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Risk Management

By Dimitris N. Chorafas (auth.)

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18 At corporate and sovereign levels, debt has increasingly become a recycling business. Credit markets have the power of limiting debt-fueled expansion by increasing the costs of debt when the risks of added debt outweigh the rewards. However, this power is not always exercised, particularly in years of plenty. Therefore, it does not discourage the theorists from looking at the borrowing of funds (from the perspective of the debt issuer) as a purchase option in an enterprise with the capital as the premium, and the value of the business as the strike price.

At risk is the central banks’ credibility and their (hard won) independence. Solutions don’t come easily, because of contradictions and conflicts of interest to be found in the triple goals of: • Assuring financial stability, which provides the system with the ability to fulfill its key economic functions smoothly. • Avoiding systemic risk on a control-as-you-go basis rather than flooding the market with capital and liquidity. 5 22 The Perpetual Motion of Global Finance Without question, the central bank should be the guardian of monetary and price stability.

They sustain their perpetual motion by being inventive and marketingoriented, creating business opportunities on a local, national and global scale, taking risks and facing headwinds that have the potential to destabilize the whole financial system. While international trade and global banking correlate, the former having preceded the latter and depending on it for financial intermediation, payments and settlements, the two are by no means identical (see Chapter 3). The most vivid pattern of global finance resembles that of an individual in a play by Euripides, the ancient Greek dramatist.

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