Traditional exposure measures focus on direct exposures to evaluate the losses an institution is exposed to upon the default of a counterparty. Since the Global Financial Crisis of 2007-2008, the importance of indirect exposures via common asset holdings is increasingly recognized. Yet direct and indirect exposures do not to capture the losses that result from shock propagation and amplification following the counterparty's default. In this paper, we introduce the concept of \higher-order exposures" to refer to these spill-over losses and propose a way to formalize and quantify these.

Traditional exposure measures focus on direct exposures to evaluate the losses an institution is exposed to upon the default of a counterparty. Since the Global Financial Crisis of 2007-2008, the importance of indirect exposures via common asset holdings is increasingly recognized. Yet direct and indirect exposures do not to capture the losses that result from shock propagation and amplification following the counterparty's default. In this paper, we introduce the concept of \higher-order exposures" to refer to these spill-over losses and propose a way to formalize and quantify these.

A few days before Greece emerges from the political lull of August, the Thessaloniki International Fair (TIF) is rapidly becoming the focal point of a high-stakes autumn. Prime Minister Kyriakos Mitsotakis is due to unveil a sweeping relief package aimed at easing the cost-of-living crisis, which has proved a source of concern and frustration for voters throughout the last few years.

Billy Long, a former Republican congressman, will no longer serve as the tax agency’s head. Treasury Secretary Scott Bessent will oversee the agency as acting commissioner.