1932
0
  1. Home
  2. A-Z Publications
  3. Annual Review of Financial Economics
  4. Volume 8, 2016
  5. Article

Annual Review of Financial Economics

Volume 8, 2016

Credit Default Swaps: Past, Present, and Future

Abstract

Credit default swaps (CDS) have grown to be a multi-trillion-dollar, globally important market. The academic literature on CDS has developed in parallel with the market practices, public debates, and regulatory initiatives in this market. We selectively review the extant literature, identify remaining gaps, and suggest directions for future research. We present a narrative including the following four aspects. First, we discuss the benefits and costs of CDS, emphasizing the need for more research in order to better understand the welfare implications. Second, we provide an overview of the postcrisis market structure and the new regulatory framework for CDS. Third, we place CDS in the intersection of law and finance, focusing on agency conflicts and financial intermediation. Last, we examine the role of CDS in international finance, especially during and after the recent sovereign credit crises.

Keyword(s): agency conflicts, asset pricing, CDS, credit risk, derivatives, market structure, sovereign debt
Loading

Article metrics loading...

/content/journals/10.1146/annurev-financial-121415-032806
2016-10-23
2024-09-16
Loading full text...

Full text loading...

/deliver/fulltext/financial/8/1/annurev-financial-121415-032806.html?itemId=/content/journals/10.1146/annurev-financial-121415-032806&mimeType=html&fmt=ahah

