The payoff of many credit derivatives depends on the level of credit spreads. In particular, the payoff of credit derivatives with a leverage component is sensitive to jumps in the underlying credit spreads. In the framework of first passage time models we extend the model introduced in...

This volume was prepared by Sebastian Benz while he was working at the Ifo Institute. It was completed in December 2013 and accepted as a doctoral thesis by the Department of Economics at the University of Munich. It includes five self-contained chapters. All chapters discuss different...

Moderne arbeitsteilige Gesellschaften besitzen eine komplexe Vernetzung von ökonomischen Regeln, politischer Macht und gesellschaftlichen Normen. Die wirtschaftliche Leistungsfähigkeit eines Landes hängt neben physischem Kapital und Humankapital in hohem Maße von sozialen Netzwerkstrukturen...