Suchergebnisse

This volume explores the discourses and representations that have circumvented the image that is the Traveller, the Roma (Gypsy) and migrant "Other". It is generally acknowledged that the globalisation and mass-media dissemination which characterise the current era have overseen a range of complex socio-cultural forces, many of which have blurred the once-reified borders of the post-Enlightenment, "modern", nation-state. Nowhere is this more evident than in the case of cultural diasporas and

The payoff of many credit derivatives depends on the level of credit spreads. In particular, credit derivatives with a leverage component are subject to gap risk, a risk associated with the occurrence of jumps in the underlying credit default swaps. In the framework of first passage time models, we consider a model that addresses these issues. The principal idea is to model a credit quality process as an Itô integral with respect to a Brownian motion with a stochastic volatility. Using a representation of the credit quality process as a time-changed Brownian motion, one can derive formulas for conditional default probabilities and credit spreads. An example for a volatility process is the square root of a Lévy-driven Ornstein-Uhlenbeck process. The model can be implemented efficiently using a technique called Panjer recursion. Calibration to a wide range of dynamics is supported. We illustrate the effectiveness of the model by valuing a leveraged credit-linked note.

Im vorliegenden Sammelband präsentieren acht deutschsprachige Ökonomen ihre Forschungsergebnisse zu aktuellen Herausforderungen gestaltender Wirtschaftspolitik. Einen Schwerpunkt bilden dabei hintergründige Untersuchungen zum Stand des innerdeutschen Konvergenzprozesses und zu den politischen Antworten auf die persistierenden Unterschiede der Lebensverhältnisse zwischen Ost und West. Neben dieser zwanzig Jahre nach dem Fall des Eisernen Vorhangs unvermindert aktuellen Frage holen die Autoren bisher wenig beachtete Argumente aus den Bereichen Wettbewerbspolitik und Wirtschaftstheorie ans Licht und liefern mit überraschenden Ansätzen und Einsichten wichtige Impulse zur wissenschaftlichen Exploration neuer Forschungspfade.