Credit risk transfer activities and systemic risk: How banks became less risky individually but posed greater risks to the financial system at the same time

A main cause of the crisis of 2007–2009 is the various ways through which banks have transferred credit risk in the financial system. We study the systematic risk of banks before the crisis, using two samples of banks respectively trading Credit Default Swaps (CDS) and issuing Collateralized Loan Ob...

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