재무연구 제 권 호 (2011년 5월)
Asian Review of Financial Research, Vol., No..
pp.341~362
pp.341~362
Determinants of Credit Default Swap Spreads : The Case of Korean Firms
Yoon S. Park Professor of International Finance, Department of International Business, George Washington University
Hanjoon Kim Assistant Professor of Finance, Department of Business Administration, Hoseo University, College of Social Science
Several macroeconomic missteps have been blamed for causing the recent global financial crisis, two of which have received particular attention: the global imbalance and the misguided monetary policy. It is argued here, however, that the primary cause of the financial crisis was the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades. Among the financial innovations, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the crisis and they were the most directly responsible for causing the recent financial crisis.
Yoon S. Park
Hanjoon Kim
Several macroeconomic missteps have been blamed for causing the recent global financial crisis, two of which have received particular attention: the global imbalance and the misguided monetary policy. It is argued here, however, that the primary cause of the financial crisis was the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades. Among the financial innovations, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the crisis and they were the most directly responsible for causing the recent financial crisis.
CDS Spreads,CDO,AIG,Emerging Capital Market,Korean Case
