美欧金融危机中CDS泡沫形成的原因与影响以及相关风险管理问题的思考

CDS bubbles formation and implications amid the American and European financial crisis----studies on the related risk management issue

2007年以来的国际金融危机中,大规模的CDS合约交易起到了推波助澜的作用,放大了实际风险。然而,也不能完全否定CDS产品在促进金融衍生品市场繁荣,尤其是有效对冲风险中的重要作用。目前,国内已出现了引人CDS的相关研究。本文以欧美危机为鉴,就完善CDS市场监管,以及国内引入CDS类似的产品后如何把握好金融监管与市场繁荣之间的平衡进行了相关思考,以期及早进行相应的制度设计,实现市场的良性发展。

The large-scale CDS trades have worsened the international financial crisis since 2007 and magnified the actual risks. However, we cannot deny the CDS＇s crucial role in promoting the development of the financial derivatives market, especially in effective risk hedging. Currently, China has begun the study of introducing CDS. This paper takes the US and European crisis as a lesson to discuss the completion of CDS market supervision, and how to balance financial supervision and market development after CDS-type products are introduced in China, in order to design a related system in advance, and to realize sustainable market development.