Rynek derywatów kredytowych przed i po światowym kryzysie finansowym lat 2007-2009
Credit derivatives market before and after the global financial crisis 2007–2009

Summary/Abstract: One of the youngest financial markets is the credit derivatives market. There are two periods of its development. In the first phrase (up to the explosion of the crisis in 2007) we observed a very dynamic increase in amounts exceeding any predictions of its size. Problems on the subprime credit market in the USA affected the credit derivatives market development causing its dramatic decrease. The reasons of such a huge decline were: the structural weakness of the analyzed market (for example low level of competition in credit default swap segment or low level of liquidity of collateralized debt obligation market) and first of all a lot of errors in pricing of subprime credit risk in CDOs and CDS (which based on these credits). During the financial crisis credit derivatives were the channel of transfer of toxic credit risk. In effect we still observe the decline of the credit derivatives market.

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