This paper investigates the relationship between global liquidity and asset prices on a global scale: how important is global liquidity? How are asset (especially house) prices and other important macro variables affected by global monetary conditions? This paper analyzes the international...

Global liquidity expansion has been very dynamic since 2001. Contrary to conventional wisdom, high money growth rates have not coincided with a concurrent rise in goods prices. At the same time, however, asset prices have increased sharply, significantly outpacing the subdued development in...

<title>Abstract</title>In small samples and especially in the case of small true default probabilities, standard approaches to credit default probability estimation have certain drawbacks. Most importantly, standard estimators display high variability and tend to underestimate the true default probability,...

In small samples and especially in the case of small true default probabilities, standard approaches to credit default probability estimation have certain drawbacks. Most importantly, standard estimators tend to underestimate the true default probability which is of course an undesirable...

Credit ratings are ordinal predictions of the default risk of an obligor. The most commonly used measure for evaluating their predictive accuracy is the Accuracy Ratio, or equivalently, the area under the ROC curve. The disadvantages of these measures are that they treat default as a binary...

Credit ratings are ordinal predictions for the default risk of an obligor. To evaluate the accuracy of such predictions commonly used measures are the Accuracy Ratio or, equivalently, the Area under the ROC curve. The disadvantage of these measures is that they treat default as a binary variable...

In small samples and especially in the case of small true default probabilities, standard approaches to credit default probability estimation have certain drawbacks. Most importantly, standard estimators tend to underestimate the true default probability which is of course an undesirable...