Title: Amortizing loans with random commencement and maturity
Abstract: espanolEn la practica, las operaciones de prestamo se contratan en ambiente de certeza, es decir, se pactan las cuantias que intervienen en la operacion, asi como sus respectivos vencimientos. En este trabajo se propone una modalidad alternativa de prestamo basado en las contingencias que suponen la supervivencia del prestatario y de una persona vinculada a el. La principal novedad que introduce este articulo es que estas contingencias afectan a la amortizacion en cada periodo, ya que el primer y el ultimo pago son aleatorios. Ademas, se determinan los diferentes parametros que intervienen en tales operaciones aleatorias, asi como diferentes medidas de rentabilidad/coste que las mismas suponen para el prestamista/prestatario. Estas operaciones pueden resultar atractivas para ambas partes, prestamista y prestatario, por lo que resulta probable que puedan ser implementadas en la practica financiera. EnglishGenerally speaking, loans contracted in practice are non-random, that is to say, all amounts involved in the transaction are certain as well as their respective maturities. In this paper, a new alternative loan category is introduced, based on the contingencies derived from the survival of both the borrower and a linked person. The main novelty of this paper is that these contingencies affect the amortization in each period since the first and last maturities of instalments are random. Additionally, the different parameters of such random transactions are determined, as well as several measures of profitability for the lender (or cost for the borrower). These transactions can be attractive for both the lender and the borrower, and as such it is likely that they can be implemented in practice
Publication Year: 2017
Publication Date: 2017-01-01
Language: en
Type: article
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Cited By Count: 1
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