international macroeconomic risk sharing than is possible today. Retail institutions are described that might develop around such … markets and help the public with their risk management. However, the establishment of such markets would also incur the risk …

credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through …

contracts involving counterparty risk and that they facilitate speculation involving negative views of a firm's financial …

Over the last decade dealing in derivative financial instruments (basically forwards, futures, options and combinations … regulatory initiatives, including proposed new capital requirements, are under consideration as a means of reducing systemic risk …. This paper examines the concept of systemic risk -- that failure of one firm will lead to the failure of a large number of …

expected exchange rate depreciations (appreciations) for high (low) interest rate currencies, suggesting that disaster risk is … priced in currency markets. To study the price of disaster risk, we propose a simple structural model that includes both … Gaussian and disaster risk and can be estimated even in samples that do not contain disasters. Estimating the model over the …

heterogeneous attitudes towards crash risk. The less crash-averse insure the more crash-averse through the options markets that … literature: the tendency of stock index options to overpredict volatility and jump risk, the Jackwerth (2000) implicit pricing …