Measuring and Managing Federal Financial Risk (National Bureau of Economic Research Conference Report)

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9780226496580: Measuring and Managing Federal Financial Risk (National Bureau of Economic Research Conference Report)

The U.S. government is the world’s largest financial institution, providing credit and assuming risk through diverse activities. But the potential cost and risk of these actions and obligations remain poorly understood and only partially measured. Government budgetary and financial accounting rules, which largely determine the information available to federal decision makers, have only just begun to address these issues. However, recently there has been a push to rethink how these programs are valued and accounted for, and some progress has been made in applying modern valuation methods—such as options pricing, risk-adjusted discount rates, and value at risk—to these types of obligations.

This book contains new research, both empirical and methodological, on the measurement and management of these costs and risks. The analyses encompass a broad spectrum of federal programs, including housing, catastrophe insurance, student loans, social security, and environmental liabilities. Collectively, the contributions gathered in Measuring and Managing Federal Financial Risk demonstrate that the logic of financial economics can be a useful tool for studying a range of federal activities.

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About the Author:

At the time this work was completed, Deborah Lucas was the Donald C. Clark HSBC Professor of Consumer Finance, Kellogg School of Management, Northwestern University, and a research associate of the National Bureau of Economic Research.

Review:

“The methods by which to quantify government fiscal risk have captured increased interest following the global financial crisis. In presenting Measuring and Managing Federal Financial Risk, the editor and authors seek to address both the need for and methods suited to the assessment of a set of the US public sector’s direct and contingent liabilities. . . . These [contributions] may be valuable to graduate students and academic or applied economists wanting insights into the empirical methods that may be used to value alternative forms of government direct and contingent fiscal liability.” (Economic Record 2013-09-18)

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Book Description The University of Chicago Press, United States, 2010. Hardback. Book Condition: New. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. The U.S. government is the world s largest financial institution, providing credit and assuming risk through diverse activities. But the potential cost and risk of these actions and obligations remains poorly understood and only partially measured. Government budgetary and financial accounting rules, which largely determine the information available to federal decision makers, have only just begun to address these issues. Recently, however, there has been a push to rethink how these programs are valued and accounted for, and some progress has been made in applying modern valuation methods - such as options pricing, risk-adjusted discount rates, and value at risk - to these types of obligations. This book contains new research, both empirical and methodological, on the measurement and management of these costs and risks. The analyses encompass a broad spectrum of federal programs, including housing, catastrophe insurance, student loans, social security, and environmental liabilities. Collectively, the contributions gathered in Measuring and Managing Federal Financial Risk demonstrate that the logic of financial economics can be a useful tool for studying a range of federal activities. Bookseller Inventory # BTE9780226496580

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