Skip to main content
SpringerLink
Log in

Crisis, Debt, and Default

The Effects of Time Preference, Information, and Coordination

  • Book
  • © 2016

Overview

Authors:
  1. Philip Ernstberger

    1. Gutmark, Radtke & Company AG, Frankfurt am Main, Germany

    View author publications

    You can also search for this author in PubMed   Google Scholar

  • Publication in the field of economic sciences

  • 7809 Accesses

This is a preview of subscription content, log in via an institution to check access.

Access this book

Log in via an institution
eBook USD 39.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Other ways to access

Licence this eBook for your library

Institutional subscriptions

Table of contents (15 chapters)

  1. Front Matter

    Pages I-XIV
    Download chapter PDF

  2. The Dynamics of Currency Crises - Results from Intertemporal Optimization and Viscosity Solutions

    1. Front Matter

      Pages 7-7
      Download chapter PDF

    2. Introduction

      • Philip Ernstberger
      Pages 9-10

    3. Literature

      • Philip Ernstberger
      Pages 11-12

    4. Model

      • Philip Ernstberger
      Pages 13-37

    5. Conclusion

      • Philip Ernstberger
      Pages 38-42

    6. Appendix

      • Philip Ernstberger
      Pages 43-60

  3. The Mispricing of Debt - Influences of Ratings on Coordination

    1. Front Matter

      Pages 63-63
      Download chapter PDF

    2. Introduction

      • Philip Ernstberger
      Pages 65-68

    3. Model

      • Philip Ernstberger
      Pages 69-82

    4. Pricing Bonds

      • Philip Ernstberger
      Pages 83-87

    5. Conclusion

      • Philip Ernstberger
      Pages 88-88

    6. Appendix

      • Philip Ernstberger
      Pages 89-92

  4. Probability of Default and Precision of Information

    1. Front Matter

      Pages 95-95
      Download chapter PDF

    2. Introduction

      • Philip Ernstberger
      Pages 97-98

    3. Model

      • Philip Ernstberger
      Pages 99-106

    4. Data and Computation

      • Philip Ernstberger
      Pages 107-112

    5. Results and Discussion

      • Philip Ernstberger
      Pages 113-116

    6. Appendix

      • Philip Ernstberger
      Pages 117-136

  5. Back Matter

    Pages 139-142
    Download chapter PDF
Back to top

Keywords

About this book

Philip Ernstberger analyses in his three essays different topics of financial pathologies. Thereby, changes in fundamentals as well as information are considered as the driving force for the behavior of speculators and investors. The first essay deals with currency crises, in which the central bank, through setting the interest rate, steers the economy and defends against speculators. The second essay examines the effects of a rating and possible biases on the coordination of investors and the pricing of debt. In the third essay the author uses forecasts of default probabilities and implied market default probabilities to infer the weighing of information by investors. 

Authors and Affiliations

  • Gutmark, Radtke & Company AG, Frankfurt am Main, Germany

    Philip Ernstberger

About the author

Dr. Philip Ernstberger is currently working as a senior consultant in the field of risk modeling, concentrating on stress testing and operational risk methodologies, as well as rating model development and validation. 

Bibliographic Information

Publish with us

Policies and ethics

Back to top

Search

Navigation