文章基本信息

标题：The Role of Credit Default Swaps on Financial Market Stability
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作者：Nuray Terzi ; Nuray Terzi ; Korkmaz Uluçay 等
期刊名称：Procedia - Social and Behavioral Sciences
印刷版ISSN：1877-0428
出版年度：2011
卷号：24
页码：983-990
DOI：10.1016/j.sbspro.2011.09.066
语种：English
出版社：Elsevier
摘要：AbstractThe role of credit default swaps (CDS) in the financial crisis has been debated among regulators, market participants and academics since early 2008. CDSs are derivative instruments which enable market participants to transfer or redistribute credit risk. However, the size of the CDS market, combined with its structural opacity, concentration and interconnectedness, may be a sign that the CDS market also poses a systemic risk to financial market stability. The purpose of the article is to investigate the role of credit default swaps on financial market stability. The impact of credit default swap markets on financial market stability crucially depends on market mechanisms, and capital- liquidity requirements in financial markets.
关键词：Credit default swaps;financial market stability;systemic risk;counterparty risk