Literature Cited

  1. Acharya VV, Drechsler I, Schnabl P. 2014. A Pyrrhic victory? Bank bailouts and sovereign credit risk. J. Finance 69:2689–739 [Google Scholar]
  2. Acharya VV, Johnson TC. 2007. Insider trading in credit derivatives. J. Financ. Econ. 84:110–41 [Google Scholar]
  3. Acharya VV, Shachar O, Subrahmanyam MG. 2011. Regulating OTC derivatives. Regulating Wall Street: the Dodd–Frank Act and the new architecture of global finance VV Acharya, T Cooley, M Richardson, I Walter 367–426 Hoboken, NJ: Wiley [Google Scholar]
  4. Ahmed N, Natarajan S. 2015. BlackRock's on a mission to save the credit-default swaps market. Bloomberg May 5. http://www.bloomberg.com/news/articles/2015-05-05/blackrock-s-on-a-mission-to-save-the-credit-default-swaps-market [Google Scholar]
  5. Aït-Sahalia Y, Laeven RJ, Pelizzon L. 2014. Mutual excitation in Eurozone sovereign CDS. J. Econom. 183:151–67 [Google Scholar]
  6. Allen F, Carletti E. 2006. Credit risk transfer and contagion. J. Monet. Econ. 53:89–111 [Google Scholar]
  7. Alter A, Beyer A. 2014. The dynamics of spillover effects during the European sovereign debt turmoil. J. Bank. Finance 42:134–53 [Google Scholar]
  8. Alter A, Schuler YS. 2012. Credit spread interdependencies of European states and banks during the financial crisis. J. Bank. Finance 36:3444–68 [Google Scholar]
  9. Altman E, Rijken HA. 2011. Toward a bottom-up approach to assessing sovereign default risk. J. Appl. Corp. Finance 23:20–31 [Google Scholar]
  10. Ammer J, Cai F. 2011. Sovereign CDS and bond pricing dynamics in emerging markets: Does the cheapest-to-deliver option matter?. J. Int. Financ. Markets Inst. Money 21:369–87 [Google Scholar]
  11. Ang A, Longstaff FA. 2013. Systemic sovereign credit risk: lessons from the U.S. and Europe. J. Monet. Econ. 60:493–510 [Google Scholar]
  12. Arentsen E, Mauer DC, Rosenlund B, Zhang H, Zhao F. 2015. Subprime mortgage defaults and credit default swaps. J. Finance 70:689–731 [Google Scholar]
  13. Arping S. 2014. Credit protection and lending relationships. J. Financ. Stab. 10:7–19 [Google Scholar]
  14. Ashcraft AB, Santos JA. 2009. Has the CDS market lowered the cost of corporate debt?. J. Monet. Econ. 56:514–23 [Google Scholar]
  15. Augustin P. 2013. The term structure of CDS spreads and sovereign credit risk. Work. Pap., Desautels Fac. Manag., McGill Univ [Google Scholar]
  16. Augustin P. 2014. Sovereign credit default swap premia. J. Invest. Manag. 12:65–102 [Google Scholar]
  17. Augustin P, Boustanifar H, Breckenfelder J, Schnitzler J. 2015a. Sovereign to corporate risk spillovers. Work. Pap. 1878, Eur. Cent. Bank, Frankf., Ger. [Google Scholar]
  18. Augustin P, Jiao F, Sarkissian S, Schill MJ. 2015b. Multi-market trading and cross-asset integration Work. Pap. 2660829, Darden Bus. Sch., Univ. Va. [Google Scholar]
  19. Augustin P, Subrahmanyam MG, Tang DY, Wang SQ. 2014. Credit default swaps: a survey. Found. Trends Finance 9:1–196 [Google Scholar]
  20. Augustin P, Tédongap R. 2016. Real economic shocks and sovereign credit risk. J. Financ. Quant. Anal. 51:541–87 [Google Scholar]
  21. Bai J, Wei SJ. 2012. When is there a strong transfer risk from the sovereigns to the corporates? Property rights gaps and CDS spreads. NBER Work. Pap. 18600, Cambridge, MA [Google Scholar]
  22. Bedendo M, Cathcart L, El-Jahel L. 2016. Distressed debt restructuring in the presence of credit default swaps. J. Money Credit Bank. 48:165–201 [Google Scholar]
  23. Beirne J, Fratzscher M. 2013. The pricing of sovereign risk and contagion during the European sovereign debt crisis. J. Int. Money Finance 34:60–82 [Google Scholar]
  24. Benzoni L, Collin-Dufresne P, Goldstein RS, Helwege J. 2015. Modeling credit contagion via the updating of fragile beliefs. Rev. Financ. Stud. 28:1960–2008 [Google Scholar]
  25. Berndt A, Jarrow RA, Kang CO. 2007. Restructuring risk in credit default swaps: an empirical analysis. Stoc. Process. Appl. 117:1724–49 [Google Scholar]
