{"id":"https://openalex.org/W1542745797","doi":null,"title":"An Analytical Review of Credit Risk Transfer Instruments","display_name":"An Analytical Review of Credit Risk Transfer Instruments","publication_year":2003,"publication_date":"2003-01-01","ids":{"openalex":"https://openalex.org/W1542745797","mag":"1542745797"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:nbb:fsrart:v:1:y:2003:i:1:p:125-150","doi":null,"is_oa":false,"landing_page_url":"http://www.nbb.be/doc/oc/repec/fsrart/fsr_2003_en_125_150.pdf","pdf_url":"http://www.nbb.be/doc/oc/repec/fsrart/fsr_2003_en_125_150.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5020277117","display_name":"John Kiff","orcid":"https://orcid.org/0000-0002-0473-0831","observed_orcids":["https://orcid.org/0000-0002-0473-0831"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"John Kiff","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5014764930","display_name":"Fran\u00e7ois-Louis Michaud","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Fran\u00e7ois-Louis Michaud","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5103066986","display_name":"Janet Mitchell","orcid":"https://orcid.org/0000-0002-1058-0040","observed_orcids":["https://orcid.org/0000-0002-1058-0040"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Janet Mitchell","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-1058-0040","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":4.4032,"has_fulltext":false,"cited_by_count":22,"citation_normalized_percentile":{"value":0.94038703,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"1","issue":"1","first_page":"106","last_page":"131"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14154","display_name":"finance, banking, and market dynamics","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-risk-transfer","display_name":"credit risk transfer","score":0.9929999709129333},{"id":"https://openalex.org/keywords/credit-derivatives","display_name":"credit derivatives","score":0.9990000128746033},{"id":"https://openalex.org/keywords/collateralized-debt-obligations","display_name":"collateralized debt obligations","score":0.9929999709129333},{"id":"https://openalex.org/keywords/financial-stability","display_name":"financial stability","score":0.9950000047683716},{"id":"https://openalex.org/keywords/credit-risk-management","display_name":"credit risk management","score":0.6930000185966492},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9900000095367432},{"id":"https://openalex.org/keywords/credit-risk-assessment","display_name":"credit risk assessment","score":0.8090000152587891},{"id":"https://openalex.org/keywords/credit-derivatives-pricing","display_name":"credit derivatives pricing","score":0.6499999761581421},{"id":"https://openalex.org/keywords/counterparty-risk","display_name":"counterparty risk","score":0.9120000004768372},{"id":"https://openalex.org/keywords/debtor-creditor-relations","display_name":"creditor-debtor relations","score":0.7490000128746033}],"concepts":[{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.7343727946281433},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5923131704330444},{"id":"https://openalex.org/C191654821","wikidata":"https://www.wikidata.org/wiki/Q247506","display_name":"Financial instrument","level":2,"score":0.5709133744239807},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5313513875007629},{"id":"https://openalex.org/C32896092","wikidata":"https://www.wikidata.org/wiki/Q189447","display_name":"Risk management","level":2,"score":0.5171031951904297},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.5085433721542358},{"id":"https://openalex.org/C44309892","wikidata":"https://www.wikidata.org/wiki/Q691313","display_name":"Credit derivative","level":3,"score":0.49912285804748535},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.4974844753742218},{"id":"https://openalex.org/C205208723","wikidata":"https://www.wikidata.org/wiki/Q372765","display_name":"Credit rating","level":2,"score":0.4600813686847687},{"id":"https://openalex.org/C112846952","wikidata":"https://www.wikidata.org/wiki/Q1810265","display_name":"Structured finance","level":3,"score":0.4551543891429901},{"id":"https://openalex.org/C180879305","wikidata":"https://www.wikidata.org/wiki/Q590998","display_name":"Credit crunch","level":2,"score":0.443851113319397},{"id":"https://openalex.org/C73858035","wikidata":"https://www.wikidata.org/wiki/Q1164550","display_name":"Market risk","level":2,"score":0.4360365867614746},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.4299294948577881},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.39360830187797546},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.36528313159942627},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.33948689699172974},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.0894230306148529},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:nbb:fsrart:v:1:y:2003:i:1:p:125-150","doi":null,"is_oa":false,"landing_page_url":"http://www.nbb.be/doc/oc/repec/fsrart/fsr_2003_en_125_150.pdf","pdf_url":"http://www.nbb.be/doc/oc/repec/fsrart/fsr_2003_en_125_150.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"mag:1542745797","doi":null,"is_oa":false,"landing_page_url":"http://www.nbb.be/doc/oc/repec/fsrart/fsr_2003_en_125_150.