Name: Finance and Economics Discussion Series: Credit Derivatives and Risk Management (en Inglés)
SKU: 59865784
Price: 68165.00 COP
Availability: InStock
Author: Gibson, Michael S. ; United States Federal Reserve Board
ISBN: 9781288708598

portada Finance and Economics Discussion Series: Credit Derivatives and Risk Management (en Inglés)

Finance and Economics Discussion Series: Credit Derivatives and Risk Management (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Michael S. Gibson

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6x18.9x0.1 cm

Peso

0.07 kg.

ISBN13

9781288708598

Categorías

Política y gobierno

Finance and Economics Discussion Series: Credit Derivatives and Risk Management (en Inglés)

United States Federal Reserve Board (Autor) · Michael S. Gibson (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "Finance and Economics Discussion Series: Credit Derivatives and Risk Management (en Inglés)"

The striking growth of credit derivatives suggests that market participants find them to be useful tools for risk management. I illustrate the value of credit derivatives with three examples. A commercial bank can use credit derivatives to manage the risk of its loan portfolio. An investment bank can use credit derivatives to manage the risks it incurs when underwriting securities. An investor, such as an insurance company, asset manager, or hedge fund, can use credit derivatives to align its credit risk exposure with its desired credit risk profile. However, credit derivatives pose risk management challenges of their own. I discuss five of these challenges. Credit derivatives can transform credit risk in intricate ways that may not be easy to understand. They can create counterparty credit risk that itself must be managed. Complex credit derivatives rely on complex models, leading to model risk. Credit rating agencies interpret this complexity for investors, but their ratings can be misunderstood, creating rating agency risk. The settlement of a credit derivative contract following a default can have its own complications, creating settlement risk. For the credit derivatives market to continue its rapid growth, market participants must meet these risk management challenges.