  26. Biais B, Heider F, Hoerova M. 2016. Risk-sharing or risk-taking? Counterparty risk, incentives and margins. J. Finance 711669–98 [Google Scholar]
  27. Boehmer E, Chava S, Tookes HE. 2015. Related securities and equity market quality: the case of CDS. J. Financ. Quant. Anal. 50:509–41 [Google Scholar]
  28. Bolton P, Oehmke M. 2011. Credit default swaps and the empty creditor problem. Rev. Financ. Stud. 24:2617–55 [Google Scholar]
  29. Bolton P, Oehmke M. 2015. Should derivatives be privileged in bankruptcy?. J. Finance 70:2353–94 [Google Scholar]
  30. Brunsden J. 2013. Banks’ use of CDS to lower capital targeted by Basel regulators. Bloomberg March 22. http://www.bloomberg.com/news/articles/2013-03-22/banks-use-of-cds-to-lower-capital-targeted-by-basel-regulators [Google Scholar]
  31. Brutti F, Sauré P. 2015. Transmission of sovereign risk in the Euro crisis. J. Int. Econ. 97:231–48 [Google Scholar]
  32. Bruyckere VD, Gerhardt M, Schepens G, Vennet RV. 2013. Bank/sovereign risk spillovers in the European debt crisis. J. Bank. Finance 37:4793–809 [Google Scholar]
  33. Buffett W. 2003. Berkshire Hathaway Inc. 2002 annual report. Berkshire Hathaway, Omaha, NE. http://www.berkshirehathaway.com/2002ar/2002ar.pdf [Google Scholar]
  34. Bulow J, Rogoff K. 1989. Sovereign debt: Is to forgive to forget?. Am. Econ. Rev. 79:43–50 [Google Scholar]
  35. Burne K. 2015a. Banks finalize $1.86 billion credit-swaps settlement. Wall Street Journal Oct. 1. http://www.wsj.com/articles/wall-street-banks-in-credit-swaps-settlement-1443708335 [Google Scholar]
  36. Burne K. 2015b. Big banks agree to settle swaps lawsuit. Wall Street Journal Sep. 12. http://www.wsj.com/articles/banks-wall-street-groups-agree-to-settle-credit-swaps-antitrust-case-1441988741 [Google Scholar]
  37. Burne K, Henning E. 2014. Deutsche Bank ends most CDS trade. Wall Street Journal Nov. 17. http://www.wsj.com/articles/deutsche-bank-ends-trade-in-most-corporate-credit-swaps-1416241426 [Google Scholar]
  38. Campello M, Ladika T, Matta R. 2015. Debt restructuring costs and corporate bankruptcy: evidence from CDS spreads. Work. Pap., Cornell Univ. [Google Scholar]
  39. Campello M, Matta R. 2013. Credit default swaps, firm financing and the economy. Work. Pap., Cornell Univ. [Google Scholar]
  40. Caporin M, Pelizzon L, Ravazzolo F, Rigobon R. 2013. Measuring sovereign contagion in Europe. NBER Work. Pap. 18741, Cambridge, MA [Google Scholar]
  41. Chakraborty I, Chava S, Ganduri R. 2015. Credit default swaps and moral hazard in bank lending Res. Pap. 2015-20, Scheller Coll. Bus., Ga. Inst. Technol. [Google Scholar]
  42. Che YK, Sethi R. 2014. Credit market speculation and the cost of capital. Am. Econ. J. Microecon. 1:1–34 [Google Scholar]
  43. Chernov M, Schmid L, Schneider A. 2015. A macrofinance view of US sovereign CDS premiums. Work. Pap., Anderson Sch. Manag., Univ. Calif. Los Angel. [Google Scholar]
  44. Colonnello S. 2013. Corporate governance and debt monitoring: the role of credit default swaps Work. Pap., Dep. Financ. Market, Halle Inst. Econ. Res., Halle, Ger. [Google Scholar]
  45. Danis A. 2013. Do empty creditors matter? Evidence from distressed exchange offers Work. Pap., Scheller Coll. Bus., Ga. Inst. Technol. [Google Scholar]
  46. Danis A, Gamba A. 2014. The real effects of credit default swaps Res. Pap. 2015-09, Scheller Coll. Bus., Ga. Inst. Technol. [Google Scholar]
  47. Darst M, Refayet E. 2015. The impact of CDS on firm financing and investment: borrowing costs, spillovers, and default risk. Work. Pap. [Google Scholar]
  48. Das S. 1995. Credit risk derivatives. J. Deriv. 2:7–23 [Google Scholar]
  49. Das S, Kalimipalli M, Nayak S. 2014. Did CDS trading improve the market for corporate bonds?. J. Financ. Econ. 111:495–525 [Google Scholar]
  50. Dieckmann S, Plank T. 2011. Default risk of advanced economies: an empirical analysis of credit default swaps during the financial crisis. Rev. Finance 16:903–34 [Google Scholar]
  51. Dockner EJ, Mayer M, Zechner J. 2013. Sovereign bond risk premiums Work. Pap., Vienna Univ. Econ. Bus. [Google Scholar]
