BIS Working Papers are written by members of the Monetary and Economic Department of the Bank
for International Settlements, and from time to time by other economists, and are published by the
Bank. The papers are on subjects of topical interest and are technical in character. The views
expressed in them are those of their authors and not necessarily the views of the BIS.
This working paper was written for the Conference on “Changes in risk through time: measurement
and policy options” that took place at the BIS on 6 March 2002.
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