We develop a fixed income portfolio framework capturing the exponential decay of contagious intensities between successive default events. We show that the value function of the control problem is the classical solution to a recursive system of second-order uniformly parabolic...

The objective of this study is to develop a majorization-based tool to compare financial networks with a focus on the implications of liability concentration. Specifically, we quantify liability concentration by applying the majorization order to the liability matrix that captures the...

Using Growth at Risk as a measure of downside growth risk, the authors find that higher perceived levels of downside growth risk seem to be negatively associated with long-term growth. Output collapses and crises are a fact of life. Severe economic downturns occur periodically and have grave...

Equal access to education is a basic human right. But in many countries gaps in education between various groups are staggering. An education Gini index - a new indicator for the distribution of human capital and welfare - facilitates comparison of education inequality across countries and over...