Human creativity has produced many unique aspects of behavior in history. The essence of the unique nature of these behaviors are seen in the context of a course of history that is defined in contrast to the current time and technological level, what is called “modernity.” Economic behavior...

This occasional paper has been prepared to complement the mandate of the European Systemic Risk Board (ESRB) Task Force on the Financial Stability Implications of the Introduction of IFRS 9. It develops a recursive model to assess how different approaches to measuring credit impairment losses...