The Palgrave Handbook of Unconventional Risk Transfer
This handbook examines the latest techniques and strategies that are used to unlock the risk transfer capacity of global financial and capital markets. Taking the financial crisis and global recession into account, it frames and contextualises
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The Palgrave Handbook of Unconventional Risk Transfer
Maurizio Pompella • Nicos A Scordis Editors
The Palgrave Handbook of Unconventional Risk Transfer
Editors Maurizio Pompella School of Economics and Management University of Siena Siena, Italy
Nicos A Scordis Tobin College of Business St. John’s University New York, New York, USA
ISBN 978-3-319-59296-1 ISBN 978-3-319-59297-8 (eBook) DOI 10.1007/978-3-319-59297-8 Library of Congress Control Number: 2017947702 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover credit: travellinglight / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To Giuseppe
Foreword
There will always be risk. It is one of the global economy’s certainties, alongside such self-evident ones as death and taxes. For this reason alone, a volume covering any aspect of risk transfer is welcome, but a book that addresses unconventional risk transfer is rarer in the field of economic literature and hence still more welcome. There is much fascinating detail in this book. Perhaps a few words of context, within the confines of a foreword, may help set the scene for the reader. Risk has always been with us it is true, but equally true is the fact that there are those who wish more, rather than less, of it. This makes the market. Consider that every time someone deals in an instrument as ubiquitous as the humble Eurodollar contract, that transaction represents the coming together of two parties with diametrically opposing views. One person’s risk exposure is another’s risk opportunity. Of course the conventional or “vanilla” methods of risk transfer are more t
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