An Economic Analysis of Interest Rate Swaps
基于比较优势原理，分析利率互换作为负债管理和利率风险对冲工具的经济逻辑，并介绍其不同用途和估值方法。
Interest rate swaps, a financial innovation in recent years, are based upon the principle of comparative advantage. An interest rate swap is a useful tool for active liability management and for hedging against interest rate risk. The purpose of this paper is to provide a simple economic analysis of interest rate swaps. Alternative uses of and the appropriate valuation procedure for interest rate swaps are described.