摘要
信用衍生品是国际资本市场上最具创新性的金融工具之一。发展信用衍生品市场不仅可以转移金融机构的信用风险,同时也可以缓解"金融脱媒"问题,防止资本市场快速膨胀、扭曲银行和金融体系。然而,信用衍生品也有其另一面。美国金融危机显示信用衍生品与金融结构具有复杂的联系机制,可能冲击宏观稳定。本文提出,我国应深入剖析美国的信用衍生品市场与金融结构关系,跟踪国际市场的改革和发展方向,探索符合国情的信用衍生品市场发展道路。
As one of the most innovative financial instruments,credit derivatives markets can not only transfer credit risk of financial institution efficiently, but also retard the rapid development of financial disintermediation which may cause many severe problems for emerging markets. However, American Financial Crisis show that there may exist a complex relationship between credit derivatives and financial structure, and this may strike macro-market stability. After systematic research, this paper suggest that China should study closely the international development experiences, and explore the road of China＇ credit derivatives market.
出处
《南方金融》
北大核心
2010年第10期55-59,共5页
South China Finance
关键词
信用衍生品
金融结构
金融稳定
Credit Derivatives
Financial Structure
Financial Stability
