Download or read book Government Risk Bearing written by Mark S. Sniderman and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Government Risk Bearing written by Mark S Sniderman and published by . This book was released on 1993-01-31 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The federal government wields substantial influence over resource allocation in the economy through its provision of credit and risk-bearing services to the private economy. 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 accept at any price, or would take on but at a price thought to be so great that most potential beneficiaries would not purchase the coverage. In addition to the allocative effects these federal credit and risk-bearing programs impose on the economy, they also expose taxpayers to losses when program revenues do not cover costs. A recent example of this problem is the federal government's payments to depositors at a large number of insolvent financial institutions. Government Risk-Bearing is based on a Federal Reserve Bank of Cleveland conference and deals with the concept and performance of the Federal government as a risk-bearing enterprise. The authors in this volume - primarily experts on insurance products in which the federal government has some involvement - consider the rationale for a federal presence in these markets and discuss the resulting effects on market performance and taxpayer exposure. This volume provides better understanding of the government as a risk manager and will assist public discussion about the appropriate role for government in the provision and administration of deposit insurance.
Download or read book Public Risk Management and the Private Sector written by David A. Moss and published by . This book was released on 1998 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although students of finance have long examined ways in which private parties manage risk, risk management by government has received surprisingly little attention over the years. Those scholars who have addressed the subject of public risk management have tended to focus mainly on government risk bearing - that is, policies such as deposit insurance that shift private risks onto the government's own shoulders. The purpose of this paper is to demonstrate that public risk management represents an essential function of government and one that extends far beyond mere risk bearing by the government itself. The first section defines the boundaries of public risk management and explores justifications for this governmental function from a theoretical perspective. The second section surveys the history of risk-management policy in the United States and organizes it into three broad phases: security for business (to 1900), security for workers (1900-1960), and security for all citizens (since 1960). Finally, the third section suggests a range of possible strategies for future research on public risk management.
Download or read book Risk Bearing by the State written by Deniz Anginer and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Risk Taxpayers and the Role of Government in Project Finance written by Michael W. Klein and published by World Bank Publications. This book was released on 1999 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: December 1996 A perennial question has been the relative cost of public and private finance for investment projects in infrastructure. Klein argues that the apparent cheapness of sovereign funds stems from taxpayers' not being remunerated for the contingent liability they effectively assume. So the proper role for government is to reduce the cost of risk-bearing for all projects by providing a stable and efficient policy framework. Klein concludes that government, through the tax system, cannot really do better than private financial markets at funding infrastructure projects. All the financial advantages of sovereign finance are due purely to coercive powers and are of no social value. Under government finance the taxpayers would bear a contingent liability that, if properly remunerated, would wipe out any cost advantage of sovereign borrowing. Governments should then refrain from investing in projects or firms, whether with equity or with debt. They should not cover commercial risks. In particular, one cannot argue that there is a tradeoff between the low cost of government finance and private efficiency. Private markets will do the best they can to tap low-cost funds while maintaining project discipline. They solve whatever tradeoff there is. The government cannot do better by raising funds. As a corollary, discount rates for private and public sector projects would not be expected to differ (contrary to standard practice). Arguing that the government cannot be expected to improve on the outcome of free financial markets is not to argue that all is the best in the best of all possible worlds and that there is no role for government. Private markets may not always find the best solutions. Market participants constantly search for better ways of trading risks. On average we could not expect governments to do better. More important, governments can significantly reduce the cost of risk-bearing by following prudent macroeconomic policies, supporting secure property rights, and deregulating and liberalizing financial markets so that private players can take the best advantage of low-cost funding opportunities. But it is inefficient to offset the risks created through bad policy by taxpayer-supported funding (which would amount to stealing from investors and compensating them by taking from taxpayers). Multilateral finance institutions should apply their financial instruments to support the development of better government policies - for example, by granting guarantees against policy failures where new policy regimes are not yet credible - and not simply invest in projects or guarantee the full credit risk of loans. This paper - a product of the Private Participation in Infrastructure Group, Private Sector Development Department - is part of a larger effort in the department to analyze issues relating to private participation in infrastructure.
Download or read book Risk and the Discount Rate for Public Investment written by Martin J. Bailey and published by . This book was released on 2006 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper enlarges upon some recent work regarding the appropriate discount rate for public projects and, in particular, shows more fully why risk should enter into the calculation. Indeed, we argue that efficient allocation of risk bearing is usually more difficult for government projects than it is for private ones. Therefore, if anything, the allowance for risk should be greater for government projects than it is for other-wise comparable private ones (assuming no distortions from competitive equilibrium). We then outline the implications of recent mean-variance asset pricing models for the project evaluation framework, providing an integration of the treat-ment of risk with Harberger's (1968) solution to the distortion problem. In the context of this theory we also offer specific arguments on the risks of different types mid classes of govern-ment projects.
Download or read book Dealing with Public Risk in Private Infrastructure written by Timothy Irwin and published by World Bank Publications. This book was released on 1997 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many infrastructure privatizations still leave governmentsand thus taxpayersexposed to significant financial risks. This book examines these risks and considers how governments should respond to investors' requests for guarantees and other forms of government support. The report examines how governments can decide which risks to bear and which to avoid, how they can reduce the risks that private investors face without giving guarantees, and how they can measure, budget, and account for the risks they do take on.
