This article addresses to the appropriate modeling of loss given default (LGD) for the retail business sector. We assume small or mid-size loans that are assigned in a standardized way and collateralized by residential or commercial property. The focus on this specific type of loans entails two...

This paper introduces population growth in the Uzawa–Lucas model, analyzing the implications of the choice of the welfare criterion on the model's outcome. Traditional growth theory assumes population growth to be exponential, but this is not a realistic assumption (see Brida and Accinelli,...