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Financial Innovation and Risk Management: The Cross-Guarantee Solution


  • Bert Ely

    (The Jerome Levy Economics Institute)


The cross-guarantee concept, which is summarized below, will eliminate the regulatory moral hazard that electronic technology has greatly exacerbated in recent years. The paper concludes by outlining the many benefits cross-guarantees will bring to the financial system as well as the structural and international implications of using cross-guarantees to bring market-driven regulation to the financial services sector of the American economy.

Suggested Citation

  • Bert Ely, 1998. "Financial Innovation and Risk Management: The Cross-Guarantee Solution," Macroeconomics 9812008, EconWPA.
  • Handle: RePEc:wpa:wuwpma:9812008 Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 19; figures: included

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    References listed on IDEAS

    1. Wray, L Randall, 1992. "Alternative Theories of the Rate of Interest," Cambridge Journal of Economics, Oxford University Press, vol. 16(1), pages 69-89, March.
    2. repec:mes:jeciss:v:31:y:1997:i:3:p:826-834 is not listed on IDEAS
    3. Frank Hahn, 1985. "Money and Inflation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262580624, July.
    4. Hyman P. Minsky, 1996. "Uncertainty and the Institutional Structure of Capitalist Economies," Economics Working Paper Archive wp_155, Levy Economics Institute.
    5. L. Randall Wray, 1997. "Money and Taxes: The Chartalist Approach," Economics Working Paper Archive wp_222, Levy Economics Institute.
    6. L. Randall Wray, 1997. "Kenneth Boulding's Reconstruction of Macroeconomics," Review of Social Economy, Taylor & Francis Journals, vol. 55(4), pages 445-463.
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    JEL classification:

    • E - Macroeconomics and Monetary Economics

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