Download or read book Government Relief for Risk Associated with Government Action written by Louis Kaplow and published by . This book was released on 2010 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: A significant source of risk arises from uncertainty concerning future government policy. Government action - - tax reform, deregulation, judicial decisions, budgetary shifts - - produces gains and losses for those who invested under preexisting rules. The effects of government relief - - compensation, grandfathering, phase-ins - - on ex ante incentives and risk bearing are examined in a model in which private insurance is taken into account. It is demonstrated that government relief is inefficient, even when private insurance is subject to moral hazard, because relief shields individuals from some of the effects of their actions.
Download or read book The Rate and Direction of Inventive Activity written by National Bureau of Economic Research and published by Princeton University Press. This book was released on 2015-12-08 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers here range from description and analysis of how our political economy allocates its inventive effort, to studies of the decision making process in specific industrial laboratories. Originally published in 1962. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book Government at Risk written by Hana Polackova Brixi and published by World Bank Publications. This book was released on 2002 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many governments have faced serious instability as a result of their contingent liabilities. But conventional public finance analysis and institutions fail to address such fiscal risks. This book aims to provide motivation and practical guidance to governments seeking to improve theirmanagement of fiscal risks. The book addresses some of the difficult analytical and institutional challenges that face reformers tooling up to manage government fiscal risks. It discusses the inadequacies of conventional practices as well as recent advances in dealing with fiscal risk.
Download or read book Health Care Administration written by Lawrence F. Wolper and published by Jones & Bartlett Learning. This book was released on 2004 with total page 994 pages. Available in PDF, EPUB and Kindle. Book excerpt: Health Care Administration continues to be the definitive guide to contemporary health administration and is a must-have reference for students and professionals. This classic text provides comprehensive coverage of detailed functional, technical, and organizational matters.
Download or read book Government Guarantees written by Timothy Irwin and published by World Bank Publications. This book was released on 2007 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book considers when governments should give guarantees to private investors. After describing the history of guarantees, and the challenges the politics and psychology create for good decisions, the book sets out a principles for allocating risk (and therefore guarantees), techniques for valuing guarantees, and rules to encourage good decisions.
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Sector Leadership in Assessing and Addressing Risk written by Peter C. Young and published by Emerald Group Publishing. This book was released on 2022-04-04 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public Sector Leadership in Assessing and Addressing Risk explores risk management in practice, focusing on the identification of risks in the European public sector while contextualising its Eurocentric analysis within a global setting; it lays the groundwork for understanding the main philosophical premises of risk management.
Download or read book Proceedings of the 2023 8th International Conference on Engineering Management ICEM 2023 written by Bijay Kumar Kandel and published by Springer Nature. This book was released on 2024-01-10 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book.ICEM started in 2016, ICEM 2016-2022 is to bring together innovative academics and industrial experts in the field of Engineering Management to a common forum. And we achieved the primary goal which is to promote research and developmental activities in Engineering Management, and another goal is to promote scientific information interchange between researchers, developers, engineers, students, and practitioners working all around the world. 2023 8th International Conference on Engineering Management (ICEM 2023) will be held on September 8-10, 2023 in Wuhan, China. Except that, ICEM 2023 is to bring together innovative academics and industrial experts in the field of Engineering Management to a common forum. We will discuss and study about Project & Engineering Management , Visual analysis of big data, Supply Chain Management and Modeling, Disaster Modeling and Simulation and other fields. ICEM 2023 also aims to provide a platform for experts, scholars, engineers, technicians and technical R & D personnel to share scientific research achievements and cutting-edge technologies, understand academic development trends, expand research ideas, strengthen academic research and discussion, and promote the industrialization cooperation of academic achievements. The conference sincerely invites experts, scholars, business people and other relevant personnel from universities, scientific research institutions at home and abroad to attend and exchange! The conference will be held every year to make it an ideal platform for people to share views and experiences in Engineering Management and related areas. Engineering management refers to the decision-making, planning, organization, command, coordination, and control of engineering to achieve expected goals and effectively utilize resources. The Engineering Management major cultivates students with theoretical foundations in construction engineering technology, economics, management, law, ecology, humanities, and other fields required by the new engineering discipline. They receive basic training as engineers and consultants, and possess independent thinking ability, engineering practice ability, organizational management ability, and international perspective as composite senior engineering management talents. We sincerely welcome our colleagues worldwide to join us for this conference. We look forward to seeing you in Wuhan, China for this exciting event!
Download or read book Government and Markets written by Edward J. Balleisen and published by Cambridge University Press. This book was released on 2010 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.
Download or read book When All Else Fails written by David A. Moss and published by Harvard University Press. This book was released on 2004-10-25 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most important functions of government—risk management—is one of the least well understood. Moving beyond familiar public functions—spending, taxation, and regulation—Moss spotlights government's pivotal role as a risk manager, revealing the nature and extent of this function, which touches almost every aspect of economic life.
