文章基本信息

标题：Credit Default Swaps (CDS) and their Role in the Credit Risk Market
本地全文：下载
作者：Eliana Angelini
期刊名称：International Journal of Academic Research in Business and Social Sciences
电子版ISSN：2222-6990
出版年度：2012
卷号：2
期号：1
页码：584-593
出版社：Human Resource Management Academic Research Society
摘要：The market for credit default swaps (CDS) has experienced explosive growth in the past. Credit default swaps have existed since the early 1990s and the market increased tremendously starting in 2003. By the end of 2007, the outstanding amount was $62.2 trillion, falling to $38.6 trillion by the end of 2008. The recent crisis has revealed several shortcomings in CDS market practices and structure. The purpose of this paper is to explore how the developments of the CDS market have played an important role in the credit risk markets. In particular, it is relevant to ascertain whether the CDS markets act as a leading price indicator, and hence, if CDS spreads provides a valuable market-based assessment of credit conditions.
关键词：credit derivatives; CDS; Credit risk; Credit spread; Counterpart risk; systemic risk. ;Field: Finance and economics