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Letter to the editor - No straw men at IMF

Dear Sir,

Mr Schachter's letter to the editor ('Kooky science for value-at-risk', Asia Risk March 2008) suggests vast divides between theory and practice where there are none, and accuses us of setting up a straw man.

Though a careful reading of our article would reveal we reflected upon and addressed most of his remarks and criticisms, we would like to set the record straight.

Most importantly, it

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