We discuss the valuation of credit derivatives in extreme regimes such as when the time-tomaturity is short, or when payoff is contingent upon a large number of defaults, as with senior tranches of collateralized debt obligations. In these cases, risk aversion may play an important role, especially when there is little liquidity, and utility indifference valuation may apply. Specifically, we an...

We demonstrate, using a simple two-period equilibrium model of the economy, the potential effects of extreme event occurrences such as natural or humanitarian disasters on economic growth over the mediumto long-term. In particular, we focus on the effect of such shocks on investment. We examine two polar cases; an unconstrained economy where agents have access to perfect capital markets, versus...

incomplete information. In this model, investors observe neither a firm’s value nor its default barrier. The model takes into account the short-term risk inherent in default events, the market-wide impact of defaults on security prices due to counterparty relations among firms, and the cyclical default dependence effects observed in credit markets. We explicitly calculate the pricing trend and ...

Barter in Russia can be explained by firms liquidity constraint: it is strongly correlated with financial tightness. However a micro-economic analysis reveals that the rationale behind this liquidity constraint is different according to the firm situation. For firms in a good economic situation, but faced with adverse selection problem and having no access to bank credit, barter acts as a subst...

The purpose of this study is to examine the effect non-cash payments on theperformance primary sector in Indonesia. independent variables consistof ATM/Debit cards, credit e-money, check payments, and RTGS payments.The dependent variable divided into two, namely agriculturalGDP mining GDP. data used a secondary type with time series,observation period 2010.q1-2019.q4. analytical method uses the...

The purpose of this study was to analyze the relationship between Interest Rates Through Credit Channels and Money Supply on Indonesia's Economic Growth. data used in is time series from 2005 2019, sourced Bank Indonesia (BI) Central Statistics Agency (BPS). analytical method Vector Autoregression (VAR) using Eviews version 10.0 computer application program. results show that interest rates hav...

The volatility of short-term capital flows (or ‘capital surges’) is now recognized as a major problem for macroeconomic management in developing countries; but the consequences for the ‘real’ economy that is, the behaviour of government, firms and households which subsequently translates into investment, growth, employment and welfare is less well understood. Short-term capital flow instability...

objectives: to evaluate the short-term outcome of open appendectomy, the rate of negative appendectomy as well as pathology reports after surgery in patients with suspected acute appendicitis. methods: this was a retrospective cross-sectional study being performed in nemazee hospital affiliated with shiraz university of medical science during a 2-year period between 2008 and 2010. the medical r...

in this study, combined effect of two essential oils, thymol and carvacrol, with different concentrations in two methods on gladiolous grandiflorous l. was investigated based on a completely randomized design with 3 replicates and four flower in each replicate. sansusi variety applied that was red. in short term method, different concentrations of thymol and carvacrolin including 25+25, 50+50 a...

we aimed to evaluate the potential of growing rats as a model of osteoporosis induced by short term hypercholesterolemia. twelve growing female sprague-dawley rats were randomly allocated into two groups. control rats received standard diet while rats in group 2 were fed with diet contained 20% sunflower oil, 2% cholesterol and 0.5% cholic acid for 2 weeks and then a diet contained 10% sunflowe...