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Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

China has evolved into an important provider of resources for developing countries, encompassing capital, know-how and expertise. China has also actively worked to strengthen diplomatic ties with developing regions since the early 2000s. Against this backdrop, the governments in many developing countries have moved to incorporate China as a significant factor in their geopolitical and geoeconomic considerations. Under the rule of the Justice and Development Party (Adalet ve Kalkınma Partisi, AKP), Turkey has also sought to foster relations with China, particularly since the early 2010s. This pursuit has been further triggered by Ankara's strained relations with the United States and the European Union. Turkish political leadership envisions China as a potentially crucial partner that could enhance the country's autonomy in relation to the West. While this expectation has not entirely materialized so far, there is an ongoing debate regarding the extent to which China can potentially be a transformative actor in Turkey's position within the international order. This paper contributes to this debate by locating Turkey-China engagement within a broader context of China's power and influence in the developing world. The paper suggests that the potential for Turkey's cooperation with China is likely to remain relatively limited for the foreseeable future. This is not only due to Turkey's deeply rooted ties with the West, but also because of the nature of China's global power, which is more partial and not as deep as commonly assumed. [ABSTRACT FROM AUTHOR]

Copyright of Revista Digital de Derecho Administrativo is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Digital de Derecho Administrativo is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Border issues, such as sovereignty, territorial claims, and security, play a significant role in transboundary river management. Borders can act as physical barriers that impede cooperation and coordination, and disputes over ownership and control of river resources can exacerbate tensions and lead to conflicts. Transboundary river management is a complex and critical issue that has gained increasing attention in recent years. The management of rivers that cross international borders raises numerous challenges, including political, economic, social, and environmental concerns. Effective management requires the cooperation of all countries sharing the river basin, and it involves the development of legal and institutional frameworks that promote sustainable use, equitable sharing, and peaceful resolution of conflicts. This paper aims to explore the intricate relationship between India's persistent border disputes with China and their far-reaching implications for the management of transboundary rivers. Their unresolved territorial disputes have profound implications for the shared river basins, such as the Brahmaputra Basin, and pose significant challenges to the implementation of effective transboundary river management strategies. Through an interdisciplinary examination of historical, geopolitical, and hydrological factors, this study sheds light on the multifaceted dimensions of India's border disputes with China and elucidates their detrimental impacts on the use of transboundary river resources. [ABSTRACT FROM AUTHOR]

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper provides a comprehensive review of the application of Reinforcement Learning (RL) in the domain of finance, shedding light on the groundbreaking progress achieved andthe challenges that lie ahead. We explore how RL, a subfield of machine learning, has been instrumental in solving complex financial problems by enabling decision-making processes that optimize long-term rewards. Reinforcement learning (RL) is a powerful machinelearning technique that can be used to train agents to make decisions in complex environments. In finance, RL has been used to solve a variety of problems, including optimal execution, portfolio optimization, option pricing and hedging, market making, smart order routing, and robo-advising. In this paper, we review the recent developments in RL for finance. We begin by introducing RL and Markov decision processes (MDPs), which is the mathematical framework for RL. We then discuss the various RL algorithms that have beenused in finance, with a focus on value-based and policy-based methods. We also discuss the use of neural networks in RL for finance. Finally, we discuss the results of recent studies that have used RL to solve financial problems. We conclude by discussing the challenges and opportunities for future research in RL for finance. [ABSTRACT FROM AUTHOR]

This paper examines how the practice of international election observation in the Commonwealth Caribbean was affected by the COVID-19 pandemic. Many countries were faced with the decision on whether to conduct or delay elections during the pandemic. Between March 2020 and June 2022, 10 out of 12 Commonwealth Caribbean countries held elections. All these countries, except for Barbados, have had their elections observed by at least one regional or international organization during the last two decades. The closure of borders and the various quarantine requirements had practical implications for maintaining this trend during the pandemic. Most countries that regularly invite international observers did not have their pandemic held elections observed. This paper considers the reasons for the absence of observers in some elections and explores the adjustments observer groups have had to make during the last two years. The discussion also explores how Caribbean countries were able to indicate their commitment to holding free and fair elections in the absence of observers. For the countries that had observers, the discussion examines how these missions navigated issues of cost, shorter invitation periods, challenges in international travel, the recruitment of suitable observers and local pandemic protocols and conditions. [ABSTRACT FROM AUTHOR]

