后危机时代信用衍生市场的发展方向

信用衍生市场能够促进信用风险的定价、分散和转移,并有助于金融稳定。遗憾的是,此次金融危机的发生,导致各方对信用衍生品产生很多误解。本文试图对此作一澄清,通过分析后危机时代信用衍生市场的新特点和改革路径,找出其未来的发展方向,并对发展中国的信用衍生市场提出建议。

Future Direction of the Credit Derivatives Market in the Post-crisis Era

Credit derivatives market can promote the pricing of credit risk, diversify and transfer credit risk, and also make the financial system stable. However, many misunderstandings about the credit derivatives market were caused by the financial crisis. This paper tries to clarify these misunderstandings, analyze the new characteristics and reform routes of the credit derivatives market in the post-crisis era. It aims at point out the future direction of this market, with suggestions provided on how to develop ...