arises, the debate is on. Derivatives especially, which are among the major innovations in the past thirty years, cause deep … concerns. In this paper, we propose a survey of the academic literature that has addressed the threats posed by derivatives. An … initial issue is the impact of derivatives on the volatility of the underlying assets, but empirical findings do not suggest …

backed by collateral, the value of which depends on monetary policy. The decision to default is endogenous and depends on the … of monetary policy highlights the default channel affecting trades and production, and provides a rigorous foundation to …

Tsomocos D.P. highlights the potential of the framework of strategic partial default of banks with credit chain on the …

This paper considers a two-period monetary double auction with incomplete markets of securities and derivatives …. Players may share heterogenous beliefs. Short positions in derivatives are constrained by collateral requirements. A central …

the migration matrixes between some classes of default risk. …