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In the early postwar era, Britain enjoyed a very close relationship with Australia and New Zealand, through their common membership of the Sterling Area and the Commonwealth Preference Area. This book examines the breakdown of this relationship in the 1950s and 60s, and the various economic factors involved. Special emphasis is given to the implications for Australia and New Zealand of Britain's proposal for a European free trade area, and of Harold Macmillan's unsuccessful bid to join the EEC in 1961-3.
In the early postwar era, Britain enjoyed a very close economic
relationship with Australia and New Zealand through their common
membership of the Sterling Area and the Commonwealth Preference
Area. This book examines the breakdown of this relationship in the
1950 and 1960s. Britain and Australasia were driven apart by
disputes over industrial protection, agriculture, capital supplies,
and relations with other countries. Special emphasis is given to
the implications for Australia and New Zealand of Britain's growing
interest in European integration.
"A clear and comprehensive treatment of credit risk models by two
of the leading authorities in the field. It will become the
standard reference for both academic researchers and
practitioners."--Michael J. Brennan, The Anderson School at UCLA
"Duffie and Singleton provide the first comprehensive, yet
readable, treatment of the challenging subject of credit risk. This
book will undoubtedly become the ultimate reference for both
academics and risk professionals who care to venture beyond the
traditional alleys."--Michel Crouhy, Head of Business Analytic
Solutions, Canadian Imperial Bank of Commerce
"Duffie and Singleton have written an indispensable guide both
to the models and to their implementation. The mathematical
workings of the models are conveyed with superb clarity and
intuition. Just as importantly, the presentation is well grounded
in the economic and institutional features of credit markets. We
thereby gain insight into the empirical plausibility of modeling
assumptions and guidance on robust model calibration."--Michael
Gordy
"Darrell Duffie and Kenneth Singleton have set the standard on
credit modeling. Not only is the book appealing to an academic but
it also speaks to practitioners. It has the double virtue of being
elegant and practical. Further, many if not most of the results are
original to the authors."--Larry Eisenberg, President, The Risk
Engineering Company
"I like this book very much and shall use it profitably both for
my own research and teaching. Duffie and Singleton develop the
intellectual basis for understanding, modeling, and measuring
credit risk and then develop the issue of risk management. This
approach is both intuitive and natural. I canthink of no scholars
better qualified than they to embark on this ambitious
task."--Suresh M. Sundaresan, Graduate School of Business, Columbia
University
"Overall, the book succeeds in motivating the reader to consider
the alternative approaches to modeling credit risk. . . . Although
the book is technically rigorous, the presentation is
straightforward so even a casual reader will learn from the
authors' insights. Moreover, the seasoned analyst will benefit from
the concise summary of many existing techniques."--Amnon Levy,
"Risk"
New Approaches to Monetary Economics brings together presentations
of innovative research in the field of monetary economics. Much of
this research develops and applies approaches to modelling
financial intermediation, aggregate fluctuations, monetary
aggregation and transactions-motivated monetary equilibrium. The
contents of this volume comprise the proceedings of the second in a
conference series entitled International Symposia in Economic
Theory and Econometrics. This conference was held in 1985 at the
IC2 Institute at the University of Texas at Austin. The symposia in
this series are sponsored by the IC2 Institute and the RGK
Foundation. New Approaches to Monetary Economics, edited by
Professors William A. Barnett and Kenneth J. Singleton, consists of
five parts. Part I examines transactions-motivated monetary holding
in general equilibrium; Part II, financial intermediation; Part
III, monetary aggregation theory, Part IV, issues in aggregate
fluctuation; and Part V, theoretical issues in the foundations of
monetary economics and macroeconomics.
Written by one of the leading experts in the field, this book
focuses on the interplay between model specification, data
collection, and econometric testing of dynamic asset pricing
models. The first several chapters provide an in-depth treatment of
the econometric methods used in analyzing financial time-series
models. The remainder explores the goodness-of-fit of
preference-based and no-arbitrage models of equity returns and the
term structure of interest rates; equity and fixed-income
derivatives prices; and the prices of defaultable securities.
Singleton addresses the restrictions on the joint distributions
of asset returns and other economic variables implied by dynamic
asset pricing models, as well as the interplay between model
formulation and the choice of econometric estimation strategy. For
each pricing problem, he provides a comprehensive overview of the
empirical evidence on goodness-of-fit, with tables and graphs that
facilitate critical assessment of the current state of the relevant
literatures.
As an added feature, Singleton includes throughout the book
interesting tidbits of new research. These range from empirical
results (not reported elsewhere, or updated from Singleton's
previous papers) to new observations about model specification and
new econometric methods for testing models. Clear and
comprehensive, the book will appeal to researchers at financial
institutions as well as advanced students of economics and finance,
mathematics, and science.
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