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On the Management of Financial Guarantees

Author

Listed:
  • Robert C. Merton
  • Zvi Bodie

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.

Suggested Citation

  • Robert C. Merton & Zvi Bodie, 1992. "On the Management of Financial Guarantees," Financial Management, Financial Management Association, vol. 21(4), Winter.
  • Handle: RePEc:fma:fmanag:merton92
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