| 单词 | interest-rate risk |
| 释义 | interest-rate risk = interest-rate exposure The risk arising from changes in interest rates. In recent decades the different forms of interest-rate risk have been the subject of much analysis, monitoring, and scrutiny. In the 1980s, for example, the Savings and Loan Associations in the USA faced a major crisis as a result of continuing to offer fixed-rate loans despite a steadily climbing interest rate; this meant that their interest revenues remained at a constant level while their interest costs rose. The main forms of interest-rate risk are: the risk that interest-rate changes will impact on the value of fixed-interest assets and liabilities; the risk of mismatches in terms of the repricing of interest on assets and liabilities (as illustrated by the S & L example); prepayment risk, in which assets may be redeemed by the holder of a loan exercising a call provision (as in the case of fixed-rate mortgages redeemed early in a situation of falling interest rates); the risk that reinvestment may take place at lower rates; and the risk that, as rates rise, repayments will take longer than expected. See: |
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