  52. Drucker J, Van Voris B. 2015. Wall Street banks to settle CDS lawsuit for $1.87 billion. Bloomberg Sep. 11 [Google Scholar]
  53. Du L, Masli A, Meschke F. 2013. The effect of credit default swaps on the pricing of audit services. Work. Pap., Sch. Bus., Univ. Kans. [Google Scholar]
  54. Duffee GR, Zhou C. 2001. Credit derivatives in banking: useful tools for managing risk?. J. Monet. Econ. 48:25–54 [Google Scholar]
  55. Duffie D. 1999. Credit swap valuation. Financ. Anal. J. 55:73–87 [Google Scholar]
  56. Duffie D, Scheicher M, Vuillemey G. 2014. Central clearing and collateral demand. J. Financ. Econ. 116:237–56 [Google Scholar]
  57. Duffie D, Singleton KJ. 2003. Credit Risk: Pricing, Measurement and Management Princeton, NJ: Princeton Univ. Press [Google Scholar]
  58. Eaton J, Gersovitz M. 1981. Debt with potential repudiation: theoretical and empirical analysis. Rev. Econ. Stud. 48:289–309 [Google Scholar]
  59. Ejsing JW, Lemke W. 2011. The Janus-headed salvation: sovereign and bank credit risk premia during 2008–09. Econ. Lett. 110:28–31 [Google Scholar]
  60. FCIC (Financ. Crisis Inq. Comm.) 2011. Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States Washington, DC: FCIC [Google Scholar]
  61. Fostel A, Geanakoplos J. 2012. Tranching, CDS, and asset prices: how financial innovation can cause bubbles and crashes. Am. Econ. J. Macroecon. 4:190–225 [Google Scholar]
  62. Fostel A, Geanakoplos J. 2015. Financial innovation, collateral and investment. Discuss. Pap. 1903R, Cowles Found. Res. Econ, Yale Univ. [Google Scholar]
  63. Fung HG, Wen MM, Zhang G. 2012. How does the use of credit default swaps affect firm risk and value? Evidence from US life and property/casualty insurance companies. Financ. Manag. 41:979–1007 [Google Scholar]
  64. Goderis B, Wagner W. 2011. Credit derivatives and sovereign debt crises Work. Pap., Tilburg Univ. [Google Scholar]
  65. Greenspan A. 2004. Economic flexibility. Remarks at Her Majesty's Treasury Enterprise Conference, Jan. 26, London. http://www.federalreserve.gov/boarddocs/speeches/2004/20040126/default.htm [Google Scholar]
  66. Hakenes H, Schnabel I. 2010. Credit risk transfer and bank competition. J. Financ. Intermed. 19:308–32 [Google Scholar]
  67. Harrison N, Whittall C. 2011. RPT-“event” ends Seat Pagine CDS controversy?. Reuters Dec. 1. http://www.reuters.com/article/seat-pagine-cds-idUSL5E7N117X20111201 [Google Scholar]
  68. Hebert B, Schreger J. 2015. The costs of sovereign default: evidence from Argentina Work. Pap., Harvard Bus. Sch., Harvard Univ. [Google Scholar]
  69. Hensarling J. 2015. After five years, Dodd–Frank is a failure. Wall Street Journal July 19. http://www.wsj.com/articles/after-five-years-dodd-frank-is-a-failure-1437342607 [Google Scholar]
  70. Hilscher J, Pollet JM, Wilson M. 2015. Are credit default swaps a sideshow? Evidence that information flows from equity to CDS markets. J. Financ. Quant. Anal. 50:543–67 [Google Scholar]
  71. Hirtle B. 2009. Credit derivatives and bank credit supply. J. Financ. Intermed. 18:125–50 [Google Scholar]
  72. Hortacsu A, Matvos G, Syverson C, Venkataraman S. 2013. Indirect costs of financial distress in durable goods industries: the case of auto manufacturers. Rev. Financ. Stud. 26:1248–90 [Google Scholar]
  73. Hu HTC. 2015. Financial innovation and governance mechanisms: the evolution of decoupling and transparency. Bus. Lawyer 70:347–406 [Google Scholar]
  74. Hu HTC, Black B. 2008. Debt, equity and hybrid decoupling: governance and systemic risk implications. Eur. Financ. Manage. 14:663–709 [Google Scholar]
  75. Ismailescu I, Phillips B. 2011. Savior or sinner? Credit default swaps and the market for sovereign debt Work. Pap., Lubin Sch. Bus., Pace Univ. [Google Scholar]
  76. Jankowitsch R, Pullirsch R, Veza T. 2008. The delivery option in credit default swaps. J. Bank. Finance 32:1269–85 [Google Scholar]
  77. Jarrow RA. 2011. The economics of credit default swaps. Annu. Rev. Financ. Econ. 3:235–57 [Google Scholar]
