Download - 信用違約交換合約( CDS ):保險、 避險、投機還是大規模毀滅性金融武器?
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CDS
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CDSCDS
=
CDOBB10%100 bp$10 million
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CDS
CDOBB
10%100 bp$10 millionAIGAAACDS1%CDS$10 million )
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CDSCredit Enhancement
CDOAAA
10% 1% = 9%900 bp$10 millionAIGAAACDS1%
CDS$10 million )AAA
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CDS
CDOBB
AIGAAA
CDS1%
CDS$10 million )
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CDS
10%100 bp$10 millionAIGBCDS$10 million
CDS$10 million
CDO
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CDS
10%100 bp$10 millionAIGFed the Treasury DepartmentBailoutsCDS$10 million
CDS$10 million
CDO
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AIGCDS
200846172008992.9
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AIG
FedAIG $600400AIG
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AIG
AIG haircuts
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199820081003347notional value683
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CDSCDSreference entityCDSreference entity
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CDS ?CDS
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CDS ?indemnity
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CDSCDSCDSCDSCDSCDS4
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CDS
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CDS
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CDS
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CDS
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CDSCDSCDSAIGCDSWarren Buffet2003financial weapons of mass destruction
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