Credit Default Swaps and the Credit Crisis

By René M. Stulz. 2009

524 citations recorded by the source corpus.

Subfields: Finance

View Paper: https://www.semanticscholar.org/paper/dd48626ff69a3003aa3d2ed487dfd3ec30969656

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Finance

1. Sarah Qian Wang
2. Patrick Augustin
3. Heather Tookes
4. Marti G. Subrahmanyam
5. D. Tang
6. Alessio Saretto

Citations in the corpus

• Exploring the sources of default clustering (2018, unknown): “For instance, a default by the protection seller in a credit swap could expose the buyer of protection and increase the default risk borne by the protection buyer’s other counterparties, see Stulz (2010).”
• Did CDS Trading Improve the Market for Corporate Bonds (2014, unknown): “Trading in CDS has been blamed for the speculative frenzy leading to the beginning of the financial crisis in 2008 though Stulz (2010) concludes that credit default swaps were not responsible for causing or worsening the crisis.”
• Credit Default Swaps and the Empty Creditor Problem (2011, unknown): “However, the current debate about moving CDS to organized exchanges (e.g., Duffie and Zhu 2009 ; Stulz 2010) has gone hand in hand with a debate on transparency and potential disclosure requirements for CDS positions.”
• Corporate Leverage, Debt Maturity and Credit Supply: The Role of Credit Default Swaps (2013, background): “Minton, Stulz & Williamson (2009) report that banks that use interest rate, foreign exchange, equity and commodity derivatives are more likely to be net buyers of CDSs.”
• Has the CDS Market Influenced the Borrowing Cost of European Countries During the Sovereign Crisis (2012, unknown): “If this were the case, then it would be the case that derivatives spurred nancial instability rather than reducing risk (Stulz, 2010).”
• Does a Central Clearing Counterparty Reduce Counterparty Risk (2011, unknown): “3 SeeBlissand Steigerwald(2006),Pirrong(2009), andStulz(2010) for discussions of CCPs in the context of an over-the-counter derivatives market.”
• Credit Default Swaps: A Survey (2014, result): “Subrahmanyam et al. [2014b] support the latter hypothesis by finding that firms hold more cash after CDS trading.”