innovation. To this end, we extend Boz and Mendoza (2014) by explicitly modelling the credit markets and by modifying the …

Credit risk refers to the risk of incurring losses due to unexpected changes in the credit quality of a counterparty or … issuer. In this paper we give an introduction to the modeling of credit risks and the valuation of credit-risky securities …. We consider individual as well as correlated credit risks. -- compensator ; intensity ; credit risk ; default risk …

In higher education, pure credit market funding leads to underinvestment due to insufficient risk pooling, while pure … credit markets coexist alongside income-contingent loan funding – might restore efficiency of the educational investment … and, under some condition, leads to higher social welfare than pure credit market funding. If combined with a policy that …