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757:
Dowd is the co-inventor of the
PensionMetrics Defined-Contribution (DC) stochastic pension model, and the Stochastic Lifestyling asset allocation strategy. He and David Blake have proposed a set of good principles in the modelling of DC pension plans, and with Debbie Harrison, Blake and Dowd have
741:
Dowd has also written extensively on financial risk measurement and management. He has argued that financial modelling is conceptually dubious because it is based on a naïve 'scientistic' belief that economic systems can be modelled using quantitative methods inappropriately imported from natural
725:
He has proposed a free-market approach to the resolution of the Global
Financial Crisis, based on extended personal liability for senior bankers, the exit of the state from the financial system and the restoration of a sound monetary standard. To this end, he has also advised
769:
In the life actuarial field, Dowd and collaborators have written on the financial implications of mortality and longevity risk. They invented survivor swaps, survivor swaptions, the CBD mortality model, and the gravity two-population mortality model.
647:
Kevin Dowd was a member of the think tank, Economists for Free Trade, and an avid supporter of Brexit. He was a significant contributor for the pro-Brexit lobby group Brexit
Central and refused to vote in the Brexit referendum.
737:
Dowd has repeatedly argued that the Global
Financial Crisis has never been properly resolved and that the policies adopted since 2007 have been ineffective, counter-productive and of dubious legality.
393:
766:, which examined value for money in the UK pensions market. These reports were critical of the high charges, over-complexity and lack of transparency in the UK pensions industry.
572:
measurement and management, political economy and policy analysis, and pensions and mortality modelling. Since 2012, he has been a
Professor of Finance and Economics at
1633:
680:
and bank capital adequacy regulation. He has repeatedly called for the abolition of central banks and an end to state intervention in the financial system.
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941:"Lessons from the Financial Crisis: A Libertarian Perspective [expanded version of Second Chris R. Tame Memorial Lecture, March 17th, 2009]"
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in 1977 to study economics. He holds a BA in economics from the
University of Sheffield, an MA in economics from the
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is a
British economist, having research interests in private money and free banking, monetary systems and
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1226:"Stochastic Lifestyling: Optimal Dynamic Asset Allocation for Defined-Contribution Pension Plans"
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509:
1444:"A Two-Factor Model for Stochastic Mortality with Parameter Uncertainty: Theory and Calibration"
1177:"Pensionmetrics: Stochastic Pension Plan Design and Value-at-Risk during the Accumulation Phase"
873:
Money and the Nation State: The
Financial Revolution, Government, and the World Monetary System.
279:
166:
1336:
1031:"After VaR: The Theory, Estimation, and Insurance Applications of Quantile-based Risk Measures"
848:
Alchemists of Loss: How Modern
Finance and Government Intervention Crashed the Financial System
702:
Dowd takes a largely
Austrian approach to economics, but one that is heavily influenced by the
1499:
Dowd, K.; Cairns, A. J. G.; Blake, D.; Coughlan, G. D.; Epstein, D.; Khalaf-Allah, M. (2011).
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1143:"Capital Inadequacies: The Dismal Failure of the Basel System of Bank Capital Regulation"
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Dowd, K.; Cotter, J.; Humphrey, C. G.; Woods, M. (2008). "How Unlucky is 25-Sigma?".
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recently published two reports into the state of the DC pensions market in the UK:
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in risk management, and the use of financial risk models for regulatory purposes.
797:
Competition and Finance: A New Interpretation of Financial and Monetary Economics
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359:
274:. Contentious material about living persons that is unsourced or poorly sourced
246:
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722:, and is critical of Keynesian and other interventionist schools of economics.
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risk measure, the assumptions inherent to, and so the use of the "normal" or
631:
He has held previous positions with the Ontario Economic Council in Toronto,
1585:
1413:
1119:
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and other forms of state intervention into economies, most particularly, on
1565:
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sciences such as physics. He is particularly critical of the widely used
628:; and the Pensions Institute at Bayes Business School, City University.
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455:
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695:. Dowd is a supporter of commodity-based monetary systems such as the
692:
950:. Economic Notes No. 111. London: Libertarian.co.uk. Archived from
1110:
1501:"A Gravity Model of Mortality Rates for Two Related Populations"
600:, and a PhD in macroeconomics from the University of Sheffield.
889:, second edition (2023). London: Institute of Economic Affairs.
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Baker, Steve & House of Commons Staff (27 November 2016).
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and is a critic of fiat-based money issued by a central bank.
353:
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from the article and its talk page, especially if potentially
120:
86:
59:
18:
1141:
Dowd, K.; Hutchinson, M.; Ashby, S.; Hinchliffe, J. (2011).
