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Credit default swaps : past, present, and future
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Augustin, Patrick, Subrahmanyam, Marti G., Tang, Dragon Y. and Wang, Sarah Qian (2016) Credit default swaps : past, present, and future. Annual Review of Financial Economics, 8 . pp. 175-196. doi:10.1146/annurev-financial-121415-032806
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Official URL: https://doi.org/10.1146/annurev-financial-121415-0...
Abstract
Credit default swaps (CDS) have grown to be a multi-trillion-dollar, globally important market. The academic literature on CDS has developed in parallel with the market practices, public debates, and regulatory initiatives in this market. We selectively review the extant literature, identify remaining gaps, and suggest directions for future research. We present a narrative including the following four aspects. First, we discuss the benefits and costs of CDS, emphasizing the need for more research in order to better understand the welfare implications. Second, we provide an overview of the post-crisis market structure and the new regulatory framework for CDS. Third, we place CDS in the intersection of law and finance, focusing on agency conflicts and financial intermediation. Last, we examine the role of CDS in international finance, especially during and after the recent sovereign credit crises.
Item Type: | Journal Article | ||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Annual Review of Financial Economics | ||||||
Publisher: | Annual Reviews | ||||||
Official Date: | 6 October 2016 | ||||||
Dates: |
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Volume: | 8 | ||||||
Page Range: | pp. 175-196 | ||||||
DOI: | 10.1146/annurev-financial-121415-032806 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
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