Analysing hedge fund credit risk

This New York Fed Staff Report argues that the characteristics of hedge funds makes the use of counterparty credit risk management (CCRM) methodologies more difficult as they exacerbate market failures linked to agency problems, externalities, and moral hazard.

"Hedge funds are significant players in the US capital markets," the authors argue, "but differ from other market participants in important ways such as their use of a wide range of complex trading strategies and instruments, leverage

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