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 is worth emphasising that our essay explicitly and comprehensively discusses Mr Schachter's concerns

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