摘要
信用衍生产品被称为 90年代最重要的金融创新工具在最近几年飞速发展 ,它在保留资产的情况下 ,将信用风险从市场风险中分离出来 ,使得最后一种重要的不可交易的风险———信用风险变得可以交易和管理 ,从根本上改变了信用风险管理的传统特征。本文介绍了信用衍生品的结构 ,分析了信用衍生品的价值 ,并就信用衍生品的市场功效进行论述 ,最后提出我国发展信用衍生品的建议。
The credit derivative, which is called the most important financial creation tool in the 1990s, has rapidly developed in recent years. With the assets retained, it separates the credit risk from the market risk, making the credit risk-the last important untradable risk-tradable and governable, and altering thoroughly the quality of conventional credit risk management. This paper gives an introduction to the structure of credit breach exchange, makes a discussion and analysis on the value of credit derivatives and its market efficiency, and finally puts forward some suggestions about developing our credit derivatives.
出处
《当代经济科学》
CSSCI
北大核心
2002年第3期71-74,共4页
Modern Economic Science
基金
国家社会科学基金项目资助 (0 1BJL0 12 )