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Derivatives and Swaps Markets

Roy C. Smith, Ingo Walter, and Gayle Delong

in Global Banking

Published in print:
2012
Published Online:
May 2012
ISBN:
9780195335934
eISBN:
9780199932146
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195335934.003.0006
Subject:
Economics and Finance, Economic Systems

Few events have stimulated international capital market activity as much as the development of derivative securities. Derivatives, which include futures and options, are contracts whose values ... More


Defaultable Bonds and Credit Derivatives

Claus Munk

in Fixed Income Modelling

Published in print:
2011
Published Online:
September 2011
ISBN:
9780199575084
eISBN:
9780191728648
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199575084.003.0013
Subject:
Economics and Finance, Financial Economics

For bonds and other financial contracts issued by some firms and countries, there is a non-negligible risk that the issuer will default and the holder of the contract will not receive the promised ... More


Credit Default Swaps: The Key to Financial Reform

Perry Mehrling

in Time for a Visible Hand: Lessons from the 2008 World Financial Crisis

Published in print:
2010
Published Online:
February 2010
ISBN:
9780199578801
eISBN:
9780191723285
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199578801.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

Based on the importance of CDS, Mehrling argues in his chapter that the current crisis is best seen as the first test of the new system of structured finance. That test has revealed the crucial role ... More


Types of Swaps

Alan N. Rechtschaffen

in Capital Markets, Derivatives and the Law: Evolution After Crisis

Published in print:
2014
Published Online:
May 2014
ISBN:
9780199971541
eISBN:
9780199361458
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199971541.003.0009
Subject:
Law, Company and Commercial Law

This chapter looks at the different types of swaps, including plain vanilla interest rate swaps, in which counterparties exchange fixed-rate risk for floating rate risk, and currency swaps, which can ... More


The Role of Taxes in Compensation Schemes and Structured Finance

Vieri Ceriani, Stefano Manestra, Giacomo Ricotti, and Alessandra Sanelli

in Taxation and the Financial Crisis

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199698165
eISBN:
9780191738630
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199698165.003.0004
Subject:
Economics and Finance, Financial Economics

This chapter investigates the effects of the tax system on the economic factors that triggered the financial crisis. We examine two specific cases in which the tax regime interacted with these ... More


Wall Street Skirts Regulation

Kathleen C. Engel and Patricia A. McCoy

in The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps

Published in print:
2011
Published Online:
April 2015
ISBN:
9780195388824
eISBN:
9780190258535
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780195388824.003.0011
Subject:
Business and Management, Political Economy

This chapter discusses how federal regulators contributed to the subprime crisis. Congress laid the groundwork back in 1999 and 2000, when it deregulated over-the-counter credit default swaps, which ... More


Codes of Finance: Engineering Derivatives in a Global Bank

Vincent Antonin Lépinay

Published in print:
2011
Published Online:
October 2017
ISBN:
9780691151502
eISBN:
9781400840465
Item type:
book
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691151502.001.0001
Subject:
Economics and Finance, Financial Economics

The financial industry's invention of complex products such as credit default swaps and other derivatives has been widely blamed for triggering the global financial crisis of 2008. This book takes ... More


Hedge Funds and Derivatives, Credit Default Swaps, and Rating Agencies

Padma Desai

in From Financial Crisis to Global Recovery

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231157865
eISBN:
9780231527743
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231157865.003.0005
Subject:
Economics and Finance, Public and Welfare

This chapter explores various financial instruments and activities. These include hedge funds, derivatives, and credit default swaps. A hedge fund is a legally restricted investment vehicle ... More


U.S. and EU Regulatory Proposals: How Strict? How Cooperative?

Padma Desai

in From Financial Crisis to Global Recovery

Published in print:
2011
Published Online:
November 2015
ISBN:
9780231157865
eISBN:
9780231527743
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231157865.003.0006
Subject:
Economics and Finance, Public and Welfare

This chapter discusses the U.S. and EU regulatory proposals for dealing with the global financial crisis. The Dodd-Frank Wall Street Reform and Consumer Protection Act were two of the landmark ... More


Innovation and Excess in Banking

Andrew Farlow

in Crash and Beyond: Causes and Consequences of the Global Financial Crisis

Published in print:
2013
Published Online:
April 2015
ISBN:
9780199578016
eISBN:
9780191808623
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199578016.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter examines how financial innovations and excesses in banking contributed to the financial crisis of 2008. It begins by considering the growth of the banking system, with many firms ... More


Becoming the World’s Biggest Market: OTC Derivatives before the Global Financial Crisis of 2008

Irene Spagna

in Governing the World's Biggest Market: The Politics of Derivatives Regulation After the 2008 Crisis

Published in print:
2018
Published Online:
February 2018
ISBN:
9780190864576
eISBN:
9780190869557
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190864576.003.0002
Subject:
Political Science, International Relations and Politics, Political Economy

This chapter analyzes the growth of OTC derivatives before the global financial crisis of 2008 and the role of credit default swaps, in particular, in the near collapse of the global economy. It ... More


Mortgage Markets: The United States

Eric S. Belsky

in Public Real Estate Markets and Investments

Published in print:
2014
Published Online:
September 2014
ISBN:
9780199993277
eISBN:
9780199395767
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199993277.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter examines the evolution of the structure, conduct, and performance of mortgage markets in the United States. It traces federal interventions in the mortgage markets from the 1930s to the ... More


Crash

Andrew Farlow

in Crash and Beyond: Causes and Consequences of the Global Financial Crisis

Published in print:
2013
Published Online:
April 2015
ISBN:
9780199578016
eISBN:
9780191808623
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199578016.003.0004
Subject:
Economics and Finance, Financial Economics

This chapter deals with key events in financial markets leading up to the financial crisis of 2008 and around the times when spreads rose dramatically. It examines the key amplification mechanisms at ... More


Leverage and Bubbles: The Need to Manage the Leverage Cycle

John Geanakoplos

in New Perspectives on Asset Price Bubbles

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199844333
eISBN:
9780190258504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199844333.003.0015
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter examines leverage as a major cause of asset price bubbles. It outlines four reasons why the most recent leverage cycle was worse than previous cycles. First, leverage reached levels ... More


Exploitation and Economic Justice in the Liberal Capitalist State

Mark R. Reiff

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199664009
eISBN:
9780191751400
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199664009.001.0001
Subject:
Political Science, Political Theory

This book develops the first new, liberal theory of economic justice to appear since John Rawls and Ronald Dworkin proposed their respective theories back in the 1970s and early 1980s. It does this ... More


Asset Encumbrance and CDS Premia of European Banks: Do Capital and Liquidity Tell the Whole Story?

Albert Banal-Estanol, Enrique Benito, and Dmitry Khametshin

in Finance and Investment: The European Case

Published in print:
2018
Published Online:
January 2018
ISBN:
9780198815815
eISBN:
9780191853418
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198815815.003.0021
Subject:
Economics and Finance, Financial Economics

Asset encumbrance refers to the existence of bank balance sheet assets being subject to arrangements that restrict the bank’s ability to freely transfer or realize them. Asset encumbrance has ... More


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