Introduction 1. Woman's Place in Man's Life Cycle 2. Images of Relationship 3. Concepts of Self and Morality 4. Crisis and Transition 5. Women's Rights and Women's Judgment 6. Visions of Maturity References Index of Study Participants General Index

In a Different Voice. Psychological Theory and Women’s Development. Cambridge, MA (Harvard University Press) 1982.

Capitalism and Freedom

The phrase financial contagion draws on a concept whose root meaning lies in the field of epidemiology. Like almost all metaphors, this one has the power to illuminate and to mislead. Its referent is the spread of financial distress from one firm, market, asset class, nation, or geographical region to others. But, contagion carries with it other burdens of meaning. First, to refer to contagion, instead of merely to an epidemic, is to implicitly assert that there is a mechanism of transmission from one infected victim to other potential victims. For example, bubonic plague and malaria may give rise to epidemics, but these diseases are not contagious, being transmitted by the bite of a flea and the sting of a mosquito, rather than being spread fromone infected party to another. By contrast, some epidemics may be the result of truly contagious diseases in which the disease spreads directly from one victim to another through the direct transmittal of a pathogen, such as is the case with tuberculosis and AIDS. Second, because a contagious disease spreads from one infected host to others by some mechanism, the key to understanding such a malady is to comprehend the method of transmission. Finally, by invoking a metaphor of illness, financial contagion implies an economic disorder, dislocation, or disease.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1799485_code17292.pdf?abstractid=1799485&mirid=3

What is Financial Contagion

We provide a framework for studying the relationship between the financial network architecture and the likelihood of systemic failures due to contagion of counterparty risk. We show that financial contagion exhibits a form of phase transition as interbank connections increase: as long as the magnitude and the number of negative shocks affecting financial institutions are sufficiently small, more "complete" interbank claims enhance the stability of the system. However, beyond a certain point, such interconnections start to serve as a mechanism for propagation of shocks and lead to a more fragile financial system. We also show that, under natural contracting assumptions, financial networks that emerge in equilibrium may be socially inefficient due to the presence of a network externality: even though banks take the effects of their lending, risk-taking and failure on their immediate creditors into account, they do not internalize the consequences of their actions on the rest of the network.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2500504_code1428438.pdf?abstractid=2207439&mirid=5&type=2

Systemic Risk and Stability in Financial Networks

This paper argues that in the presence of intersectoral input-output linkages, microeconomic idiosyncratic shocks may lead to aggregate fluctuations. In particular, it shows that, as the economy becomes more disaggregated, the rate at which aggregate volatility decays is determined by the structure of the network capturing such linkages. Our main results provide a characterization of this relationship in terms of the importance of different sectors as suppliers to their immediate customers as well as their role as indirect suppliers to chains of downstream sectors. Such higher-order interconnections capture the possibility of “cascade effects” whereby productivity shocks to a sector propagate not only to its immediate downstream customers, but also indirectly to the rest of the economy. Our results highlight that sizable aggregate volatility is obtained from sectoral idiosyncratic shocks only if there exists significant asymmetry in the roles that sectors play as suppliers to others, and that the “sparseness” of the input-output matrix is unrelated to the nature of aggregate fluctuations.

/pdf/the-network-origins-of-aggregate-fluctuations-3yoh56cin3.pdf

The Network Origins of Aggregate Fluctuations

28. Did Securitization Lead to Lax Screening? Evidence from Subprime Loans

Is normal backwardation normal

The Book of Concord : The Confessions of the Evangelical Lutheran Church

1. Introduction. 2. Futures Markets. 3. Futures Prices. 4. Using Futures Markets. 5. Interest Rate Futures: Introduction. 6. Interest Rate Futures: Refinements. 7. Stock Index Futures: Introduction. 8. Stock Index Futures: Refinements. 9. Foreign Currency Features. 10. The Options Market. 11. Option Payoffs and Option Strategies. 12. Bounds on Option Prices. 13. European Option Pricing. 14. Option Sensitivities and Option Hedging. 15. American Option Pricing. 16. Options on Stock Indexes, Foreign Currency, and Futures. 17. The Options Approach to Corporate Securities. 18. Exotic Options. 19. Interest Rate Options. 20. The Swaps Market: Introduction. 21. Swaps: Economic Analysis and Pricing. 22. Swaps: Applications. OPTION! Installation and Tutorial. Exercises for OPTION! Appendix A: Summary of Accounting Rules for Derivative Instruments. Appendix B: Cumulative Distribution Function for the Standard Normal Random Variable. Answers to Selected End-of-Chapter Problems. Index.

Robert Kolb

Papers

What is Financial Contagion

28. Did Securitization Lead to Lax Screening? Evidence from Subprime Loans

Is normal backwardation normal

The Book of Concord : The Confessions of the Evangelical Lutheran Church

Futures, Options, and Swaps