利用信用衍生工具管理银行信用风险

由于缺乏技术上的支持,银行业对信用风险的管理一直停留在较为原始的水平,远远落后于其对市场风险的管理。直到20世纪90年代初期,信用衍生工具的出现导致了信用风险管理上的一场革命,从根本上改变了传统信用风险管理的特征。本文介绍了信用衍生工具作为一种金融创新对信用风险管理的冲击,总结了当前国际信用衍生工具市场的主要特征,分析了利用信用衍生工具规避信用风险的内在机制。

Manage credit risk of bank by credit derivatives

At the absence of technical support,the level of credit risk management of bank was so low that it couldn't campare to marketrisk management until the early 1990's when the appearance of credit derivatives leaded to a revolution of credit risk management.Thepaper introduced the impact of credit derivatives to credit risk management, summarized the characteristics of the international marketof credit derivatives, analyzed the internal mechanisms by which credit derivatives were used to evade credit risk.