Discounting [43]

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Bullet points include: Liquidity risk now better appreciated in the light of the 2007-09 credit crisis Very important for banks and other firms carrying out ‘maturity transformation’ But also very important for other types of entity more traditionally advised by actuaries, and hence potentially for actuaries, as these entities may Hold assets that express liquidity risks Have illiquid liabilities that they need to value or reserve against Offer products that effectively involve liquidity provision to others

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