The Nature of Interest Swaps and the Pricing of Their Risks
定义了利率互换，解释其运作机制、快速增长的原因及局限性，并建立了市场风险定价模型，最后提出对银行管理层和监管者的政策建议。
This study defines interest swaps, shows how they work, explains the reasons for their explosive growth, looks at their limitations, and develops a model for pricing the market risk in a swap. The study concludes with a summary of the major findings and contributions and with policy recommendations to bank management and bank regulators.