descriptionPublicationkeyboard_double_arrow_right Article 01 Jul 1986 English Publisher:WileyJournal:The Journal of Finance, volume 41, pages 645-655 (issn: 0022-1082, eissn: 1540-6261,

Authors: Bicksler, James; Chen, Andrew H;

doi: 10.1111/j.1540-6261.1986.tb04527.x , 10.2307/2328495

An Economic Analysis of Interest Rate Swaps

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Abstract

ABSTRACTInterest rate swaps, a financial innovation in recent years, are based upon the principle of comparative advantage. An interest rate swap is a useful tool for active liability management and for hedging against interest rate risk. The purpose of this paper is to provide 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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