Several macroeconomic missteps have been blamed for causing the recent global financial crisis, two of which have received particular attention: the global imbalance and the misguided monetary policy. It is argued here, however, that the primary cause of the financial crisis was the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades. Among the financial innovations, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the crisis and they were the most directly responsible for causing the recent financial crisis.
Keywords: CDS Spreads, CDO, AIG, Emerging Capital Market, Korean Case
학회소식
학회소식
[2011년 제 2차] Determinants of Credit Default Swap Spreads : The C
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게시일 :
2011-06-03