Modelling credit risk accurately is central to the practice of mathematical finance. The majority of available texts are aimed at an advanced level, and are more suitable for PhD students and researchers. This volume of the Mastering Mathematical Finance series addresses the need for a course...

Intro -- Contents -- Introduction -- Section 1 Culture -- 1 Ethics and Values -- 1.1 ETHICS AND MORAL CONSCIENCE -- 1.2 VIRTUES AND VALUES -- 1.3 JUSTICE -- 1.4 COOPERATION AND TRUST -- 1.5 HONESTY AND INTEGRITY -- 2 Culture and Ethics -- 3 Reputation and Ethics -- 4 Theories on Ethics -- 5...

We develop a structural model of the global banking network and analyze its role in facilitating risk sharing and amplifying shocks across countries and over time. Using bilateral international lending data, we uncover significant heterogeneity in the willingness and capacity of banks to provide...