Over the last twenty years, the consensus view of systemic risk in the financial system that emerged in response to the … facing financial institutions. The dramatic rise of modern risk management has changed how the risks of financial … institutions are measured and how these institutions are managed. However, modern risk management is not without weaknesses that …

rates, and risk shift over time in predictable ways. Furthermore, these shifts tend to persist over long periods of time. In …, and we explore its implications for asset allocation. Changes in investment opportunities can alter the risk …-return tradeoff of bonds, stocks, and cash across investment horizons, thus creating a ``term structure of the risk-return tradeoff …

countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example …, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example …

With the rapid increase in LDC indebtedness in the recent decade, the issues of creditworthiness and country risk have … presence of default risk. The theoretical model suggests the possibility of a prisoners' dilemma in the loan market, in which a …

appropriate measure of an asset's risk is the covariance of the asset's return with the market return. The consumption CAPM, on … the other hand, implies that a better measure of risk is the covariance with aggregate consumption growth. We examine a …

perhaps latent) consequence of integration: the alteration of the risk-bearing relationships between employees, employers and …