Boomerang: Travels in the New Third World by Michael Lewis

By Michael Lewis

The tsunami of inexpensive credits that rolled around the planet among 2002 and 2008 used to be greater than an easy monetary phenomenon: it used to be temptation, providing whole societies the opportunity to bare facets in their characters they can now not quite often have enough money to indulge.

Icelanders desired to cease fishing and turn into funding bankers. The Greeks desired to flip their state right into a pinata crammed with money and make allowance as many voters as attainable to take a whack at it. The Germans desired to be much more German; the Irish desired to cease being Irish.

Michael Lewis's research of bubbles past our shorelines is so brilliantly, unfortunately hilarious that it leads the yank reader to a comfy complacency: oh, these silly foreigners. but if he turns a cruel eye on California and Washington, DC, we see that the narrative is a catch baited with humor, and we comprehend the reckoning that awaits the best and greediest of debtor countries.

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Extra resources for Boomerang: Travels in the New Third World

Sample text

Now we present two ideas of how we can use our results in order to find the optimal default boundary when the process V is a geometric Brownian motion or a geometric Poisson process. 1. Approximation of a geometric Brownian motion We take a maturity T and we discretise the interval [0, T] in N intervals of length TIN. IN' then the process (V[t/Nj)t (where [u] denotes the greatest integer smaller or equal to u) approximates a geometric Brownian motion Vi = Vo exp ( (r - ~(2) t + UWt) (in particular for N -t rewritten as 00 we have convergence in law).

In fact, since Vi depends on N(t) and Wt and the latter two processes are independent, we have EC(T,c, v, F) = t. T])i e-CV«O,TDEF(T,V((O,T]), Voexp ((JL - ~A2) T + AWT) n(l- c)). l,From the continuity of F and the mapping v I-t v( (0, T]) it is easy to show the continuity of EC(T, c, v, F) in v by noticing that the series in the right hand converges uniformly in v: v([O, T]) ~ K, (K > 0) under the assumption on F. On the other hand, it is sufficient to prove the desired assertion for v EM: v([O, T]) ~ K for a large enough constant K > 0, because F(T, " V) is a utility function, which increases much slower than the exponential function exp{ c·}.

Suppose that v((O, (0)) > 0, then Dvt 2: DUt if t :S to and Dvt < DUt if t > to, where to is the solution of equation exp{ -2cv((0, t])}(exp{A 2 t + c2v((O, t])} - 1) = exp{A 2 t} - 1. Proof. It is easy to obtain that Dvt = V02 exp{2J-tt - 2cv((0, (11) t])}{ exp{,\2t + c v((0, t])} - I} 2 and DUt = V02 exp{2J-tt}{ exp{A 2t} - I} Let us consider the following elementary function g(t) := e-2CY((0,t]) (e C2Y ((0,t])+,X2 t - ° 1) - (e,X2t - 1) It is easy to see that g(O) = and under the assumption that v((O, (0)) > 0 there exists to > 0 such that g(t) 2: 0 when t :S to and g(t) < 0 when t > to.

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