Innovations financières et stabilité du system financier : le cas des crédits default swap (CDS).
Keywords:
Financial Innovation, Credit default Swap, Financial Stability, Synthetic Securitization, Financial CrisisAbstract
Credits default swaps (CDS) are financial innovations that have experienced a fuliginous development since their appearance for the first time in 1997; they are used in the transfer of credit risks especially in bonds markets, and more recently in the process of synthetic securitization. Located equally between insurance and financial product, the CDS are negotiated hedging contracts using as underlying a portfolio of loans or bonds, and negotiated by Monoline in an unorganized market.The CDS are considered by experts as one of the main aggravating factors of the subprime crisis (2007) and the global financial crisis (2008) that has followed. These same innovative financial products have been widely used by speculators during the crisis of Greek Sovereign Debt (2010), which contributed to a wide spreading crisis to other EU countries and gave it in the process its systemic character. The pernicious effect of unnecessary financial innovations on the stability of the financial system has been set forth by many researchers, including the precursor Hyman Minsky (1992).
Downloads
References
(1) Capelle –Blancard .G, Couderc.N, Vandelanoite .S : « Les marchés financier en fiches ». Ellipses Edition, Paris, 2004, page 30.
(2) Merton H .Miller: « Financial innovation: the last twenty years and the next» . Journal of financial and quantitative analysis, volume 21, No 4, December 1986, page 460.
(3) Schumpeter, J.A: « The Theory of Economic Development». Kluwer Academic, 1911,
Page 61-116.
(4) Capelle- Blancard .G et al, Op.cit., page 31-32.
(5)Arnaud André-Jean : « Du droit des marchés financiers ; entre modernité et mondialisation »
Paris LGDJ, 2004, page 176.
(6) Miskin. Frederic, S : « The economics of money , banking and financial market » . New York, harper Collins, 1995, page 233-245.
(7) Zumello .Christine : « L’innovation et les marchés financiers aux Etats-Unis depuis les années 1970 : une approche contrastée » . Revue LISA/LISA e-journal, Vol. IV- no 1, 2006 consulté le 13/12/2014 , page 04.
http://lisa.revue.org/2385;DOI:10.4000/lisa.2385
(8) Kane Edward .J: « Interaction of financial and regulatory innovation ». American economic revue, Vol 78, no 2, 1988, page 329.
(9) Frame W. Scott, White Lawrence: «Empirical studies of financial innovation: Lots of Talk, Little action», Journal of economic literature, Vol 42, no 01, 2004, page 120.
(10) Capelle- Blancard .G et al, Op.cit., page 34.
(11) Kane Edward .J, Op.cit. Page 332.
(12) Zumello .Christine, Op.cit., page 7.
(13) Granier Thiery, Jaffeux Corynne : « La titrisation : Aspects juridique et financier ». 2iem Edition, Collection Gestion, Edition Economica, 2004, Paris, Page 13.
(14) Granier Thiery, Jaffeux Corynne , Op.cit., page 158.
(15) Op.cit., page 169.
(16) Leathers .CG, Raines J.P: «The Schumpeterian role of financial innovations in the new economy’s business cycle», Cambridge journal of Economics, Vol 28, no 25, 2004, Page 669.
(17) Rose Peter.S; Marquise Milton .H: « Money and capital markets», tenth Edition, Mc Graw-Hill Irwin, USA, 2008, Page 97-98.
(18) Van Horne J. C: « Of financial innovation and Excesses». The journal of Finance,Vol.40 ,No 03, 1985 ,Page 626.
(19) Ritz Simon : « Les interactions entre innovations financières et règlementaires : causes et conséquences de la crise financière » , mémoire de recherche en finance , Université de Lorraine, Nancy ,Année universitaire 2011 – 2012, Page 33-34.
(20) Beck Thorsten, Chen Tao, Lin Chen, Song Frank .M:« Financial Innovation: The Bright and the Dark Sides, 2012.page 3. http://www.tcd.ie/Economics/assets/pdf/Bank_Financial_Innovation_Jan30_12.pdf
(21) Zumello .Christine, Op.cit., page 11-12.
(22) Beck Thorsten et al, Op.cit, page 4.
(23) Minsky Hyman .P: « The financial instability hypothesis FIH » ,the Jerome levy institute of Bard College, Working paper No 74, USA, 1992, Page 1-10.
http://www.levyinstitute.org/pubs/wp74.pdf
(24) Ritz Simon, Op.cit., page 81-84.
(25) Cont Rama : « Crédit Default swaps et stabilité financière », Revue de la stabilité financière, Banque de France, No 14, juillet 2010, Page 42-44.
https://www.banque-france.fr/publications/revue-de-la-stabilite-financiere.html
