First published in 1989,
The Economics of the Swap Market
looks at how the swap has become a commonplace tool for corporations throughout the OECD world to ‘lock-in’ interest rates on their borrowing. The aim of
, is to contribute to a redressing of the balance. Subjects covered include both those conventionally falling within the scope of micro-economics and of macroeconomics, beginning with an examination of the forces behind the take-off the swap market and a formal setting out of key arbitrage relationships which hold in equilibrium between the swap markets on international capital flow.