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A growing literature on trade and finance has established that credit constraints are an important determinant of global trade patterns. This paper surveys the recent theoretical and empirical dev...
This report presents the findings of the first-ever national survey of school superintendents on U.S. competitiveness and the role of business in improving education outcomes in the U.S., including sp...
Small businesses are core to America's economic competitiveness. Not only do they employ half of the nation's private sector workforce—about 120 million people—but since 1995 they have created approxi...
We consider a structural credit model for a large portfolio of credit risky assets where the correlation is due to a market factor. By considering the large portfolio limit of this system we show the ...
An analysis of the Japanese credit market in 2004 between banks and quoted firms is done in this paper using the tools of the networks theory. It can be pointed out that: (i) a backbone of the credi...
We present a new approach to understanding credit relationships between commercial banks and quoted firms, and with this approach examine the temporal change in the structure of the Japanese credit ne...
We study the impact of contagion in a network of firms facing credit risk. We describe an intensity based model where the homogeneity assumption is broken by introducing a random environment that make...
In this paper we compare two classical one-factor diffusion models which are used to model the term structure of interest rates. One of them is based on the Wiener-Bachelier process while the second o...

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