Giving Credit Where It Is Due

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Giving Credit Where It Is Due

机译：在适当的时候给予信用

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Financial innovations tend to go through four phases. At first, they are hailed as proof of the brilliance of the bankers who devised them. Then they succumb to rampant speculation, as investors try to exploit them. And that leads to revulsion, as a crisis causes widespread losses. The question is: should the fourth phase be rejection or rehabilitation? The latest innovation to pass through the cycle is the credit-default swap or cds. Despite its forbidding name, the cds is a simple idea: it allows an investor to buy insurance against a company defaulting on its debt payments. When it was invented, the cds was a useful concept because more people felt comfortable owning corporate debt if they could eliminate the risk of the issuer failing. The extra appetite for debt helped lower the cost of capital.

机译：金融创新往往经历四个阶段。最初，它们被赞誉为设计它们的银行家的才华的证明。然后，随着投资者试图利用它们，它们屈服于猖ramp的投机活动。危机导致广泛的损失，这导致了反抗。问题是：第四阶段应该是拒绝还是康复？通过这一周期的最新创新是信用违约互换或CD。尽管CD的名称令人生畏，但它却是一个简单的主意：它允许投资者为未偿还债务的公司购买保险。首次发行CD时，它是一个有用的概念，因为如果他们能够消除发行人破产的风险，就会有更多的人感到自己拥有公司债务。对债务的额外需求帮助降低了资本成本。

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《The economist》 |2008年第8605期|14|共1页
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Giving Credit Where It Is Due

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