Savvas Katsikides

Water Resources Management Under Possible Future Climate and Land Use Changes: The Application of the Integrated Hydrological Modelling System, IHMS

The Integrated Hydrological Modelling System, IHMS, has been developed to study the impact of climate and land use changes on water resources. The system comprises three models: the distributed catchment scale model DiCaSM, which deals with the unsaturated zone; the MODFLOW model, for saturated zone and groundwater flow; and the SWI model, for seawater intrusion in coastal areas. These models can be applied either together or separately. Four sites were considered in this study.

The Effect of Terrorism on Stock Markets: Evidence from the 21st Century

ABSTRACT This paper examines the relationship between terrorist attacks and stock market performance, by employing the “event-study” methodology to examine eleven major terrorist attacks that occurred in the 21st century. Results suggest that earlier events appear to result in higher negative abnormal returns when compared to more recent ones. Where evident, these abnormal returns seem to persist beyond the date of the event, but tend to disappear rather quickly. Some events appear to exhibit a “spill-over” effect influencing international stock markets too. Our most important finding is that recent events do not seem to influence local or international markets, thus suggesting that investors have learnt to better assess terror events and react more calmly to them.

The Cyprus Banking Crisis: The Bail-in Strategy as a Game Changer for the Too-Big-to-Fail Mentality of the Fractional Reserve Banking System

This chapter explores the reasons which led to the collapse of the Cyprus banking sector in 2013. It places emphasis on the bail-in strategy, which set a worldwide precedent as an instrument of last resort, and unmasks the fragility of the fractional reserve banking system in times of crisis. It is argued that the Cyprus banking experience may lead to structural changes in the core of the banking system to avoid future shocks.

Conclusion—The Birth of Europe

The emergence of a continental entity of political economy is a long and complicated process. Since the end of World War 2 Europe has experienced rather different stages to reach its current form. These big and often rather abrupt shifts in the perspective of a united Europe usually were just elements in the pulsating development of the global political economy; Europe always has to be understood as a vital and large part of the world economy.