Extrait
Table of contents
1 Introduction
2 Principles of credit derivatives
2.1 What are credit derivatives and how are they traded?
2.2 How do credit derivatives differ from other OTC derivatives?
3 The credit derivatives market
3.1 The size of the credit derivatives market: a risk indicator?
3.2 Market participants in the CDS market
3.3 CDS reference entities
3.4 Why are credit derivatives used?
4 The benefits of credit derivatives
4.1 Credit risk transfer and the allocation of credit risk
4.2 CDS and credit market liquidity
4.3 The informational value of credit derivatives
5 The risks of credit derivatives
5.1 CDS and market transparency
5.1.1 Transparency gaps in the CDS market
5.1.2 The lack of transparency in Lehman Brothers’ CDS settlement
5.2 CDS and systemic risk
5.2.1 Linkages between CDS and systemic risk
5.2.2 Theoretical framework: measuring the systemic importance of an institution .
5.2.3 The systemic importance of AIG
5.2.4 The role of CDS in AIG’s liquidity crisis
6 Implications for other OTC derivatives
7 Conclusion
References
- Citation du texte
- Hendrik Grobath (Auteur), 2011, Should we fear derivatives?, Munich, GRIN Verlag, https://www.grin.com/document/178563
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