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Throughout this study, we find various types of the copula, and each exhibits its own characteristics lying under two main families, Elliptical and Archimedean copulas. Our findings suggest that copula is vital in solving problems in statistical dependence measures and joint marginal distribution functions. This comprehensive study served as a review paper on the development of copulas from their initial existence to their latest evolution.<\/jats:p>","DOI":"10.3233\/jifs-223481","type":"journal-article","created":{"date-parts":[[2023,7,28]],"date-time":"2023-07-28T12:10:25Z","timestamp":1690546225000},"page":"6047-6062","source":"Crossref","is-referenced-by-count":1,"title":["A comprehensive review on the development of copulas in financial field"],"prefix":"10.1177","volume":"45","author":[{"given":"Isaudin","family":"Ismail","sequence":"first","affiliation":[{"name":"Department of Mathematics and Statistics, Faculty of Applied Sciences and Technology, Universiti Tun Hussein Onn Malaysia, Pagoh, Johor, Malaysia"}]},{"given":"Fatin Noor Najihah","family":"Abd Mutalip","sequence":"additional","affiliation":[{"name":"Department of Mathematics and Statistics, Faculty of Applied Sciences and Technology, Universiti Tun Hussein Onn Malaysia, Pagoh, Johor, Malaysia"}]},{"given":"Kavikumar","family":"Jacob","sequence":"additional","affiliation":[{"name":"Department of Mathematics and Statistics, Faculty of Applied Sciences and Technology, Universiti Tun Hussein Onn Malaysia, Pagoh, Johor, Malaysia"},{"name":"Department of Biosciences, Saveetha School of Engineering, Saveetha Institute of medical and technical Sciences, Chennai, India"}]}],"member":"179","reference":[{"issue":"4","key":"10.3233\/JIFS-223481_ref1","doi-asserted-by":"crossref","first-page":"43","DOI":"10.3390\/econometrics4040043","article-title":"Pair-copula constructions for financial applications: A review","volume":"4","author":"Aas","year":"2016","journal-title":"Econometrics"},{"key":"10.3233\/JIFS-223481_ref2","first-page":"43","volume-title":"In Copulae and Multivariate Probability Distributions in Finance","author":"Aas","year":"2013"},{"issue":"2","key":"10.3233\/JIFS-223481_ref3","first-page":"182","article-title":"Pair-copula constructions of multiple dependence","volume":"44","author":"Aas","year":"2009","journal-title":"Insurance: Mathematicsand Economics"},{"issue":"25","key":"10.3233\/JIFS-223481_ref4","doi-asserted-by":"crossref","first-page":"2409","DOI":"10.1080\/00036846.2016.1240346","article-title":"Global financial crisis and dependence risk analysis of sector portfolios: A vine copula approach","volume":"49","author":"Hernandez","year":"2017","journal-title":"Applied Economics"},{"issue":"1","key":"10.3233\/JIFS-223481_ref5","doi-asserted-by":"crossref","first-page":"245","DOI":"10.1023\/A:1016725902970","article-title":"Probability density decomposition for conditionally dependent random variables modeled by vines","volume":"32","author":"Bedford","year":"2001","journal-title":"Annals of Mathematics and Artificial intelligence"},{"issue":"4","key":"10.3233\/JIFS-223481_ref6","doi-asserted-by":"crossref","first-page":"1031","DOI":"10.1214\/aos\/1031689016","article-title":"Vines\u2013 a new graphical model fordependent random variables","volume":"30","author":"Bedford","year":"2002","journal-title":"The Annals of Statistics"},{"key":"10.3233\/JIFS-223481_ref7","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.resourpol.2015.07.003","article-title":"Multivariate dependence risk and portfolio optimization: An application to mining stock portfolios","volume":"46","author":"Bekiros","year":"2015","journal-title":"Resources Policy"},{"key":"10.3233\/JIFS-223481_ref8","doi-asserted-by":"crossref","unstructured":"Bouy\u00e9 E. , Durrleman V. , Nikeghbali A. , Riboulet G. and Roncalli T. , Copulas for finance-a reading guide and some applications, Available at SSRN 1032533, 2000.","DOI":"10.2139\/ssrn.1032533"},{"issue":"1","key":"10.3233\/JIFS-223481_ref9","doi-asserted-by":"crossref","first-page":"68","DOI":"10.1002\/cjs.10141","article-title":"Truncated regular vines in high dimensions with application to financial data","volume":"40","author":"Brechmann","year":"2012","journal-title":"Canadian Journal of Statistics"},{"key":"10.3233\/JIFS-223481_ref10","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1080\/713666155","article-title":"Dependence structures formultivariate high-frequency data in finance","volume":"1","author":"Breymann","year":"2003","journal-title":"Quantitative Finance"},{"key":"10.3233\/JIFS-223481_ref11","unstructured":"Burney S. and Ajaz O. 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