875:(1998). New Brunswick, New Jersey: Transaction Publishers,
687:, is supportive of private gold money systems such as the
1286:
Dawson, P.; Dowd, K.; Cairns, A.J.G.; Blake, D. (2009).
803:
Beyond Value at Risk: The New Science of Risk Management
385:
1566:"Are CoCo Bonds Suitable as Core Capital Instruments?"
978:"Financial Services (Regulation of Derivatives) Bill"
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He advocates competitive monetary systems. His work,
921:(June). London: Institute of Economic Affairs. 2014.
908:(June). London: Institute of Economic Affairs. 1988.
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1004:"A Parliamentary blueprint to end banking hazards"
867:Current Issues in Financial and Monetary Economics
1156:(29 July). Washington, D.C.: Cato Institute: 1–38
824:(2nd ed.). Hoboken, N.J.: John Wiley. 2005 .
1395:"Survivor Bonds: A Comment on Blake and Burrows"
900:"Private Money—The Path to Monetary Stability".
374:, potentially preventing the article from being
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540:Milton Friedman, Friedrich Hayek, Chris R. Tame
1442:Cairns, A. J. G.; Blake, D.; Dowd, K. (2006).
1224:Cairns, A. J. G.; Blake, D.; Dowd, K. (2006).
1175:Blake, D.; Cairns, A. J. G.; Dowd, K. (2001).
8:
809:Money and the Market: Essays on Free Banking
53:Learn how and when to remove these messages
1364:Harrison, D.; Blake, D.; Dowd, K. (2014).
1335:Harrison, D.; Blake, D.; Dowd, K. (2012).
815:An Introduction to Market Risk Measurement
454:
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394:reliable, independent, third-party sources
158:about living persons that is unsourced or
89:. Please do not remove this message until
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913:"New Private Monies—A Bit-Part Player?".
430:Learn how and when to remove this message
412:Learn how and when to remove this message
342:Learn how and when to remove this message
229:Learn how and when to remove this message
109:Learn how and when to remove this message
834:. Milan, ITA: Istituto Bruno Leoni. 2009
817:(2002). Hoboken, New Jersey: John Wiley.
805:(1998). Hoboken, New Jersey: John Wiley.
388:by replacing them with more appropriate
85:Relevant discussion may be found on the
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635:, the University of Sheffield, and the
371:too closely associated with the subject
1634:Alumni of the University of Sheffield
685:New Private Monies—a Bit-Part Player?
7:
668:. A related focus of his work is on
1098:The Journal of Portfolio Management
656:Dowd's main subject of research is
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791:The State and the Monetary System
34:This article has multiple issues.
1463:10.1111/j.1539-6975.2006.00195.x
1060:10.1111/j.1539-6975.2006.00171.x
590:St Mary's College, Middlesbrough
369:may rely excessively on sources
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1609:20th-century British economists
799:(1996). New York: St. Martin's.
793:(1989). New York: St. Martin's.
42:or discuss these issues on the
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887:The Experience of Free Banking
861:The Experience of Free Banking
850:, Chichester, ENG: John Wiley.
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1196:10.1016/S0167-6687(01)00082-8
622:Institute of Economic Affairs
598:University of Western Ontario
525:University of Western Ontario
272:secondary or tertiary sources
1029:Dowd, K.; Blake, D. (2006).
608:Dowd is affiliated with the
278:, especially if potentially
256:biography of a living person
136:biography of a living person
633:Sheffield Hallam University
276:must be removed immediately
163:must be removed immediately
91:conditions to do so are met
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1614:Austrian School economists
1295:Journal of Futures Markets
1255:10.1016/j.jedc.2005.03.009
869:(1992). London: Macmillan.
863:(1992). London: Routledge.
831:Abolire le Banche Centrali
811:(2001). London: Routledge.
787:(1993). London: Routledge.
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1002:Dowd, K. (9 March 2012).
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1120:10.3905/jpm.2008.709984
894:Other significant works
594:University of Sheffield
550:IDEAS / RePEc
530:University of Sheffield
520:University of Sheffield
1573:Journal of New Finance
1373:Pensions-institute.org
1344:Pensions-institute.org
469:Middlesbrough, England
270:Please help by adding
150:Please help by adding
1629:Cato Institute people
1233:J. Econ. Dyn. Control
822:Measuring Market Risk
785:Laissez-Faire Banking
752:Gaussian distribution
678:lender of last resort
626:Independent Institute
1619:British libertarians
1564:Dowd, Kevin (2020).
1044:(2, June): 193–228.
948:Libertarian Alliance
618:Adam Smith Institute
156:Contentious material
259:relies too much on
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957:on 18 October 2011
588:in 1958, attended
510:Austrian economics
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1393:Dowd, K. (2003).
1307:10.1002/fut.20378
1184:Insur. Math. Econ
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