金融危机前后国际信用衍生产品市场的发展及启示

信用衍生产品自问世以来在分散金融机构信用风险、完善信用风险定价机制、提高债券市场流动性等方面发挥了积极的作用。该文介绍了信用衍生产品的主要功能及其在本次金融危机前、中、后三个时期的发展特点,肯定了基础信用衍生产品对金融市场的重要作用,指出中国应推动金融创新,建立有中国特色的信用衍生产品市场。

A study on developments of international credit derivatives market before and after the financial crisis

Credit derivatives have been playing an important role in diversifying credit risk,improving credit risk pricing mechanism,enhancing bond market liquidity etc.This paper examines major functionalities of credit derivatives as well as the development of the instruments during the pre-crisis,crisis and post-crisis periods.The study shows that plain vanilla credit derivatives are important to the financial market and China should continue its financial product innovation so as to establish a credit derivatives market in accordance with the country＇s current conditions.