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Description - Measuring and Managing Federal Financial Risk by Deborah Lucas

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.

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Book Details

ISBN: 9780226496580
ISBN-10: 0226496589
Format: Hardback
(229mm x 152mm x mm)
Pages: 272
Imprint: University of Chicago Press
Publisher: The University of Chicago Press
Publish Date: 15-Apr-2010
Country of Publication: United States

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Author Biography - Deborah Lucas

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