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Government-sponsored enterprises : mercantilist companies in the modern world / Thomas H. Stanton.
Lippincott Library HG181 .S7928 2002
Available
- Format:
- Book
- Author/Creator:
- Stanton, Thomas H., 1944-
- Series:
- AEI studies on financial market deregulation
- Language:
- English
- Subjects (All):
- Government-sponsored enterprises--United States.
- Government-sponsored enterprises.
- Subsidies.
- United States.
- Public-private sector cooperation--United States.
- Public-private sector cooperation.
- Loans--United States--Government guaranty.
- Loans.
- Subsidies--United States.
- Physical Description:
- xvi, 139 pages : illustrations ; 24 cm.
- Place of Publication:
- Washington, D.C. : AEI Press, 2002.
- Contents:
- 1 Mercantilist Institutions in the Marketplace 1
- GSEs in the Marketplace 4
- Origins of the GSEs 9
- The GSE as a Mercantilist Institution 11
- 2 Instrumentalities of Government 13
- Unusual Legal Attributes of Federal Instrumentalities 13
- Public Purposes 20
- Legal Attributes 22
- Institutional Characteristics 24
- 3 Government Support of GSEs 33
- Implicit Federal Backing of GSE Obligations and MBSs 33
- Consequences for GSEs of the Implicit Government Guarantee 36
- Managing the Government's Implicit Guarantee 40
- The Institutional Structure for Overseeing Safety and Soundness 43
- Special Problems of Implicit Government Backing 46
- 4 The Public Purposes of GSEs 49
- 5 Origins of the Legal Framework of GSEs 63
- The Mercantilist Origins of Instrumentalities of Government 64
- Legal Antecedents for Today's GSEs 65
- Institutional Characteristics and Early U.S. Instrumentalities 68
- The Political Strength of Mercantilist Companies 70
- The Different Behavior of Instrumentalities 75
- 6 The Consequences of Organizational Form and Governance: A Case Study of the House GSEs 78
- The Fiduciary Responsibilities of GSE Officers and Directors 79
- The Tension between Public Purpose and Private Profits 81
- The Federal Home Loan Bank System 84
- Fannie Mae and Freddie Mac 87
- Governance Structure and the Importance of Institutional Design 90
- 7 Changing Markets and Exit Strategies 92
- The Difficulty of Designing an Effective Exit Strategy 94
- A Case Study: Removing Government Sponsorship from Sallie Mae 96
- Lessons in Designing Exit Strategy 101
- Alternatives to Full Privatization 105
- GSEs as Mercantilist Institutions in Modern Markets 106.
- Notes:
- Includes bibliographical references and index.
- ISBN:
- 0844741604
- 0844741612
- OCLC:
- 48014556
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