This manuscript introduces deep learning models that simultaneously describe the dynamics of several yield curves. We aim to learn the dependence structure among the different yield curves induced by the globalization of financial markets and exploit it to produce more accurate forecasts. By combining the self-attention mechanism and nonparametric quantile regression, our model generates both point and interval forecasts of future yields. The architecture is designed to avoid quantile crossing issues affecting multiple quantile regression models. Numerical experiments conducted on two different datasets confirm the effectiveness of our approach. Finally, we explore potential extensions and enhancements by incorporating deep ensemble methods and transfer learning mechanisms.

This study conducts an optimal surrender analysis of reverse mortgage (RM) loans offered to elderly homeowners as a financing option. Recent market evidence on borrower early surrenders has raised concerns about the marketability of RM products and their impact on the program viability. In this article, we derive the borrower optimal surrender strategy as a function of the underlying value of the home used as collateral for RM contracts with tenure payment option. Using a probabilistic approach to American option pricing, we present a decomposition result for the value of the contract as the sum of its European counterpart without the surrendering provision and an early exercise premium. The methodology allows policymakers to assess the financial incentive of their policy design, from which we explain the existing market evidence about borrower rational lapse by means of the resulting surrender boundary and reference probabilities.

This article outlines one way in which Joseph Ratzinger’s eschatology could contribute to reducing the risk humanity now creates to its own survival. Studies of ‘Existential Risk’ warn that hazards arising from Artificial Intelligence, Nuclear Weapons, Climate Change, and Engineered Pathogens require mitigation to safeguard the future of the human race from a calamitous end. Preventative measures, however, entail sacrifice, and there is no shortage of resistance to regulation of behaviours and technological development. Ethics of empathy, utility, and duties reach breaking point when stretched to overcome the temporal and moral gap between present agency and future well-being.

This article proposes that Ratzinger’s theology of history and commitment to eschatological realism offers an intertwined double benefit: his warning about the danger of conflating hope in God’s Kingdom with hope in a future world humanity could perfect for itself opens up the uniquely rich ground of a trans-historical hope in Jesus Christ, in which an impactful relationship of love for humanity’s future can put down roots today.

In this paper, we question the traditional independence assumption between mortality risk and financial risk and model the correlation between these two risks, estimating its impact on the price of different life insurance products. The interest rate and the mortality intensity are modelled as two correlated Hull and White models in an affine set-up. We introduce two building blocks, namely the zero-coupon survival bond and the mortality density, calculate them in closed form and perform an investigation about their dependence on the correlation between mortality and financial risk, both with theoretical results and numerical analysis. We study the impact of correlation also for more structured insurance products, such as pure endowment, annuity, term insurance, whole life insurance and mixed endowment. We show that in some cases, the inclusion of correlation can lead to a severe underestimation or overestimation of the best estimate. Finally, we illustrate that the results obtained using a traditional affine diffusive set-up can be generalised to affine jump diffusion by computing the price of the zero-coupon survival bond in the presence of jumps.

Pursuant to a 2013 faculty, the interior of this mediaeval church was painted in 2014. Instead of the specified limewash paint, the architect selected an alternative paint, which proved to be inappropriate: it was impermeable, damaging the wall fabric and causing the paint to flake off. Following a consistory court hearing in 2017 (reported at [2017] ECC SEI 6), the PCC was ordered to remove the paint, and repaint using the originally specified limewash, the cost to be borne by the architect.

Even though International Relations (IR) research increasingly recognises the unprecedented urgency of environmental degradation and the resulting ecological injustices, only few IR scholars have probed into the role of economic growth as a fundamental driver of global unsustainability. We level two critiques at the field of IR from a post-growth perspective. First, most IR theories are complicit in naturalising economic growth as a fundamental condition of global order. Second, IR scholarship has neglected to engage seriously with post-growth thinking. What happens when we start to question the background economic assumptions of the current international system? How might a global politics of post-growth challenge and enrich IR and environmental politics? This Editors Forum brings together a diverse group of scholars from across the globe to reflect on these pertinent questions. As a whole, the Forum begins to address the complicity and neglect critiques. To varying degrees, each contribution considers what IR can learn from post-growth research (both conceptually and empirically), and vice versa. In this introductory article, we set the stage for such an engagement by reviewing an interdisciplinary body of relevant work and synthesising the key contributions from a total of seven Forum articles.

The right to silence and the presumption of innocence are fundamental to fair criminal proceedings. Section 313 of the Code of Criminal Procedure, 1973 (CrPC) permits courts in India to question the accused, allowing them to explain incriminating evidence. However, judicial interpretations of this provision have raised concerns about undermining these essential rights. This paper critically examines the evolving interpretations of Section 313 of the CrPC and their implications for the right to silence and the presumption of innocence. It argues that current judicial practices have turned the right to remain silent into a duty to provide explanations, contradicting natural justice principles. This study addresses three key questions: (1) How has the interpretation of Section 313 of the CrPC evolved in Indian jurisprudence, and what impact does this have on the accused’s right to remain silent? (2) In what ways does the current application of Section 313 of the CrPC conflict with Article 20(3) of the Constitution, which protects against self-incrimination? (3) What are the potential consequences of misapplying Section 313 on the presumption of innocence, and how can these issues be remedied through judicial or legislative reforms? The paper concludes with recommendations to preserve the integrity of the criminal justice system and ensure robust protection of the right to silence and the presumption of innocence.