The final part of the consultation series on copula functions is devoted to the description of copula selection methods to choose the copula model that provides the best fit for the empirical data at hand, as well as to the description of copula evaluation methods by using goodness-of-fit tests.

A spatial model of voting in parliamentary elections is estimated by using survey data from The Netherlands, Great Brit-ain, and Israel. It is shown that more educated voters put more weight on the parties’ political programs. The choice of less educated voters depends primarily on their...

This paper reviews the theory of Credit Default Swaps (CDS), the main characteristics of the CDS market, and how to estimate the non-default component of the yield spreads as the basis between the actual CDS premium and the hypothetical CDS premium implied by bond yields. We then analyze the...

We continue publishing the four-part consultation of professor of Moscow School of Economics of Lomonosov MSU Dean Fantazzini. The first part, that appeared in 2 (10), 2008 of the journal, dealt with the introduction to the problem (section one: basic concepts and types of financial risks,...

This article contains the second part of the consultation series on copula functions and their use in modeling multidimensional probability distributions. It describes pair-copula functions (including the concept of canonical and D-vines), alternative measures of dependence useful to summarize...

The article deals with a recent and much up to date field of econometric science not yet known to the Russian reader — financial econometrics. Terminology and concepts of different kinds of risk management as well as methods of its measurement are considered in the paper. The article is a...

Problems which are related to copula functions, their properties, selection methods for specific baseline data, evaluation, and possible applications are extremely sparingly discussed in the world literature, and are almost not discussed at all in the Russian literature. At the same time, we...

The journal continues publishing the consultation of Professor Dean Fantazzini. In this issue econometric analysis of financial data in risk management is discussed. Basic concepts of credit risk management in the context of recent Basel-II agreement recommendations are introduced....

Bitcoin is an open source decentralized digital currency and a payment system. It has raised a lot of attention and interest worldwide and an increasing number of articles are devoted to its operation, economics and financial viability. This article reviews the econometric and mathematical tools...