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Author Stein, Jerome L.
Title Stochastic optimal control and the U.S. financial debt crisis / Jerome L. Stein.
Imprint New York : Springer, 2012.

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Author Stein, Jerome L.
Subject Debt -- United States -- Mathematical models.
Stochastic processes -- Mathematical models.
United States -- Economic conditions -- Mathematical models.
Description 1 online resource (xvi, 157 pages)
polychrome rdacc
Bibliography Note Includes bibliographical references and index.
Contents Introduction -- The Fed, IMF and Disregarded Warnings -- Failure of the Quants -- Philosophy of Stochastic Optimal Control Analysis (SOC) -- Application of Stochastic Optimal Control (SOC) to the US Financial Debt Crisis -- AIG in the Crisis -- Crisis of the 1980s -- The Diversity of Debt Crises in Europe.
Summary Stochastic Optimal Control (SOC)-a mathematical theory concerned with minimizing a cost (or maximizing a payout) pertaining to a controlled dynamic process under uncertainty-has proven incredibly helpful to understanding and predicting debt crises and evaluating proposed financial regulation and risk management. Stochastic Optimal Control and the U.S. Financial Debt Crisis analyzes SOC in relation to the 2008 U.S. financial crisis, and offers a detailed framework depicting why such a methodology is best suited for reducing financial risk and addressing key regulatory issues. Topics discussed include the inadequacies of the current approaches underlying financial regulations, the use of SOC to explain debt crises and superiority over existing approaches to regulation, and the domestic and international applications of SOC to financial crises. Principles in this book will appeal to economists, mathematicians, and researchers interested in the U.S. financial debt crisis and optimal risk management. Jerome L. Stein has been an emeritus professor of economics at Brown University since 1993, and has served as a visiting professor of applied mathematics since 1997. He is the author of nine research monographs, and has published over 100 journal articles in such leading publications as American Economic Review, Review of Economics and Statistics, Journal of Banking and Finance, and Contemporary Mathematics. He has served on the editorial boards of the Journal of Finance, American Economic Review, Journal of International and Comparative Economics, and the Journal of Banking and Finance.
ISBN 9781461430797 (electronic bk.)
1461430798 (electronic bk.)
OCLC # 784113784
Additional Format Print version: Stein, Jerome L. Stochastic optimal control and the U.S. financial debt crisis. New York : Springer, 2012 (DLC) 2012932090