The specification and design of an interactive virtual environment for use in teacher training

The original concept was to create a 'simulation' which would provide trainee teachers, specializing in Information and Communications Technology (ICT) with the opportunity to explore a primary school environment. Within the simulation, factors affecting the development and implementation of ICT would be modelled so that trainees would be able to develop the skills, knowledge and understanding necessary to identify appropriate strategies to overcome the limitations. To this end, we have developed Allsorts Primary - the prototype of a simulated interactive environment, representing a typical primary school

Sovereign rescheduling probabilities in emerging markets: a comparison with credit rating agencies' ratings

This study estimates default probabilities of 124 emerging countries from 1981 to 2002 as a function of a set of macroeconomic and political variables. The estimated probabilities are then compared with the default rates implied by sovereign credit ratings of three major international credit rating agencies (CRAs) – Moody's Investor's Service, Standard & Poor's and Fitch Ratings. Sovereign debt default probabilities are used by investors in pricing sovereign bonds and loans as well as in determining country risk exposure. The study finds that CRAs usually underestimate the risk of sovereign debt as the sovereign credit ratings from rating agencies are usually too optimistic.