Credit default swaps and their market function

Kent Cherny and Ben Craig

Economic Commentary, 2009, issue Jul

Abstract: Credit derivative instruments allow default risk to be segregated from debt of all kinds. They have granted investors the ability to hedge their portfolios and provided numerous institutions with a new source of income. However, the market for credit default swaps is neither transparent nor regulated, perhaps undermining the stability of the financial system it has helped innovate.

Keywords: Swaps (Finance); Credit derivatives (search for similar items in EconPapers)
Date: 2009
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