microfinance, banking to the poor, is a recent global phenomenon introduced as a way for combating the poverty in the 1970’s. before that the poor were not allowed access to credit and loans due to the widespread belief that the poor could not repay loans. but microfinance movement with financial innovations reduced the costs and risks of lending to poor households, and presented as tool for re...

We model the e ects on banks of the introduction of a market for credit derivatives; in particular, credit default swaps. A bank can use such swaps to temporarily transfer credit risks of their loans to others, reducing the likelihood that defaulting loans trigger the bank's nancial distress. Because credit derivatives are more exible at transferring risks than are other, more established tools...

This study is on the determinants of credit access by small scale farmers in Dekina Local Government Area of Kogi State, Nigeria. The specific objectives are to; identify the major source of credit among the small scale farmers; estimate the determinants of farmers’ access to formal credit; compare the farm income of farmers who have access to formal credit and those who have not and identify c...

In existing pricing theories, pricing of single-name credit default swaps (CDSs) and their options makes no reference to the prices of defaultable bonds, the underlying assets of those derivatives. Such a pricing practice does not exclude possible arbitrage across bond and CDS markets. In this paper, we introduce a new theory that treats the two markets as one and thus ensures price consistency...

In general, underground spaces are associated with high risks because of their high uncertainty in geotechnical environments. Since most accidents and incidents in these structures are often associated with uncertainty, the development of risk analysis and management methods and prevention of accidents are essential. A deeper recognition of the factors affecting the implementation process can p...

This paper presents an internally consistent analysis of the economic determinants of the term structure of credit spreads across different credit rating classes and industry sectors. Our analysis proceeds in two steps. First, we extract three economic factors from 13 time series that capture three major dimensions of the economy: inflation pressure, real output growth, and financial market vol...

In this work the Decision Support's precising technology for the credit risk minimization is proposed in selection of investment projects. This is a novel technology combining fuzzy discrimination and the expertons method. The technology offers two stages of evaluation of investment projects. In the first stage, projects with insignificant or low risks are selected with the aid of the expertons...

Using a unique sample of Chinese bank loans over the period 2007-2012, we analyze the repayment decisions of borrowing firms whose cash holdings are high enough to cover the maturing loans. We find that at the firm level weak legal enforcement increases the likelihood for these firms to default on its loan obligations. The impact of legal enforcement becomes stronger when firms face tighter fin...

Citrus production has a great importance and position in Iran. The growth and sustainability of the agriculture sector is impossible without appropriate and effective risk identification and management. In this study, the main risks of citrus gardens were identified based on the Delphi method through questionnaires completed by 16 experts. Then, using the TOPSIS technique, the risks involved in...