This paper analyzes US interest rate swap spreads in relation to the sovereign crisis of the Euro zone. The results reveal that swap spreads of 5and 10-years incorporate default risk positively in accordance with the theory. According to Ito (2010) which analyzed the period of global financial crisis stemming from subprime loan problem in the US, the default risk is negatively incorporated in t...

The derivation of probabilities of high wind speeds and the establishment of risk curves for storm damage is of prime importance in natural hazard risk analysis. Risk curves allow the assessment of damage being exceeded at a given level of probability. In this paper, a method for the assessment of winter storm damage risk is described in detail and applied to the German state of Baden-Württembe...

The schism between North Africa and Southern Europe caused by the opening of the Strait of Gibraltar and the consequent refilling of the Mediterranean basin at the end of Messinian salinity crisis (MSC), 5.33 million years ago, has been advocated as the main event shaping biogeographical patterns in the western Mediterranean as exemplified by the distribution of species and subspecies and genet...

The dramatic impact of the current crisis on performance of businesses across sectors and economies have been headlining the business press for the past many months. Extant reconciliations of these patterns in the popular press rely on ad-hoc reasoning. Using historical data on currency crisis episodes across the world, we examine how consumers respond to a crisis and identify interesting patte...

The literature on costs of financial instability tends to focus on fiscal costs and the impact on GDP of banking crises. In this paper we analyse the effect of a banking or currency crisis on consumption. We show that consumption plays an important role in the macroeconomic adjustment following a financial crisis. Furthermore, the effect of a crisis is aggravated by high leverage, notably as sh...

abstract: central banks have long been interested in obtaining precise estimations of money demand given the fact that the evolution of money demand plays a key role over several monetary variables. one implication of currency substitution is that the exchange rate could serve as another determinant of the demand for money. due to the recent currency crisis in iran, it would be important to inv...