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Content Type:Journal Article 

Journal Article
Credit derivatives and risk management

The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. This paper illustrates credit derivatives' value with three examples: a commercial bank using credit derivatives to manage loan portfolio risk; an investment bank using them to manage the risks of underwriting securities; and an investor, such as an insurance company, asset manager, or hedge fund, using them to align credit risk exposure with a desired credit risk profile. ; But credit derivatives pose risk-management challenges of their own; the author discusses five ...
Economic Review , Volume 92 , Issue Q4 , Pages 25-41

Journal Article
Southeast's social, economic structures suggest long-term economic boom

Economics Update , Issue Oct , Pages 2

Journal Article
Moderate growth expected for the nation, Southeast in 1996

Regional Update , Issue Oct , Pages 1-4

Journal Article
The capitalization and portfolio risk of insurance companies

The strategies of financial intermediaries in the United States presumed a stability of interest rates that began to break down in the late 1960s. Not only did rising interest rates during the past two decades tend to depress the value of the assets of all intermediaries, they also fostered competition among intermediaries as all sought new opportunities for profit. In order to cope, many financial institutions assumed new bets by "reaching" for riskier assets offering higher yields or by operating with less capital per dollar of assets. To varying degrees, many insurance companies have ...
New England Economic Review , Issue Jul , Pages 43-57

Journal Article
Are we investing too little?

One of the most disappointing features of U.S. economic performance over the past 20 years has been the slowing of growth in productivity and, as a result, in real incomes. For many, the explanation can be found in the low U.S. saving rate. Since the mid 1980s, national saving has averaged just over 15 percent of GDP, compared to more than 20 percent during the 1970s. Thus, one plausible explanation for slow productivity growth, at least in recent years, could be that our low saving rate is constraining investment and thereby depriving the nation of both the tools and the technologies that ...
New England Economic Review , Issue Nov , Pages 29-50

Journal Article
On the rotation of the earth, drunken sailors, and exchange rate policy

A growing number of observers seem to believe that official foreign exchange intervention offers a useful tool for managing the dollar?s descent. In particular situations, official transactions can sometimes produce temporary changes in exchange rates, but intervention does not permit countries to avoid or substantially modify trends in the movements of their exchange rates. At best, intervention is of very limited value.
Economic Commentary , Issue Feb

Journal Article
The effects of vertical integration on competing input suppliers

When a downstream firm buys an input supplier, it can reduce its costs of using that input. Other input suppliers typically respond by pricing more aggressively, given the demand reduction, which tends to lower input supply costs to other firms. Thus, a vertical merger may lower rivals' costs instead of raising them.
Economic Review , Issue Q I , Pages 2-8

Journal Article
Risk, uncertainty separately cloud global growth forecasting

Forecasts of global growth have historically been imprecise, punctuated by periods of optimism and pessimism. Inaccuracy in forecasting partly reflects quantifiable risks to the global outlook as well as economic uncertainty.
Economic Letter , Volume 11 , Issue 9 , Pages 1-4

Journal Article
Regional update

Southwest Economy , Issue May , Pages 15

Journal Article
Big lessons from small rural communities : working to reduce poverty long term

Community Investments , Volume 19 , Issue Spr

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