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us to answer the question "what are the economic causes of default?"Large financial institutions employ default models of both the structural and reduced-form types.

KMV Model

The practical implementation of Merton's model has received much attention in recent years.

One adaption is the KMV Model (Stephen Kealhofer, John McQuown and Oldrich Vasícek) now offered through Moody's Investors Service.The

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