The arbitrage-free valuation and hedging of demand deposits and credit card loans
利用市场分割观点和利率衍生品无套利方法，对不完全竞争市场中的活期存款负债和信用卡贷款余额进行估值，证明其等价于一种本金依赖历史市场利率的利率互换，且解不依赖于利率期限结构的特定模型。
Using a market segmentation argument, this paper uses the interest rate derivative's arbitrage-free methodology to value both demand deposit liabilities and credit card loan balances in markets where deposits/loan rates may be determined under imperfect competition. In this context, these financial instruments are shown to be equivalent to a particular interest rate swap, where the principal depends on the past history of market rates. Solutions are obtained which are independent of any particular model for the evolution of the term structure of interest rates.