OTC derivatives but rather shift them from banks to CCPs. Under the present regulatory overhaul, the OTC derivative market …, indicates that the proposed changes may not provide the best solution. The paper suggests that a tax on derivative liabilities …

This paper finds that systematic default risk, or the event of widespread defaults in the corporate sector, is an … important determinant of equity returns. Moreover, the market price of systematic default risk is one order of magnitude higher … (2004), this paper uses a market-based measure of systematic default risk. The measure is constructed using price …

developed countries in their efforts to implement asset securitization techniques in their financial markets. Challenges and … recent developments in securitization techniques. …

have shifted over the past year. We estimate that the adverse impact of counterparty risk on high-grade collateral flows … shown that OTC derivative positions are not supported by sufficient capital, constituting a major risk for participants in …

the two main compromises: the tradeoffs between maturity and collateral, and between seniority and control. The framework …

Credit derivative markets are largely unregulated, but calls are increasingly being made for changes to this "hands off …. The purpose of this paper is to address two basic questions: (i) do credit derivative markets increase systemic risk; and … of credit derivative markets and recent events, followed by an assessment of their recent association with systemic risk …