On the Management of Financial Guarantees
构建了一个分析框架，研究私营和公共部门如何高效管理金融担保（如信用保险和合同违约保险），对全球经济的各类参与者都有参考价值。
Financial guarantees, such as insurance against credit risk and contract default, serve an important function for virtually every player in the global economy - households, businesses, and governments. Without such guarantees, both implicit and explicit, many economic activities would be less efficiently performed. This paper develops a framework for analyzing the efficient management of such guarantees in both the private and public sectors.