信用衍生产品与金融安全和金融效率

Tradeoff between Financial Safety and Efficiency of Credit Derivative

信用衍生产品是重要的信用风险转移工具。本文通过分析信用衍生产品对金融安全和金融效率的影响,研究信用衍生产品发展规律,认为信用衍生产品转移的信用风险在市场容纳能力限度内,市场能够分散吸收,提高金融效率;反之,超出市场限度,就会放大风险,引发金融危机。

Credit derivatives is an important instrument transferring credit risks.The thesis finds the law of development of credit derivative through the analysis of the effects of credit derivative on financial security and efficiency. Under this law, the credit derivative can diversify and hedge risks and improve efficiency if transferred risks is below a certain level. However, risks can also be amplified and crisis triggered if the risks transcend market tolerance.