  78. Jiang W, Zhu Z. 2015. Mutual fund holdings of credit default swaps: liquidity management and risk taking Res. Pap. 16-21, Columbia Bus. Sch., Columbia Univ. [Google Scholar]
  79. Kallestrup R, Lando D, Murgoci A. 2014. Financial sector linkages and the dynamics of bank and sovereign credit spreads Work. Pap., Dep. Finance, Cph. Bus. Sch. [Google Scholar]
  80. Karolyi SA. 2013. Borrower risk-taking, CDS trading, and the empty creditor problem. Work. Pap., Carnegie Mellon Univ. [Google Scholar]
  81. Kim GH. 2013. Credit default swaps, strategic default, and the cost of corporate debt Work. Pap., Warwick Bus. Sch., Univ. Warwick [Google Scholar]
  82. Kim JB, Shroff PK, Vyas D, Wittenberg-Moerman R. 2015. Active CDS trading and managers’ voluntary disclosure Res. Pap. 2015-27, Sch. Account., Singap. Manag. Univ. [Google Scholar]
  83. La Porta R, de Silanes FL, Shleifer A, Vishny RW. 1998. Law and finance. J. Polit. Econ. 106:1113–55 [Google Scholar]
  84. Lee J, Naranjo A, Sirmans S. 2016. Exodus from sovereign risk: global asset and information networks in the pricing of corporate credit risk. J. Finance 711813–56 [Google Scholar]
  85. Lewis M. 2011. The Big Short. New York: W. W. Norton & Company [Google Scholar]
  86. Li JY, Tang D. 2016. The leverage externalities of credit default swaps. J. Financ. Econ. 120:491–513 [Google Scholar]
  87. Longstaff FA, Pan J, Pedersen LH, Singleton KJ. 2011. How sovereign is sovereign credit risk?. Am. Econ. J. Macroecon. 3:75–103 [Google Scholar]
  88. Loon YC, Zhong ZK. 2014. The impact of central clearing on counterparty risk, liquidity, and trading: evidence from the credit default swap market. J. Financ. Econ. 112:91–115 [Google Scholar]
  89. Loon YC, Zhong ZK. 2016. Does Dodd–Frank affect OTC transaction costs and liquidity? Evidence from real-time CDS trade reports. J. Financ. Econ. 119:645–72 [Google Scholar]
  90. Lubben SJ, Narayanan RP. 2012. CDS and the resolution of financial distress. J. Appl. Corp. Finance 24:129–34 [Google Scholar]
  91. Martin X, Roychowdhury S. 2015. Do financial market developments influence accounting practices? Credit default swaps and borrowers’ reporting conservatism. J. Account. Econ. 59:80–104 [Google Scholar]
  92. Massa M, Zhang L. 2012. CDS and liquidity provision in the bond market Work. Pap., INSEAD, Paris [Google Scholar]
  93. Milken Inst 2014. Deriving the Economic Impact of Derivatives: Growth Through Risk Management. Santa Monica, CA: Milken Inst http://www.milkeninstitute.org/publications/view/625 [Google Scholar]
  94. Morgan Stanley 2011. Sovereign CDS: credit event and auction primer Tech. Rep., Morgan Stanley [Google Scholar]
  95. Morrison AD. 2005. Credit derivatives, disintermediation, and investment decisions. J. Bus. 78:621–48 [Google Scholar]
  96. Myers SC. 1977. The determinants of corporate borrowing. J. Financ. Econ. 5:147–75 [Google Scholar]
  97. Narayanan R, Uzmanoglu C. 2012. Public debt restructuring during crisis: holdout vs. overhang. Work. Pap., Sch. Manag., Binghampt. Univ. [Google Scholar]
  98. Nashikkar A, Subrahmanyam MG, Mahanti S. 2011. Liquidity and arbitrage in the market for credit risk. J. Financ. Quant. Anal. 46:627–56 [Google Scholar]
  99. Norden L, Buston CS, Wagner W. 2014. Financial innovation and bank behavior: evidence from credit markets. J. Econ. Dyn. Control 43:130–45 [Google Scholar]
  100. Oehmke M, Zawadowski A. 2015. Synthetic or real? The equilibrium effects of credit default swaps on bond markets. Rev. Financ. Stud. 28:3303–37 [Google Scholar]
  101. Oehmke M, Zawadowski A. 2016. The anatomy of the CDS market. Rev. Financ. Stud. In press [Google Scholar]
  102. Off. Comptrol. Curr 2015. Quarterly Report on Bank Trading and Derivatives Activities: First Quarter 2015. Washington, DC: Off. Comptrol. Curr http://occ.gov/topics/capital-markets/financial-markets/derivatives/dq115.pdf [Google Scholar]
  103. Pan J, Singleton KJ. 2008. Default and recovery implicit in the term structure of sovereign CDS spreads. J. Finance 63:2345–84 [Google Scholar]
