Filipovic, DamirKunz, Andreas2013-08-132013-08-132013-08-132008https://infoscience.epfl.ch/handle/20.500.14299/94085The impact of capital mobility restrictions on the diversification benefit for risk at the group level of a financial conglomerate is an important aspect in risk management. In this paper we propose a new bottom-up approach for realizing diversification benefits using some predetermined capital and risk transfer instruments, taking counter-party default risk into account.text::report