Treating Uncertainty as Risk: The Credit Default Swap and the Paradox of Derivatives

The credit default swap (CDS) is implicated in the global financial crises because a vast market for securities collateralized by subprime mortgages and consumer debt could not have materialized if hedge funds and other holders of these instruments lacked a means of hedging default "risk."...

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Veröffentlicht in:	Journal of economic issues 2012-06, Vol.46 (2), p.303-312
Hauptverfasser:	Brown, Christopher, Hao, Cheng
Format:	Artikel
Sprache:	eng
Schlagworte:	Bankruptcy Collateralized debt obligations Consumer credit Credit Credit default swaps Credit insurance Credit market Credit risk Debt Debt service Default Default insurance Derivatives Derivatives (Financial instruments) Economic crisis Economic forecasts Economic policy Economic theory Economic uncertainty Efficient markets Financial crisis Financial leverage Forecasts and trends Hedge funds Hedging Insurance regulation International finance Investment advisors Keynesian theory Liens Market trend/market analysis Markets Money Mortgage loans Mortgages Personal debt Probability Risk risk and uncertainty Securities Student loans Studies Time series Uncertainty Uniform Commercial Code-US
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