A framework underlying various models that measure the credit risk of a portfolio is extended in this paper to allow the integration of credit risk with a range of market risks using Monte Carlo simulation. A structural model is proposed that allows interest rates to be stochastic and provides...

By 2008, ownership transfers of former council housing had been proceeding for 20 years. Since 1997, the process has encompassed many larger urban local authorities, with housing departments which could have been fairly characterised as monolithic, producer-oriented bureaucracies. Drawing on new...