পদ্ধতির তুলনা করুন

	Libor Market Model	HJM ফ্রেমওয়ার্ক
ক্ষেত্র	পরিমাণগত অর্থায়ন	পরিমাণগত অর্থায়ন
পরিবার	Regression model	Regression model
উদ্ভবের বছর	1997	1992
প্রবর্তক	Alan Brace, Dariusz Gatarek, and Marek Musiela	David Heath, Robert Jarrow, and Andrew Morton
ধরন	Interest Rate Model	Interest Rate Framework
মৌলিক উৎস	Brace, A., Gatarek, D., & Musiela, M. (1997). The market model of interest rate dynamics. Mathematical Finance, 7(2), 127-155.	Heath, D., Jarrow, R. A., & Morton, A. (1992). Bond pricing and the term structure of interest rates: A new methodology for contingent claims valuation. Econometrica, 60(1), 77-105.
অপর নাম	BGM Model, LMM	Forward Rate Model, No-Arbitrage Drift Condition
সম্পর্কিত	4	4
সারসংক্ষেপ	The LIBOR Market Model (BGM), developed by Brace, Gatarek, and Musiela (1997), is a multi-factor interest rate model that directly models forward LIBOR rates as lognormal processes. Unlike short-rate models, LMM naturally prices caplets at the market level and is the industry standard for valuing caps, floors, and exotic interest rate derivatives.	The Heath-Jarrow-Morton (HJM) framework (1992) is a general no-arbitrage approach to modeling the entire term structure of forward rates. Unlike short-rate models, HJM works directly with forward rates f(t,T) and specifies their volatility; the drift is then determined by arbitrage constraints. This flexibility enables multi-factor modeling and accurate calibration to swaption matrices.