Early termination is a contractual compensation mechanism implemented in ppp infrastructure projects where private investors have the right to abandon the project to mitigate risks such as traffic risk. In this paper we used the Real Options Theory to value early termination as an option to abandon a project where both the traffic risk and the compensation fee are modelled assuming correlated stochastic processes. The option pricing model was implemented with an analytical solution and results were compared with the Monte Carlo simulation technique. The results confirm the benefits that the contractual mechanism offers to private investors to mitigate risks, while at the same time improving a project's value. [ABSTRACT FROM AUTHOR]

The mainstream literature on global cities tends to explain the internationalization of cities almost exclusively from the perspective of recent developments in global capitalism, developments that have put cities at the heart of an increasingly globalized, financialized, and deregulated world economy. The internationalization of these so-called global cities is seen as a response to, and is conditioned by, external, and mainly economic, exigencies. Research on the foreign relations of city governments has followed in this tradition, with a predominant focus on the global drivers and manifestations, as well as the systemic implications of this phenomenon. Little academic attention has been given to the domestic contexts within which city governments develop and exercise their international agency. This paper is inspired by the emergence of alternative accounts in the global cities literature, which have underscored the importance of the domestic context in making sense of the contemporary internationalization of cities, to analyze the domestic sources of the City of Johannesburg's foreign relations from 2011 to 2016. While acknowledging Johannesburg's global cities ambition as a major driver of the city government's international relations during this period, we identify and analyze a set of local and national factors that equally inspired and conditioned the city's foreign engagements. These include the huge socio-economic and spatial divide that continues to define the city, the influence of the ruling African National Congress (ANC) and its doctrine of progressive internationalism, as well as the then mayor's internationalist outlook and domestic political ambitions. [ABSTRACT FROM AUTHOR]

India's coastal cities have been playing a pivotal role in international relations through culture, commerce, and connectivity since the hoary past. In modern times, coastal cities such as Mumbai (formerly Bombay) on the Arabian Coast and Kolkata (formerly Calcutta) on the Bay of Bengal have been active actors in international affairs. While Mumbai has been the hub of international trade and commerce, Kolkata has been the junction of cultural bonhomie with Bangladesh and Southeast Asian countries, which gained more traction due to cross-border movements of technology, information, education, trade and finance, and artistic tools bolstered by the New Economic Policy beginning in the early 1990s. Indian states and metropolitan cities are enhancing their positions in international affairs with tangible gains. Mumbai is referred to as India's financial capital and the home to the headquarters of great global business houses and financial organisations. Similarly, Kolkata is known as the cultural capital of India (Sri Aurobindo, Tagore, Shanti Niketan, Bengali folk art and culture etc.) and a destination for foreign tourists, artists and curious researchers. This paper examines the growth and impact of city diplomacy in India through the prism of federalism in advancing local interests in international politics. It attempts to assess the role of Indian cities from a comparative perspective in the conduct of city diplomacy from economic and cultural aspects. [ABSTRACT FROM AUTHOR]

Simulations and empirical studies suggest that incorporating a discontinuous jump process in asset pricing models improve volatility forecasting, pricing of instruments, and hedging positions in a portfolio. In this paper we analyze high frequency market data of Colombian sovereign bonds to study the presence or absence of discontinuities in the price generating process. We find that Colombian sovereign debt experiments jumps across all maturities but with different frequencies, in particular, we do not find that long term bonds jump less frequently than short term bonds. Furthermore, bonds with closer maturities cojump in greater magnitude than those with a greater distance between them. Finally, we find significant day-of-the-week effects, as well as an important increase in the jump frequency due to surprises in economic information related to US monetary policy, and no effect due to direct monetary policy announcements in Colombia. [ABSTRACT FROM AUTHOR]

