Extreme asset price movements appear to be more pronounced recently and have major consequences for an economy's financial stability and monetary policies. This paper investigates the extreme behaviour of equity market returns and quantifies the probabilities of these losses. Taking fourteen...

The difficult situation of the German banking sector at least according to the basic tenor of many contributions is raised to the threatening ranks of the "disease" the Japanese banking industry is suffering from. Such a statement labelling "German banks Turning Japanese" is the very issue of a...

This paper examines poverty in the United States from 1960 through 2005. We investigate how poverty rates and poverty gaps have changed over time, explore how these trends differ across family types, contrast these trends for several different income and consumption measures of poverty, and...