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Deborah Lucas

Deborah Lucas

Sloan Distinguished Professor of Finance

Contact: (617) 715-4816, dlucas@mit.edu

Expertise: Fannie Mae and Freddie Mac; federal budget; federal credit programs; government financial institutions; pensions; Social Security; student loans; valuation

Bridging the knowledge gap on governments as financial institutions – Deborah Lucas

Ask most finance experts about the “world’s largest financial institutions,” and you’ll hear names like Citigroup, ICBC (China’s largest bank) and HSBC. However, governments top the list of large financial institutions, with investment and insurance operations that dwarf those of any private enterprise. For instance, last year the U.S. federal government made almost all student loans and backed over 97% of newly originated mortgages. Add to that Uncle Sam’s lending activities for agriculture, small business, energy and trade, plus its provision of insurance for private pensions and deposits, and you’ll discover it’s an $18-trillion financial institution. By comparison, JP Morgan Chase, the largest U.S. bank, had assets totaling about $2.4 trillion. While government practices differ across countries, the basic story is much the same everywhere. As the world’s largest and most interconnected financial institutions — and through their activities as rule-makers and regulators — governments have an enormous influence on … Read More »The post Bridging the knowledge gap on governments as financial institutions – Deborah Lucas appeared first on MIT Sloan Experts.

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