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The use of derivative products in risk management has
spread from commodities, stocks and fixed income
items, to such virtual commodities as energy, weather
and bandwidth. All this can give rise to so-called
volatility and there has been a consequent development
in formal risk management techniques to cover all
types of risk: market, credit, liquidity, etc. One of these
techniques, Value at Risk, was developed specifically
to help manage market risk over short periods. Its
success led, somewhat controversially, to its take up
and extension to credit risk over longer time-scales.
This extension, ultimately not successful, led to the
collapse of a number of institutions. The present book,
which was originally published in 2002, by some of the
leading figures in risk management, examines the
complex issues that concern the stability of the global
financial system by presenting a mix of theory and
practice.isbn-9780521263740
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Pages : 290
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