Basel II changes risk management in banks strongly. Internal rating procedures would lead one to expect that banks are changing over to active risk control. But, if risk management is no longer a simple "game against nature", if all agents involved are active players then a shift from a...

The authors of this paper claim that modeling financial markets based on probability theory is a severe systematic mistake that led to the global financial crisis. They argue that the crisis was not just the result of risk managers using outdated financial data, but that the employed efficiency...

In this paper we study the validity of the assertion that collateral is in a position to signal the degree of borrowers’ riskiness. We use a framework in which the cash flow from the risky project is described by means of a continuous density and projects are classified by second-order...

Vom 9. bis 13. November findet in Doha/Qatar die vierte Ministerkonferenz der Welthandelsorganisation WTO statt. Gegenstand der Beratungen wird vornehmlich die Frage sein, ob die Eröffnung einer neuen Verhandlungsrunde über die weitere Liberalisierung des internationalen Handels konsensfähig...