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Government Risk-Bearing : Proceedings of a Conference Held at the Federal Reserve Bank of Cleveland, May 1991 - Mark S. Sniderman

Government Risk-Bearing

Proceedings of a Conference Held at the Federal Reserve Bank of Cleveland, May 1991

By: Mark S. Sniderman (Editor)

Hardcover

Published: 31st January 1993
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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 MarĀ­ ketingAssociation),andeithermakesdirectloansorguaranteesprivatelygenerated loans through a varietyofcreditprograms to farmers, exporters, home purchasers, and others.

Contributing Authors
Preface
Acknowledgements
Institutional Control and Large-scale, Long-term Hazardsp. 1
Commentary
Ambiguity and Government Risk-Bearing for Low-Probability Eventsp. 21
Commentary
Public Insurance of Private Risks: Theory and Evidence from Agriculturep. 45
Commentary
Government Risk-Bearing in the Financial Sector of a Capitalist Economyp. 71
Commentary
Perspectives on the Role of Government Risk-Bearing within the Financial Sectorp. 109
Government Risk-Bearing: What Works and What Doesn'tp. 131
Commentary
The PBGC: A Costly Lesson in the Economics of Federal Insurancep. 145
Commentary
Recent Federal Efforts to Measure and Control Government Risk-Bearingp. 167
Information and Incentives to Improve Government Risk-Bearingp. 177
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792393122
ISBN-10: 0792393120
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 182
Published: 31st January 1993
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 1.91
Weight (kg): 1.03