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| Author: | Bickler, J. Chen, A. H. |
| Title: | An economic analysis of interest rate swaps. |
| Journal: | Journal of Finance
1986 : JUL, VOL. 41:3, p. 645-655 |
| Index terms: | INTEREST RATES |
| Language: | eng |
| Abstract: | Interest rate swaps, a financial innovation in recent years, are based upon the principle of comparative advantage. Using swaps, financial managers can readily transform the economic characteristics of their liabilities. Interest rate swaps are more effective than financial futures and financial options in hedging against the interest rate risk for horizons beyond two or three years. It is aimed at providing a simple economic analysis of interest rate swaps. Alternative uses of and the appropriate valuation procedure for interest rate swaps are described. |
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