Problem: Despite the dominance of the above formula, there are documented attempts of the financial industry, occurring before the crisis, to address the formula limitations, specifically the lack of dependence dynamics and the poor representation of extreme events. The volume "Credit Correlation: Life After Copulas", published in 2007 by World Scientific, summarizes a 2006 conference held by Merrill Lynch in London where several practitioners attempted to propose models rectifying some of the copula limitations. See also the article by Donnelly and Embrechts and the book by Brigo, Pallavicini and Torresetti, that reports relevant warnings and research on CDOs appeared in 2006.
What year did the book by Brigo, Pallavicini and Torresetti report warnings and research on CDOs?
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Answer: 2006


Problem: Efforts by local kings to fight the invaders led to the formation of new political entities. In Anglo-Saxon England, King Alfred the Great (r. 871–899) came to an agreement with the Viking invaders in the late 9th century, resulting in Danish settlements in Northumbria, Mercia, and parts of East Anglia. By the middle of the 10th century, Alfred's successors had conquered Northumbria, and restored English control over most of the southern part of Great Britain. In northern Britain, Kenneth MacAlpin (d. c. 860) united the Picts and the Scots into the Kingdom of Alba. In the early 10th century, the Ottonian dynasty had established itself in Germany, and was engaged in driving back the Magyars. Its efforts culminated in the coronation in 962 of Otto I (r. 936–973) as Holy Roman Emperor. In 972, he secured recognition of his title by the Byzantine Empire, which he sealed with the marriage of his son Otto II (r. 967–983) to Theophanu (d. 991), daughter of an earlier Byzantine Emperor Romanos II (r. 959–963). By the late 10th century Italy had been drawn into the Ottonian sphere after a period of instability; Otto III (r. 996–1002) spent much of his later reign in the kingdom. The western Frankish kingdom was more fragmented, and although kings remained nominally in charge, much of the political power devolved to the local lords.
When did Alfred the Great begin his reign?
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Answer: 871


Problem: During the presidential referendum in Egypt, Nasser was re-elected to a second term as UAR president and took his oath on 25 March 1965. He was the only candidate for the position, with virtually all of his political opponents forbidden by law from running for office, and his fellow party members reduced to mere followers. That same year, Nasser had the Muslim Brotherhood chief ideologue Sayyed Qutb imprisoned. Qutb was charged and found guilty by the court of plotting to assassinate Nasser, and was executed in 1966. Beginning in 1966, as Egypt's economy slowed and government debt became increasingly burdensome, Nasser began to ease state control over the private sector, encouraging state-owned bank loans to private business and introducing incentives to increase exports. During the 60's, the Egyptian economy went from sluggishness to the verge of collapse, the society became less free, and Nasser's appeal waned considerably.
How did Egypt's economy do during the 1960s?
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Answer:
from sluggishness to the verge of collapse