美国信用违约互换市场动荡的机理与启示  

U.S. Credit Default Swap Market Turbulence:Mechanisms and Implications

作　　者：陈斌[1] 

机构地区：[1]特华博士后科研工作站,北京100029

出　　处：《南方金融》2010年第1期56-59,共4页South China Finance

摘　　要：本文首先阐述信用违约互换运作机理、功能和风险,分析了美国信用违约互换市场动荡的原因;指出信用违约互换与次级抵押贷款证券化的广泛挂购、合成以及投机与监管空白是造成市场动荡的重要原因;最后,在展望未来信用违约互换市场发展动向的基础上提出了中国发展信用违约互换市场的若干建议。This paper firstly describes the mechanism, function and risk of credit default swap （CDS）, analyzes the reasons behind U.S. CDS market volatility, and points out that the wide linkage of CDS and subprime mortgage-backed securities, synthetic as well as speculation and non-existing regulation are important factors leading to market turbulence. Finally, this paper proposes some suggestions for China＇s development of CDS market based on looking ahead of its future trend.

关 键 词：次贷危机 信用违约互换 信用风险 

分 类 号：F837.12[经济管理—金融学]