信用风险缓释工具的经济意义及其发展建议

信用风险缓释工具(CRM)是中国金融体系通过金融创新、以市场手段管理信用风险的重要里程碑。与欧美国家的同类产品CDS相比,CRM有其独特性。本文首先介绍CRM及其交易,然后从金融创新、银行稳健性、债券市场发展、信用共担体系完善等方面阐述了CRM在推动中国金融市场深化方面的积极作用。最后,本文针对CRM市场发展中暴露出来的市场主体同质化、产品设计单一、定价机制不健全、监管问题提出了改进意见。

The Economic Significance and Development Policy Advice of Credit Risk Mitigation

Credit risk mitigation(CRM) is an important milestone of credit risk management through financial innovation and market-based method in China's financial system.Compared with CDS in America and Europe,CRM has its unique characteristics.This paper introduces CRM and discusses the positive effect of CRM on deepening China's financial system from the perspective of financial innovation,banks' soundness and stability,strength of bond market and credit risk system.Finally,this paper also gives the development pr...