Gareth Downing

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This paper highlights a channel through which decentralisation may curb the level of corruption and, in doing so, foster economic development. The analysis is based on a dynamic general equilibrium model in which corruption affects growth through entry regulation and the costs of doing business: for certain types of business to be undertaken, licenses are required from public officials who demand bribes in exchange for them. When entry regulation is centralised, each official issues his own designated type of license to all regions. When entry regulation is decentralised, each official issues all types of license to his own designated region. We show that the latter structure of government is associated with lower bribes, higher capital and higher growth.

Drawing on research exploring food system change in a region in the North of England during the Covid-19 health pandemic, in this paper we explore how a "managerial" approach to food system governance and provisioning embedded in national food systems and international supply chains was suddenly supplanted by a more "open" approach. By enabling understanding of how food system change unfolded as a diverse range of hidden practices unexpectedly became visible, it contributes to food systems thinking through the development of a regional place-based perspective. We use this approach to understand the outcome of these processes and to investigate how embedding change across administrative and geographical boundaries can enable food system transformation to improve food security for future generations.

Using one-minute intraday data and wavelet decomposition of stochastic processes we obtain realised VCOV matrices with and without price discontinuities in the U.S. Treasuries and precious metals futures. Our work provides determinants of co-jumps in gold, silver and U.S. Treasuries across the yield curve and empirically demonstrates impact of price discontinues on hypothetical investor through realised correlations, hedging effectiveness ratios and several portfolio settings. We find that co-jumps in gold and silver have similar monetary characteristics to co-jumps in gold or silver with U.S. Treasuries futures. We further unpack investor choices between precious metals and U.S. bonds under the presence of high-frequency risks. We show that behaviour puzzle of simultaneous demand for safety and quality during market turmoils disappears if investors are seeking maximum diversification. We also find that runs to safety do not offer statistically significant improvements in diversification benefits unlike runs to short-term quality. Other results uncover higher investments to gold due to the shifts in the U.S. yield curve and potential gains in realised hedging effectiveness for the end of the yield curve investors through asymmetry in co-jumps of gold and U.S. Treasuries during periods of extreme market volatility such as beginning of the COVID-19 pandemic.

This thesis represents a contribution to the literature on the relationship between decentralisation, corruption, and economic growth. This relationship is analysed both theoretically and empirically. The first chapter investigates one of the channels through which decentralisation can potentially affect corruption and economic growth. The analysis uses a dynamic general equilibrium model to gain further insights into the effects of decentralisation on the structure of corruption. The results suggest that decentralisation, by bringing the people closer to government, can enable corrupt local government officials to internalise the effects of their behaviour. It thereby generates an incentive for officials to moderate their bribe demands. This has positive effects for investment and economic growth. The second chapter examines a potential trade-off that may occur when countries embark on a program of decentralisation. On the one hand decentralisation may improve the information probl...