Credit Derivatives and Financial Fragility

Edward Chilcote

Economics Policy Note Archive from Levy Economics Institute

Abstract: On September 15, the Federal Reserve convened 14 large credit derivatives-dealer banks to an unusual meeting (Beales 2005b). The last such meeting occurred on September 16, 1998, in secret. At that time, a major financial institution was melting down and threatening to take some large banks with it. This time they met to discuss the same topic: the clearing of transactions in the credit derivatives market.

Date: 2006-01
New Economics Papers: this item is included in nep-fmk and nep-pke
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