Book

Measuring and Managing Federal Financial Risk

Edited by Deborah Lucas

Published by University of Chicago Press

Published in print April 2010 | ISBN: 9780226496580
Published online February 2013 | e-ISBN: 9780226496597 | DOI: http://dx.doi.org/10.7208/chicago/9780226496597.001.0001
Measuring and Managing Federal Financial Risk

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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 remain 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. However, recently 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 obligation. 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 chapters here demonstrate that the logic of financial economics can be a useful tool for studying a range of federal activities.

Keywords: credit; risk; U.S. government; budget; federal decision makers; options pricing; discount rates; value at risk; federal programs; housing

Book.  280 pages.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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Table of Contents

Introduction in Measuring and Managing Federal Financial Risk

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Bringing Financial Literacy to Washington in Measuring and Managing Federal Financial Risk

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Measuring and Managing Federal Financial Risk in Measuring and Managing Federal Financial Risk

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Federal Financial Exposure to Natural Catastrophe Risk in Measuring and Managing Federal Financial Risk

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Valuing Government Guarantees in Measuring and Managing Federal Financial Risk

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Guaranteed versus Direct Lending in Measuring and Managing Federal Financial Risk

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Market Valuation of Accrued Social Security Benefits in Measuring and Managing Federal Financial Risk

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Environment and Energy in Measuring and Managing Federal Financial Risk

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