Artikelen

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Absence of arbitrage is the key condition underlying models of asset pricing. This condition is known to be satisfied if there is a common ‘pricing kernel’ for valuating the payoffs of all assets.1 As argued in Cochrane (2001), specifying the joint evolution of the pricing kernel and asset payoffs constitutes a unifying framework for modeling the price and return profiles of any family of assets. Following this approach, our paper proposes a discrete-time arbitrage-free model that captures the joint dynamics of two major asset classes: dividendpaying equity and government bonds of different maturities....

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In its report to the G7 titled Report of the Financial Stability Forum on Enhancing Market and Institutional Resilience, the Financial Stability Forum (FSF) requested the Joint Forum to conduct a stocktaking of the uses of external credit ratings by its member authorities in the banking, securities and insurance sectors...

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This volume of the IFC Bulletin contains the proceedings of a series of three workshops organised by the IFC on “The use of surveys by central banks”. The main focus of these workshops was on methodological issues and challenges faced by central banks in conducting surveys...

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Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at Avanza Bank...

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Central banks devote to much effort to the analysis of the financial positions of households, firms and financial institutions, and to monitor the evolution of credit aggregates and interest rate spreads. One reason is that financial market conditions are perceived to be factors which contribute to shape the performance of the economy and to affect its inflationary prospects...

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Opening address by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, of the XVI Financial Sector Meeting “Spanish financial institutions in the face of the new competitive scenario”, ABC-Deloitte Forum...

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Statement by Mr Duvvuri Subbarao, Governor of the Reserve Bank of India, as leader of thethe Indian Delegation to the International Monetary and Financial Committee...

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Speech by Dr Mugur Isărescu, Governor of the National Bank of Romania and Member of the Romanian Academy, during the session titled “What lessons can be learned from the current economic crisis?”, organised by the Economics, Legal and Sociology Department within the Romanian Academy, in co-operation with "Costin C. Kiritescu" National Institute of Economic Research and the ”ESEN Reflection Group” Romanian National Committee, Romanian Academy...

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Speech by Mr Donald L Kohn, Vice Chairman of the Board of Governors of the US Federal Reserve System, at the Conference in Honor of Dewey Daane...