{"id":"https://openalex.org/W2900439828","doi":null,"title":"The Credit Default Swap Market: What a Difference a Decade Makes","display_name":"The Credit Default Swap Market: What a Difference a Decade Makes","publication_year":2018,"publication_date":"2018-06-05","ids":{"openalex":"https://openalex.org/W2900439828","mag":"2900439828"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:bis:bisqtr:1806b","doi":null,"is_oa":false,"landing_page_url":"http://www.bis.org/publ/qtrpdf/r_qt1806b.pdf","pdf_url":"http://www.bis.org/publ/qtrpdf/r_qt1806b.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":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID3193502_code1109023.pdf?abstractid=3193502&mirid=1&type=2","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5051152009","display_name":"I\u00f1aki Aldasoro","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"I\u00f1aki Aldasoro","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5087936108","display_name":"Torsten Ehlers","orcid":"https://orcid.org/0000-0001-9682-3033","observed_orcids":["https://orcid.org/0000-0001-9682-3033"]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Torsten Ehlers","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":11.9072,"has_fulltext":false,"cited_by_count":88,"citation_normalized_percentile":{"value":0.98674959,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":94,"max":100},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9994999766349792,"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":0.9994999766349792,"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/T10503","display_name":"Global Financial Crisis and Policies","score":9.999999747378752e-05,"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/T12394","display_name":"Insurance and Financial Risk Management","score":0.0,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"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-default-swaps","display_name":"credit default swaps","score":0.9829999804496765},{"id":"https://openalex.org/keywords/central-clearing","display_name":"central clearing","score":0.9779999852180481},{"id":"https://openalex.org/keywords/central-counterparties","display_name":"central counterparties","score":0.9440000057220459},{"id":"https://openalex.org/keywords/netting","display_name":"netting","score":0.7239999771118164},{"id":"https://openalex.org/keywords/counterparty-risk","display_name":"counterparty risk","score":0.8999999761581421},{"id":"https://openalex.org/keywords/sovereign-risk","display_name":"sovereign risk","score":0.7870000004768372},{"id":"https://openalex.org/keywords/reference-portfolio","display_name":"reference portfolio","score":0.6859999895095825},{"id":"https://openalex.org/keywords/credit-ratings","display_name":"credit ratings","score":0.8370000123977661}],"concepts":[{"id":"https://openalex.org/C89997419","wikidata":"https://www.wikidata.org/wiki/Q2828882","display_name":"Credit valuation adjustment","level":4,"score":0.8206199407577515},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.8019793033599854},{"id":"https://openalex.org/C90992651","wikidata":"https://www.wikidata.org/wiki/Q933132","display_name":"Credit default swap index","level":5,"score":0.7392693161964417},{"id":"https://openalex.org/C44309892","wikidata":"https://www.wikidata.org/wiki/Q691313","display_name":"Credit derivative","level":3,"score":0.7221890687942505},{"id":"https://openalex.org/C30589699","wikidata":"https://www.wikidata.org/wiki/Q624028","display_name":"Credit default swap","level":3,"score":0.710396409034729},{"id":"https://openalex.org/C26457952","wikidata":"https://www.wikidata.org/wiki/Q1655033","display_name":"iTraxx","level":5,"score":0.6895459294319153},{"id":"https://openalex.org/C2779312582","wikidata":"https://www.wikidata.org/wiki/Q1783272","display_name":"Counterparty","level":3,"score":0.6606950759887695},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6527884602546692},{"id":"https://openalex.org/C134697681","wikidata":"https://www.wikidata.org/wiki/Q1609677","display_name":"Clearing","level":2,"score":0.5834391117095947},{"id":"https://openalex.org/C99821215","wikidata":"https://www.wikidata.org/wiki/Q1136583","display_name":"Swap (finance)","level":2,"score":0.507961094379425},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.49496668577194214},{"id":"https://openalex.org/C201736846","wikidata":"https://www.wikidata.org/wiki/Q5183773","display_name":"Credit event","level":5,"score":0.4309914708137512},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.32327497005462646},{"id":"https://openalex.org/C24308983","wikidata":"https://www.wikidata.org/wiki/Q5183781","display_name":"Credit reference","level":3,"score":0.24020761251449585},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.23395413160324097}],"mesh":[],"locations_count":3,"locations":[{"id":"pmh:oai:RePEc:bis:bisqtr:1806b","doi":null,"is_oa":false,"landing_page_url":"http://www.bis.org/publ/qtrpdf/r_qt1806b.pdf","pdf_url":"http://www.bis.org/publ/qtrpdf/r_qt1806b.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:2900439828","doi":null,"is_oa":false,"landing_page_url":"https://ddd.bis.org/publ/qtrpdf/r_qt1806b.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306504463","display_name":"BIS quarterly review","issn_l":"1683-0121","issn":["1683-0121"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"BIS quarterly review","raw_type":null},{"id":"mag:3123016673","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID3193502_code1109023.pdf?abstractid=3193502&mirid=1&type=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"mag:3123016673","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID3193502_code1109023.pdf?abstractid=3193502&mirid=1&type=2","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W1717841369","https://openalex.org/W4229748797","https://openalex.org/W2599216970","https://openalex.org/W2139839132","https://openalex.org/W4396812038","https://openalex.org/W2336693696","https://openalex.org/W4249344821","https://openalex.org/W2288964301","https://openalex.org/W7101099065","https://openalex.org/W2525141336"],"abstract_inverted_index":{"Over":[0],"the":[1,4,9,20,23,39,56,67],"last":[2],"decade,":[3],"size":[5],"and":[6,38,66,94],"structure":[7],"of":[8,22,41,49,58,62,69,96,105],"global":[10],"credit":[11,43,88,101,106],"default":[12],"swap":[13],"(CDS)":[14],"market":[15],"have":[16,32,90],"changed":[17],"markedly.":[18],"With":[19],"help":[21],"BIS":[24],"derivatives":[25],"statistics,":[26],"we":[27],"document":[28],"how":[29],"outstanding":[30],"amounts":[31],"fallen,":[33],"central":[34,73],"clearing":[35,68],"has":[36,46,52,78,111],"risen":[37],"composition":[40],"underlying":[42],"risk":[44],"exposures":[45],"evolved.":[47],"Netting":[48],"CDS":[50],"contracts":[51,71],"increased,":[53],"due":[54],"to":[55,80],"combination":[57],"a":[59,81],"higher":[60],"share":[61],"standardised":[63],"index":[64],"products":[65],"such":[70],"via":[72],"counterparties.":[74],"In":[75],"turn,":[76],"this":[77],"led":[79],"further":[82],"reduction":[83],"in":[84],"counterparty":[85,109],"risk.":[86],"Underlying":[87],"risks":[89,107],"shifted":[91],"towards":[92],"sovereigns":[93],"portfolios":[95],"reference":[97],"securities":[98],"with":[99],"better":[100],"ratings.":[102],"The":[103],"distribution":[104],"across":[108],"categories":[110],"remained":[112],"broadly":[113],"unchanged.":[114]},"counts_by_year":[{"year":2025,"cited_by_count":10},{"year":2024,"cited_by_count":5},{"year":2023,"cited_by_count":10},{"year":2022,"cited_by_count":21},{"year":2021,"cited_by_count":15},{"year":2020,"cited_by_count":10},{"year":2019,"cited_by_count":7},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":2},{"year":2015,"cited_by_count":2},{"year":2013,"cited_by_count":2}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2018-11-16T00:00:00"}