We study the optimal loan-to-value (LTV) ratio in a monetary general equilibrium model with heterogeneous agents, collateral default, production and a banking sector. We find that the welfare of the debtor is not monotonically increasing in the LTV ratio, i.e. tighter financing constraints can...

Differences in personal well-being and family quality of life in Chinese adolescents with and without economic disadvantage as well as the related developmental trends were examined in a longitudinal study. Over three consecutive years, Chinese junior secondary school students responded to...

This paper assesses the sensitivity of the risk buffers, or capital requirements, of central counterparties clearing over-the-counter derivatives trades to a range of model inputs. It finds capital requirements to be highly sensitive to whether key model parameters are calibrated on a...

Rapid product design and development are crucial factors to maintaining a competitive advantage in today's intense market. Time-consuming iterative design cycles cause critical delays within the design development process. One widely applied method to identify such iterations is the design...

We present a self-consistent model for explosive financial bubbles, which combines a mean-reverting volatility process and a stochastic conditional return which reflects nonlinear positive feedbacks and continuous updates of the investors’ beliefs and sentiments. The conditional expected...