We study a dynamic economy where credit is limited by insu¢ cient collateral and, as a result, investment and output are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles, that is, expansions in credit that are backed not by expectations of future pro…ts (i.e. fundamental collateral), but instead by expectations of future credit (...

Many factors innuence the performance of a learned classiier. In this paper we study diier-ent methods of measuring performance based on a uniied set of cost models and the eeects of training class distribution with respect to these models. Observations from these eeects help us devise a distributed multi-classiier meta-learning approach to learn in domains with skewed class distributions, non-...

The research and experimentation (R&E) tax credit has long been the subject of criticism. Some argue that if the goal is more research and innovation, it’s better to increase direct federal funding of research. Others argue that the credit is not effective, that companies would do the research in any case. Some object the very notion of using tax policy to influence private sector behavior, pre...

E C O N O M I C R E V I E W Fourth Quarter 2007 The growth of credit derivatives suggests that market participants find them useful for risk management. Figure 1 shows the growth trajectory for credit derivatives from two surveys of derivatives dealers: the International Swaps and Derivatives Association (ISDA) Market Survey, which goes back to 2001, and the Bank for International Settlements (...

We develop an arbitrage-free valuation framework for bilateral counterparty risk, where collateral is included with possible re-hypothecation. We show that the adjustment is given by the sum of two option payoff terms, where each term depends on the netted exposure, i.e. the difference between the on-default exposure and the pre-default collateral account. We then specialize our analysis to Cre...

This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in Europe. When a change in the technological regime necessitates the creation of new "rms, this can happen relatively rapidly in the U.S. where credit markets function e$ciently. In contrast, in Europe, job creation is constrained by credit market imperfections, so unemployment rise...

As a new fashioned shopping mode, network shopping has been presenting a growth trend both in its user scale and transaction scale in recent years. Meanwhile, the complaints of network shopping are increasing by years which reveal many credit risks, such as fictitious trading, quality problem, price fraud, internet fraud and so on, that influenced greatly on the reputation formation of e-commer...

In India, the credit card usage as well as the penetration has been found to be very low compared to that of debit cards. Though banks offer the best of the services, still there are apprehensions about the risks involved in using a credit card in India. Hence, this study investigates the customer’s adoption behavior of credit cards and determines the factors which influence the acceptance amon...

The exponential growth of e-commerce borne from globalisation has fuelled the use of e-payment systems that are clearly a prerequisite business practice given that Internet consumers must pay for products and services. It is acknowledged that credit card payment is the foremost method for on-line purchases. However in Islamic countries, such as Libya, religious and ethical barriers prohibit the...