The global financial crisis has pinpointed the relevance and the virulence of systemic risk in modern innovative finance. It is grounded in the propensity of credit markets to drift to extremes in close correlation with asset price spikes and slumps. In turn, such a propensity is nurtured by the...

Depuis 1990, les pays de l'OCDE ont tour a tour subi une recession insolite par sa duree, dans certains cas par son ampleur et surtout par les troubles financiers qui l'accompagnent. Cette recession prolongee a mis un terme a une decennie d'effervescence financiere. Les desordres constates ont...

La longue recession de l'economie mondiale dans les annees 1990 redonne de l'eclat aux conceptions financieres du cycle economique. La mode du cycle reel, qui avait prevalu dans le sillage de la nouvelle economie classique, a du mal a apprehender les evenements qui se sont succede depuis 1989,...

The 2007/2008 global credit crisis was born out of opaque securitization transactions. Introducing structured products risk estimation techniques shows how the most basic investment analysis could not be done without detailed and updated knowledge on the assets of the pool. Access to such...

The economic unification of Europe is taking a long time.  It has become more challenging with the advent of financial integration and the single currency. Under the pressures of globalisation and, as a necessary by-product, of increased competition, the risk profile of financial systems has...