Gunboats, reputation, and sovereign repayment: lessons from the Southern Confederacy

Systemic Sovereign Credit Risk: Lessons from the U.s. and Europe

We study the nature of systemic sovereign credit risk using CDS spreads for the U.S. Treasury, individual U.S. states, and major European countries. Using a multifactor affine framework that allows for both systemic and sovereign-specific credit shocks, we find that there is considerable heterogeneity across U.S. and European issuers in their sensitivity to systemic risk. U.S. and Euro systemic...

Comment on “Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe” by Ang and Longstaff∗

Social Collateral and Repayment Performance: Evidence from Islamic Micro Finance

I n this study we designed to test the remarkable repayment performance of Akhuwat in Pakistan; the most successful Islamic Microfinance Institution (IMFI), which offers interest-free loans in order to improve the quality of life and alleviate poverty. The model of Akhuwat is based on Muakhaat (brotherhood) and Qard-e-Hasan (offering financial assi...

Nerve agents: Lessons from the Iranian experiences

On September 22, 1980 Iraqis attacked Iran's air bases and simultaneously entered Iran with six army divisions on three fronts and occupied a vast part of Iranian territories. At that time, Iraqis did not have chemical warfare. But in time, they began to develop an intensive research program to produce and store chemical weapons and used the war fields to test and perfect their chemical warfare...

A confederacy of proteinases.

The demolition of large buildings can be accomplished by a single explosive agent destroying a single class of structural components, namely weightbearing beams. Although the breakdown of tissues in disease has often been conceived to occur in an analogous manner, with a single proteinase degrading a single structural ECM protein, it has become clear that effective tissue destruction requires s...