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Financial Stability Review","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":59,"referenced_works":["https://openalex.org/W126890451","https://openalex.org/W247320350","https://openalex.org/W564866202","https://openalex.org/W604598765","https://openalex.org/W1512092309","https://openalex.org/W1535996736","https://openalex.org/W1536796998","https://openalex.org/W1546523058","https://openalex.org/W1599647613","https://openalex.org/W1605914405","https://openalex.org/W1980661992","https://openalex.org/W1997458855","https://openalex.org/W1997898672","https://openalex.org/W2009743035","https://openalex.org/W2010706889","https://openalex.org/W2011696317","https://openalex.org/W2011886674","https://openalex.org/W2017150310","https://openalex.org/W2024346297","https://openalex.org/W2025720266","https://openalex.org/W2026127781","https://openalex.org/W2049062472","https://openalex.org/W2050067494","https://openalex.org/W2061708053","https://openalex.org/W2065091890","https://openalex.org/W2068135698","https://openalex.org/W2104956645","https://openalex.org/W2105973145","https://openalex.org/W2108491286","https://openalex.org/W2113326322","https://openalex.org/W2113966200","https://openalex.org/W2115991482","https://openalex.org/W2118320330","https://openalex.org/W2129525667","https://openalex.org/W2129881428","https://openalex.org/W2136124305","https://openalex.org/W2138501788","https://openalex.org/W2140281938","https://openalex.org/W2147560556","https://openalex.org/W2154127363","https://openalex.org/W2156109180","https://openalex.org/W2160277425","https://openalex.org/W2169508410","https://openalex.org/W2282382832","https://openalex.org/W2733264449","https://openalex.org/W2733823363","https://openalex.org/W3023420985","https://openalex.org/W3121214655","https://openalex.org/W3121877964","https://openalex.org/W3121935849","https://openalex.org/W3122042469","https://openalex.org/W3122062013","https://openalex.org/W3122239090","https://openalex.org/W3122314271","https://openalex.org/W3122403692","https://openalex.org/W3123183022","https://openalex.org/W3123848600","https://openalex.org/W3124089696","https://openalex.org/W3124800418"],"related_works":["https://openalex.org/W2171191647","https://openalex.org/W7027452741","https://openalex.org/W1547266465","https://openalex.org/W2289526210","https://openalex.org/W3126126380","https://openalex.org/W2220775737","https://openalex.org/W3122465048","https://openalex.org/W7046221876","https://openalex.org/W2954754667","https://openalex.org/W2612314612"],"abstract_inverted_index":{"Over":[0],"the":[1,5,7,17,26,31,39,41,44,50,130,144,228],"second":[2],"half":[3],"of":[4,9,19,30,38,43,52,68,99,134,137,146,152,232],"1990s,":[6],"surfacing":[8],"credit":[10,23,56,103,192,210],"derivatives":[11],"and":[12,28,91,102,113,155],"collateralised":[13],"debt":[14],"obligations":[15],"enlarged":[16],"range":[18],"instruments":[20,46,149,202],"for":[21,55,81,168],"transferring":[22],"risk.":[24],"Although":[25],"characteristics":[27,145],"purposes":[29,178],"former":[32],"are":[33,61,67,173,179,200,227],"very":[34,62],"similar":[35],"to":[36,124],"those":[37],"latter,":[40],"tradability":[42],"new":[45,97],"has":[47],"resulted":[48],"in":[49,150,160,204],"creation":[51],"true":[53],"markets":[54,66],"risk":[57,78,153,211],"transfer":[58],"(CRT),":[59],"which":[60],"rapidly":[63],"developing.":[64],"CRT":[65,138,148,201,233],"great":[69],"interest":[70],"as":[71,93,95,116,118,220],"regards":[72],"financial":[73,131,161],"stability:":[74],"while":[75],"offering":[76],"extended":[77],"management":[79,154],"opportunities":[80],"market":[82,122,224],"participants,":[83],"they":[84],"also":[85,164,215],"alter":[86],"\u201ctraditional\u201d":[87],"relationships":[88,100],"(between":[89],"lenders":[90],"borrowers)":[92],"well":[94,117],"creating":[96],"types":[98,136],"(lenders":[101],"protection":[104,195],"sellers).":[105],"The":[106],"present":[107],"review":[108],"relies":[109],"on":[110,119],"existing":[111],"theoretical":[112],"empirical":[114],"work":[115],"contacts":[120],"with":[121],"practitioners":[123],"explore,":[125],"from":[126],"an":[127],"analytical":[128],"standpoint,":[129],"stability":[132],"implications":[133,231],"all":[135],"instruments.":[139],"In":[140],"particular,":[141],"it":[142,214],"analyses":[143],"differing":[147],"light":[151],"asymmetric":[156],"information":[157],"problems":[158],"arising":[159],"markets.":[162],"It":[163],"proposes":[165],"possible":[166],"avenues":[167],"further":[169],"work.":[170],"Four":[171],"questions":[172],"successively":[174],"raised:":[175],"For":[176],"what":[177],"these":[180],"products":[181],"designed;":[182],"why":[183],"use":[184],"one":[185],"instrument":[186],"rather":[187],"than":[188],"another?":[189],"Who":[190],"assesses":[191],"risk:":[193],"lenders,":[194],"sellers":[196],"or":[197,212,223],"both?":[198],"How":[199],"priced":[203],"practice:":[205],"does":[206,213],"pricing":[207],"primarily":[208],"reflect":[209],"incorporate":[216],"additional":[217],"elements,":[218],"such":[219],"counterparty,":[221],"documentation":[222],"risks?":[225],"What":[226],"potential":[229],"macro-financial":[230],"markets?":[234]},"counts_by_year":[{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
