ESA 95 is the conceptual reference framework, which is legally binding the EU. The aim of the manual is to aid its application for calculation the government deficit and debt. It provides the appropriate answers to most of the statistical and accounting problems posed in the EU in the last...

Since the start of the financial crisis, industrial country public debt levels have increased dramatically. And they are set to continue rising for the foreseeable future. A number of countries face the prospect of large and rising future costs related to the ageing of their populations. In this...

In this paper, we characterize explicitly the first derivative of the Value at Risk and the Expected Shortfall with respect to portfolio allocation when netting between positions exists. As a particular case, we examine a simple Gaussian example in order to illustrate the impact of netting...