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信用违约互换(CDS)作为次贷危机中扮演着重要角色的金融衍生品,有着转移信用风险的优良性能,或者说使得信用风险得以交易。然而当金融市场过度发达时,信用违约互换(CDS)日益成为一种投机、套利的工具,加上信息不对称等一系列原因导致信用违约互换定价机制的失灵,信用违约互换市场发展得极其庞大的情况下,信用违约互换市场极易触发风险,而信用违约互换市场作为金融市场中重要的组成部分,一旦发生风险将产生多米诺骨牌效应,将灾难传递至金融市场的每个角落。本文通过分析信用违约互换的基本功能和信用违约市场的运作,揭示了信用违约互换市场上的均衡状态与失衡风险。
Credit default swaps (CDS) Financial derivatives, which play an important role in the subprime mortgage crisis, have the good performance of transferring credit risk or enabling credit risk to be traded. However, when the financial market is excessively developed, credit default swaps (CDS) are increasingly becoming a speculative and arbitrage tool, coupled with information asymmetry and a series of reasons leading to the failure of credit default swaps pricing mechanism and the development of credit default swap markets Extremely large circumstances, the credit default swap market can easily trigger the risk, and credit default swaps market as an important part of the financial markets, once the risk will have a domino effect, the disaster will be passed to each of the financial markets corner. By analyzing the basic functions of credit default swap and the operation of credit default market, this paper reveals the equilibrium status and imbalance risk of credit default swap market.