Government Risk-Bearing - Proceedings of a Conference Held at the Federal Reserve Bank of Cleveland, May 1991 (Hardcover, 1993 ed.)

The u.s. government bulks large in the nation's financial markets. The huge volume of government-issued and -sponsored debt affects the pricing and volume ofprivate debt and, consequently, resource allocation between competing alternatives. What is often not fully appreciated is the substantial influence the federal government wields overresource allocation through its provisionofcreditandrisk-bearing services to the private economy. Because peopleand firms generally seekto avoid risk, atsomeprice they are willing to pay another party to assume the risk they would otherwise face. Insurance companies are a class of private-sector firms one commonly thinks of as providing these services. As the federal government has expanded its presence in the U.S. economy during this century, it has increasingly developed programs aimed at bearing risks that the private sector either would not take on at any price, or would take on but atapricethoughtto besogreatthatmostpotentialbeneficiarieswouldnotpurchase the coverage. Today, roughly three-fifths of all nonfederal credit outstanding is 1 assisted by some form of federal program. The federal government provides insurance of many private pension plans through the Pension Benefit Guaranty Corporation, subsidizesand implicitly guarantees the liabilitiesofseveral agencies dominating secondary loan markets (for example, the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Student Loan Mar ketingAssociation), andeithermakesdirectloansorguaranteesprivatelygenerated loans through a varietyofcreditprograms to farmers, exporters, home purchasers, and others."

General

Imprint:	Springer
Country of origin:	Netherlands
Release date:	1993
First published:	1993
Editors:	Mark S. Sniderman
Dimensions:	235 x 155 x 21mm (L x W x T)
Format:	Hardcover
Pages:	182
Edition:	1993 ed.
ISBN-13:	978-0-7923-9312-2
Categories:	Books > Business & Economics > Finance & accounting > Finance > Banking Books > Business & Economics > Finance & accounting > Finance > Insurance > General Books > Money & Finance > Banking Books > Money & Finance > Insurance > General
LSN:	0-7923-9312-0
Barcode:	9780792393122

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