, regardless of the specification and estimation techniques employed, suggest that the models can partly explain the developments …

volatility of interest rates play a crucial role in pricing financial instruments. In this empirical study, we try to investigate … GMM a robust estimation method comparing to maximum likelihood. Estimation results reveal that Cox Ingersoll Ross square … interest rate process. We find that the volatility of the interest rate is not affected by policy change. However, the level of …

As a result of the current global financial crisis, in 2009 the world economy is likely to experience the largest … contraction since World War II and the unemployment rate to reach historical highs in many countries. The fact that the current … Great Depression are not valid anymore to a great extent. Together with the decisions taken by the leaders of the world …