Edited and introduced by Alexander Lipton, the leading expert on credit modelling, this collection of 18 technical papers on this complex area of financial engineering is the first book in the new Risk Books Cutting Edge series. The Series presents key technical papers drawn from the Cutting Edge section of Risk, the world's leading financial risk management magazine. Each volume provides an introduction from an industry expert, and explores how academic thinking has developed over the years, how market applications and practitioner usage has evolved, and future developments in the field. For this book, contributions have been gathered from 32 authors, including some of the most well known names in the field.