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Öğe Credit Derivatives, Their Risks and Role in Global Financial Crisis(Springer International Publishing Ag, 2017) Dural, Fatma SezerDerivatives are financial instruments that derive its value from underlying asset such as bond, loan or credit. Credit derivatives are a subgroup of derivatives and mainly consist of credit default swaps, credit linked note, credit swap options and collateralized debt obligations. Credit derivatives market has experienced an exponential growth in recent years. From almost nothing in 1990s, approached to $ 60 trillion in 2008. Growth was particularly strong in credit default swaps. Force behind this fast growth is rising demand for hedging and transferring the credit risk. After the credit crisis, misuse of credit derivatives and insufficient regulations are come into light and mostly argued. Many claimed to ban these instruments whereas many other tried to find alternative solutions. The purpose of this paper is to explain the issue of credit derivatives, their mechanism and their role in financial system and global credit crisis.Öğe The Rise of Credit Default Swaps and Its Implications on Financial Stability(Igi Global, 2015) Dural, Fatma SezerThe credit default swap market has experienced an exponential growth in recent decades. Though the first credit default swap contract was negotiated in the mid-1990s, the market has enjoyed a surge of popularity beginning in 2003. By the end of June 2013, the outstanding amount reached 24.3 trillion dollars. It is mostly used to transfer or to hedge credit risk. Concurrently with the global credit crisis, several shortcomings in CDS markets have appeared. One of the obvious questions is whether they affect the stability of financial markets. In this context after broader exhibition of credit default swaps market, speculative use of CDS, inception of central counterparty, and transparency of CDS market is handled. As a conclusion, it is true that the CDS market still has some weaknesses, but it is no more prone to be destabilizing than other financial instruments. This is shown in this chapter.