By Brian Snowdon
The Encyclopedia of Macroeconomics is an authoritative and beneficial reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological methods and the contributions of significant thinkers. complete in scope, it includes over three hundred brief entries and greater than a hundred in particular commissioned major entries from an the world over popular team of students.
The alphabetically ordered entries might be helpful either as a easy reference resource and a provocative stimulus for extra interpreting. The Encyclopedia will quickly be tested as a number one reference resource on macroeconomics that may either enlighten scholars and be hugely valued by means of students and academics of economics.
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Extra info for An Encyclopedia of Macroeconomics
4 Credit Derivatives A credit derivative is a financial instrument that transfers credit risk related to an underlying entity or a portfolio of underlying entities from one party to another without transferring the underlying(s). The underlyings may or may not be owned by either party in the transaction. There are several types of credit derivatives, the best known being Credit Default Swaps (CDS) and Collateralized Debt Obligations (CDO). A CDS is similar to an insurance contract. It is a credit derivative contract between two parties where the buyer (“Protection Buyer”) pays a periodic premium (over the maturity period of the CDS) to the seller (“Protection Seller”) in exchange for a commitment to a payoff if a third party defaults.
This can be obtained, for example, by stipulating all contracts in domestic currency. But this hardly solves the problem, because for the other party the contract will then be necessarily in foreign currency, and this party will have to hedge. Now, one way to cover against the exchange risk is through the forward exchange market. The agent who has to make a payment in foreign currency at a known future date can at once purchase the necessary amount of foreign currency forward: since the price (the forward exchange rate) is fixed now, the future behaviour of the spot exchange rate is irrelevant for the agent; the liability position (the obligation to make the future payment) in foreign currency has been exactly balanced by the asset position (the claim to the given amount of foreign exchange at the maturity of the forward contract).
From the point of view of the agent who has to make a future payment in foreign currency (for example, an importer who will have to pay in three months’ time for the goods imported now), the risk is that the exchange rate will have depreciated at the time of the payment, in which case he will have to pay out a greater amount of domestic currency to purchase the required amount of foreign currency. From the point of view of the agent who is to receive a future payment in foreign currency (for example, an exporter who will be paid in three months time for the goods exported now) the risk is that the exchange rate will have appreciated at the time of the payment, in which case he will get a smaller amount of domestic currency from the sale of the given amount of foreign currency.