  104. Parlour CA, Winton A. 2013. Laying off credit risk: loan sales versus credit default swaps. J. Financ. Econ. 107:25–45 [Google Scholar]
  105. Peristiani S, Savino V. 2011. Are credit default swaps associated with higher corporate defaults? FRBNY Staff Rep. 494, N.Y. [Google Scholar]
  106. Pollack L. 2012. Credit derivative crowdsourcing fail. FT Alphaville June 6. http://ftalphaville.ft.com/ 2012/06/26/1058551/credit-derivative-crowdsourcing-fail/ [Google Scholar]
  107. Portes R. 2010. Ban naked CDS. Eurointelligence March 18 [Google Scholar]
  108. Remolona E, Scatigna M, Wu E. 2008. The dynamic pricing of sovereign risk in emerging markets: fundamentals and risk aversion. J. Fixed Income 17:57–71 [Google Scholar]
  109. Rennison J. 2015. Investors boost clearing of credit swaps. Financial Times July 28 [Google Scholar]
  110. Risk 2015. A final flurry. Risk January 1 [Google Scholar]
  111. Salomao J. 2014. Sovereign debt renegotiation and credit default swaps Work. Pap., Carlson Sch. Manag., Univ. Minn [Google Scholar]
  112. Saretto A, Tookes HE. 2013. Corporate leverage, debt maturity, and credit supply: the role of credit default swaps. Rev. Financ. Stud. 26:1190–247 [Google Scholar]
  113. Sgherri S, Zoli E. 2009. Euro area sovereign risk during the crisis. IMF Work. Pap. 09/222, Washington, DC [Google Scholar]
  114. Shan SC, Tang DY, Winton A. 2014. Do credit derivatives lower the value of creditor control rights? Evidence from debt covenants Work. Pap., Shanghai Adv. Inst. Finance, Shanghai Jiao Tong Univ. [Google Scholar]
  115. Shan SC, Tang DY, Yan H. 2014. Did CDS make banks riskier? The effects of credit default swaps on bank capital and lending Work. Pap., Shanghai Adv. Inst. Finance, Shanghai Jiao Tong Univ. [Google Scholar]
  116. Shim I, Zhu H. 2014. The impact of CDS trading on the bond market: evidence from Asia. J. Bank. Finance 40:460–75 [Google Scholar]
  117. Siriwardane E. 2015. Concentrated capital losses and the pricing of corporate credit risk Work. Pap., Stern Sch. Bus., N.Y. Univ. [Google Scholar]
  118. Standard & Poor's 2015. Dodd–Frank Five Years Later: The Good, the Questionable, and the Unintended. New York: Standard & Poor's https://media.mhfi.com/documents/201507-sprs-dodd-frank.pdf [Google Scholar]
  119. Stephens E, Thompson JR. 2014. CDS as insurance: leaky lifeboats in stormy seas. J. Financ. Intermed. 23:279–99 [Google Scholar]
  120. Stewart J. 2013. Blackstone & Codere. The Daily Show Dec. 4. http://www.cc.com/video-clips/0g8sum/the-daily-show-with-jon-stewart-blackstone—codere [Google Scholar]
  121. Stulz RM. 2010. Credit default swaps and the credit crisis. J. Econ. Perspect. 24:73–92 [Google Scholar]
  122. Subrahmanyam MG, Tang DY, Wang SQ. 2014. Does the tail wag the dog? The effect of credit default swaps on credit risk. Rev. Financ. Stud. 27:2927–60 [Google Scholar]
  123. Subrahmanyam MG, Tang DY, Wang SQ. 2016. Credit default swaps, exacting creditors and corporate liquidity management. J. Financ. Econ. In press [Google Scholar]
  124. Tett G. 2009. Fool's Gold New York: Free Press [Google Scholar]
  125. Thompson JR. 2010. Counterparty risk in financial contracts: Should the insured worry about the insurer?. Q. J. Econ. 125:1195–252 [Google Scholar]
  126. Watt M. 2012. JP Morgan and the CRM: how Basel 2.5 beached the London Whale. Risk, Oct. 5. http://www.risk.net/risk-magazine/feature/2207422/jp-morgan-and-the-crm-how-basel-25-beached-the-london-whale
  127. Wirz M, Jarzemsky M, McGinty T. 2014. Credit-default swaps get activist new look. Wall Street Journal Dec. 23. http://www.wsj.com/articles/credit-default-swaps-get-activist-new-look-1419379954 [Google Scholar]
  128. Yorulmazer T. 2013. Has financial innovation made the world riskier? CDS, regulatory arbitrage and systemic risk. Work. Pap., Fed. Reserve Bank N.Y.
/content/journals/10.1146/annurev-financial-121415-032806
Loading
  • Article Type: Review Article

Most Cited Most Cited RSS feed

This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error