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Newsletter
The midwest economy: still a swan
Newsletter
1994 economic outlook: hopes become beliefs
Newsletter
The new Midwest in recession and recovery
Newsletter
1991 outlook-stumbling over uncertainty
Newsletter
1992 outlook: a question of confidence
Working Paper
Netting, financial contracts, and banks: the economic implications
Derivatives and certain other off-balance sheet contracts enjoy special legal protection on insolvent counterparties through a process referred to as 'close-out netting.' This paper explores the legal status and economic implications of this protection. While this protection benefits major derivatives dealers and derivatives markets, it is less clear that other market participants or markets in general are better or worse off. While we are not able to conclude whether or not these protections are socially optimal, we outline the wide range of issues that a general consideration of the pros ...
Newsletter
1993 outlook: recovery amidst restructuring