Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for … debt and pays out its profit as dividend to shareholders modifies the model of overlapping generations. Monetary policy can …

debt deflation and prolonged recession. Financialization operates through three different conduits: changes in the …

This paper examines the role of bond ratings and the effects of rating-based regulations in thecorporate bond market …. Exploiting an unanticipated mechanical change in how the benchmarkLehman bond indices are constructed in 2005, we show that … rating-induced market segmentationof the bond market into investment-grade and high-yield sectors has a first-order impact on …

buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … first proposition because, if it were, that would mean that a particular good is buying goods.(3) Default on debt is …

We consider the modelling of credit migration risk and the pricing of migration derivativesour approach enlarges the … traditional setup where credit risk is based on default solely.We implement the Regime Shifting Markov Mixture model developed in … prices of the Credit Migration Derivatives we calibrate ourmodel and provide a comprehensive discussion on the calibration …

We consider the modelling of credit migration risk and the pricing of migrationderivatives. To construct a Point …

We introduce a framework for analyzing the interplay between credit risk and collateralmarket risk on loan pricing. To … collateral value are correlated. We provide several applications to portfolio credit andcollateral risk management.[...] …