On the Management of Financial Guarantees

Robert Merton and Zvi Bodie ()

Financial Management, 1992, vol. 21, issue 4

Abstract: Financial guarantees, such as insurance against credit risk and contract default, serve an important function for virtually every player in the global economy - households, businesses, and governments. Without such guarantees, both implicit and explicit, many economic activities would be less efficiently performed. This paper develops a framework for analyzing the efficient management of such guarantees in both the private and public sectors.

Date: 1992
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