Journal article
Risk management in the global economy: A review essay
Journal of banking & finance, Vol.26(2), pp.205-221
03/01/2002
DOI: 10.1016/S0378-4266(01)00219-9
Abstract
This paper provides a review of developments in the area of risk management at both the firm level and the macro-economy. We review rationales regarding why firms choose to manage risk, as well as new developments in measuring and managing risk in a dynamic setting. We also consider current risk sharing arrangements in light of the theory regarding optimal risk sharing. The paper concludes with some suggestions for additional research that emphasizes the importance of incorporating market incompleteness in an equilibrium setting. We also discuss the role of incompleteness at the macro-level and speculate on how derivatives markets may influence macro-economic stabilization policy.
Details
- Title: Subtitle
- Risk management in the global economy: A review essay
- Creators
- William C. Hunter - Federal Reserve Bank of ChicagoStephen D. Smith - Federal Reserve Bank of Atlanta
- Resource Type
- Journal article
- Publication Details
- Journal of banking & finance, Vol.26(2), pp.205-221
- DOI
- 10.1016/S0378-4266(01)00219-9
- ISSN
- 0378-4266
- eISSN
- 1872-6372
- Publisher
- Elsevier B.V
- Number of pages
- 17
- Language
- English
- Date published
- 03/01/2002
- Academic Unit
- Finance
- Record Identifier
- 9984962886802771
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