Goswami, Gautam; Shrikhande, Milind - Federal Reserve Bank of Atlanta - 1997
notional principal of interest rate swaps has reached a level of $12.81 trillion in 1995. Recent surveys indicate that interest … rate swaps are the most commonly used interest rate derivative by nonfinancial firms and that nonfinancial firms are major … users of interest rate swaps. In this paper, we provide an economic rationale for the use of interest rate swaps by such …