Within bank activities, which is normally defined as the joint exercise of savings collection and credit supply, risk-taking is natural, as in many human activities. Among risks related to credit intermediation, credit risk assumes particular importance. It is most simply defined as the...

The purpose of this research study has been to expand our understanding of the finance-growth "nexus" to finance-growth-inequality "nexus" in the presence of both the formal and the informal sources of borrowing. Using empirical evidence of IHDS Survey data for two rounds the study attempts to...

In this paper we provide an empirical analysis of German casino locations. Due to the "mercantilistic background" of casinos, we assume that casinos are more likely to be found at borders and tourist areas. Although the location decision has been made in the past, we use cross-sectional data at...

The main challenge of forecasting credit default risk in loan portfolios is forecasting the default probabilities and the default correlations. We derive a Merton-style threshold-value model for the default probability which treats the asset value of a firm as unknown and uses a factor model...

We compare two options of integrating discrete working time choice of heterogenous households into a general equilibrium model. The first, known from the literature, produces household heterogeneity through a working time preference parameter. We contrast this with a model that directly...