This paper explores the effect of the frequency of data on the accuracy (measure by variance) of the maximum likelihood estimator (MLE) of the trend parameter μ in a jump-diffusion process à la Press (1967). First, we consider the case without jumps (i.e., the geometric Brownian motion (GBM)) as a benchmark case to show that the frequency of data is irrelevant in this first setting. Then, we consider the case with jumps and highlight that things are different in this second situation. Specifically, the asymptotic variance of the MLE of the trend parameter turns out to be higher compared to the case without jumps. Nevertheless, we also prove that when sampling occurs infinitely often (i.e., high frequency) it is possible to obtain the same accuracy for the MLE of μ as for the GBM, given that for higher frequencies it is easier to "identify" price discontinuities (i.e., jumps) for this model. Mathematical proofs are performed under the assumption that the MLE of μ is estimated given the other parameters, but numerical (Montecarlo) simulations indicate that this is also the case even when all parameters are estimated together. [ABSTRACT FROM AUTHOR]

China’s economic resurgence augurs the possibility of a recalibration in the global balance of power. Many contend that this process is already underway in East Asia – specifically in relation to the South China Sea. In other parts of the world, China’s growing footprint is discernible through infrastructure projects, under Beijing’s Belt and Road initiative. Does China leverage its economic power to realise its interests by forcing smaller nations to accept conditions and agreements which are not in the latter’s interests? This paper examines whether evidence to this effect is visible through a case study of Sri Lanka. The island’s geographic location – astride the Indian Ocean Sea Lanes of Communication – continues to draw the attention of regional and extra-regional powers. Sri Lanka’s constraints in size and poor pace of economic development also grants leeway for India (the regional hegemon) and China to leverage bilateral ties in their interest. Is there evidence to suggest that China has utilised port infrastructure to realise its national interests at the expense of Sri Lanka? Or, has Sri Lanka managed to thread a fine line between the two Asian powers: the neighbouring regional hegemon – India; and the resurgent great power – China? Does the truth lie somewhere in between? This article delves into these questions by examining the approaches and stances which Sri Lanka has adopted towards both nations, particularly during President Gotabaya Rajapakse’s government, from 2019 leading up to the end of 2021. By doing so, it aims to shed light on how Sri Lanka handled bilateral ties with both Asian powers as well as the degree of Sino-Indian competition visible within the island’s port infrastructure landscape. It concludes that the decisions reached with regard to port infrastructure projects represent a mixed picture. A key finding is the ability of domestic interest groups to shape Sri Lanka’s foreign policy during this period, which has significantly dented the island’s ties with other regional allies such as Japan. [ABSTRACT FROM AUTHOR]

This paper aims to discuss the situation of Mauritius in the post-colonial geopolitical configuration of the Indian Ocean. The island nation, a former British colony that has been independent since 1968, is today confronted with geopolitical issues that place it within a dilemma. Its recent allegiance with India, through preferential trade partnership, makes claiming sovereignty over the Chagos Archipelago which was part of its territory before independence complicated. There is in an ongoing conflict with Great Britain and, indirectly, the United States on this contentious issue. At the same time, Mauritius needs to consider China’s influence in the region since it partners with most of the independent nations on matters of economic development. Mauritius itself has established an important trading platform through Chinese assistance. Concurrently, the Mauritian relationship with the United States cannot be compromised as it has been the major trading partner since 1794 with an embassy established in 1968. Hence, trapped between economic ties from all the partners engaged in the Indian Ocean, Mauritius strives to maintain its neutrality, while also being obliged to accept that its location, size and influence might not be enough to contest against past and emerging superpowers. To this end, the power games remain as complex as ever in the Indian Ocean when seen from a Mauritian perspective. [ABSTRACT FROM AUTHOR]

