Understanding the Crisis in Yemen: Evaluating Competing Narratives
In 2014, Yemen was referred to as one of the success stories of the Arab Spring. Yet, within months a rebel group, the Huthis, took over the capital and the Yemeni state nearly collapsed. Analyses of the crisis in Yemen have routinely reproduced one of three narratives: the Saudi-Iranian proxy war narrative, the sectarian narrative or the al-Qaeda/failed state narrative. However, a closer look shows that the onset of the crisis, although complex, is mainly driven by local factors and related to the lack of political and economic reforms after the transition in Yemen following the uprising in 2011.
The Saudi Intervention in Yemen: Struggling for Status
On March 26, 2015, Saudi Arabia launched airstrikes on Yemen with the aim of restoring the rule of President Abd Rabbo Mansour Hadi and destroying the Houthi movement. Scholars and policy analysts moved quickly to examine the Yemen war as a sectarian struggle and a byproduct of Saudi-Iranian rivalry in the region. However, these traditional explanations fall short of unravelling the Saudi motive behind launching a large-scale operation in Yemen, its severely weakened and politically divided neighbor. This paper offers an alternative explanation for the abrupt Saudi aggressiveness toward Yemen. It argues that this intervention is driven by a non-material need: Saudi leadership aims to assert the Kingdom’s status as a regional power in the Middle East.
A new stochastic factor model: General explicit solutions
We present a new stochastic factor model. In doing so, we provide general, explicit solutions to the portfolio optimization problem.