changes have affected the broader investment community.

The purpose of this paper is to find out the factors contributing to major shifts in the growth of tax revenue through the estimation of structural breaks and analysis of major tax regimes. Recent contributions to optimal tax theory and empirical literature on the Laffer curve effect, based on elasticity of taxable income, challenge the settled understanding on the rate-revenue relationship. In this backdrop, the objective of the paper is to find out the relative significance of changes in tax rate, tax base and administrative reforms in affecting the growth of tax revenue in India. The paper considers tax data spanning a period of six and half decades for five major components of direct and indirect taxes (corporation, personal income, customs, excise and service) of the central government of India.

Unknown break point(s) – single and multiple – in the tax structure are identified by using the Quandt-Andrews and Bai-Perron econometric tests. These tests were conducted for two models of growth of taxes (tax revenue and tax-NDP ratio) estimated using semi-log functions. A simulation exercise was conducted to find out the robustness of the results by varying the trimming parameter and number of breaks. An analytical framework is used to understand the factors associated with these breaks.

There is more than one break identified for every tax component as per the results of Bai–Perron test. The simulation exercise suggests that estimated breakpoints are mostly robust. Economic growth, structural changes in the economy, simplification and rationalization of tax structure, tax competition, policies such as liberalization have contributed to the changing tax regimes. Results of this study suggest that high tax rates have not been, in particular, detrimental to achieving growth in revenue and factors other than changes in tax rates have been more prominent in bringing about the shifts.

This is, perhaps, the first paper exploring the multiple structural breaks in the fiscal variables in India. It offers an understanding of the changing regimes of central government taxes and the underlying factors for the same.

Purpose – The purpose of the chapter is to investigate the implications of including multiple inequalities in addition to class for analyses of the implications of globalization for inequality.

Methodology/approach – The chapter addresses both conceptual and methodological issues in the analysis of changes in economic inequalities. It draws on comparative data of changes in class and gender economic inequalities using data from the World Bank, OECD, and Eurostat.

Findings – The chapter finds that gender and class inequalities have different trajectories of change, although they have implications for each other. This means that the analysis of globalization needs to analyze gender separately from class as well as their points of intersection in order to gain an accurate understanding of the changes in inequality that are linked to globalization. It is found that the complexity theory is very useful as an aid to theorizing intersectionality. It is found that the use of the distinction between neoliberal and social democratic forms of modernity aids the analysis.

Originality/value of chapter – The chapter provides an innovative analysis of the implications of including gender in analyses of global economic inequality, which has implications for the theorization of gender and intersectionality as well as of globalization.

This chapter revisits and extends the multiple-source, multiple-object theory of legitimacy in organizations. It introduces the idea of legitimized regimes and uses it to extend the theory’s range beyond the usual focus on power and domination. The theory describes mechanisms that: (1) establish the legitimacy of new or contested regimes; and (2) facilitate the spread of legitimacy to structures and processes that lie outside organizational boundaries. The chapter uses current affirmative action debates to illustrate the mechanisms under study. The work concludes with a summary that includes discussion of prospects for research on extensions of the multiple-source, multiple-object theory.