Copyright of Revista Digital de Derecho Administrativo is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The financial cycle consists of the joint evolution of asset prices and credit aggregates. Its regularity has been abundantly studied for panels of countries which regularly include developed countries and sometimes include less developed or developing countries. This paper employs an innovative methodology to analyze the Colombian financial cycle from time series and bivariate perspectives. First, we characterize expansions and contractions in the stock market and the real exchange rate. These are two distinct asset classes that play an essential role as stores of value in middle-income countries. Our analysis is completed by identifying bull and bear phases in the local-currency credit market. We test the hypothesis that the changes in regulation that originated with the end-of-century crisis in the country impacted the evolution of asset prices and credit aggregates. We find that the amplitude and severity of contraction phases decreased post-reforms, which may signal the success of the new regulation. We find no effect on the behaviour of asset prices and argue that this is to be expected since they were not targeted. Finally, we find that the joint movement of stocks and credit peaks during financial crises and troughs during economic expansions, consistent with findings in the international literature. [ABSTRACT FROM AUTHOR]

Migration is a common phenomenon in Africa as citizens migrate within the continent for several reasons including education, family, employment, trade, and investment. Significant numbers of African migrants travel to the Middle East in search of economic opportunities. With the intensification of globalisation and the advancement of technology, human mobility across international borders is expected to rise in the coming decades. Despite challenges of international migration, migrants play a significant role in destination countries as they boost working-age population; contribute to revenue generation through taxes; contribute to human capital development; and enrich technological progress. Countries of origin increasingly appreciate their Diaspora communities due to remittances and migrants' skills. The growing number of African migrants calls for a strategic partnership between Africa and the Middle East through a multilateral forum that will enhance policy consultation and coordination for the benefit for both sides. The paper analyses intra-African migration, migration patterns from Africa to the Middle East and Gulf Cooperation Council (GCC) countries, drivers of migrations, migrants' positive contributions and challenges; national and Africa's Regional Economic Communities (RECs) responses in protecting the migrants. Key recommendations including the strengthening of free movement policies is critical Africa in ensuring that rights of African migrants are protected within Africa; working towards improving migration data to inform policy; enhancing interregional cooperation between Africa's RECs to enhancing the potential of intra-African migration; and fast-tracking the establishment of an effective multilateral forum for Africa and the Middle East for enhancing policy consultation and coordination to guarantee their common interests. [ABSTRACT FROM AUTHOR]

The five new Central Asian States that emerged from the fall of the Soviet Union began a process of State capacity building and the rule of law in their territories. Even though each one has its particularities, the continuity of autocratic political systems is a common factor among them. The privileged geographical position of Central Asia as a mandatory step between Europe and Asia, and its fundamental role in the energy security of world great powers, make the region increasingly important within the political and economic dynamics of the current International System. This might be a factor of analysis that affects changes and configurations in the political arena. This paper examines the extent to which external factors influence domestic politics by drawing on the theoretical background of authoritarian regimes and democratic transition, historical liaisons after the fall of the Soviet Union, as well as external factors such as security affairs, international trade, infrastructure projects in oil and gas pipelines, and competence for scarce water resources in the region. [ABSTRACT FROM AUTHOR]

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economía Institucional is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Uno de los elementos de reflexión y debate del sistema político español se vincula con la composición, funciones y posición del Senado. La Constitución, en su artículo 69.1, lo define como la cámara de representación territorial; pero como consecuencia del principio dispositivo y el despliegue del modelo autonómico, la composición y las funciones del Senado distan mucho de ser las de una cámara de integración de las entidades territoriales, a pesar de lo cual mantiene elementos federalizantes. Uno de ellos es la existencia de senadores designados por las asambleas legislativas de las comunidades autónomas. El paper analiza y modeliza la configuración de los senadores autonómicos a partir de su regulación, los procedimientos para su elección y la posición institucional que se les otorga en las instituciones de autogobierno con la finalidad de comprender el potencial que tiene este tipo de representantes electos para mejorar la representatividad del sistema.

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Derecho del Estado is the property of Universidad Externado de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)