Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/162564 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Bundesbank Discussion Paper No. 16/2017
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
Does hedging motivate CDS trading and does that affect the availability of credit? To answer these questions we couple comprehensive bank-firm level CDS trading data from the Depository Trust and Clearing Corporation with the German credit register containing bilateral bank-firm credit exposures. We find that following the Small Bang in the European CDS market, extant credit relationships with riskier firms increase banks' CDS trading and hedging of these firms. Properly hedged banks holding more CDS contracts of riskier firms supply relatively more credit to these firms. Our results are overall stronger for firm CDSs experiencing larger improvements in liquidity.
Schlagwörter: 
credit default swaps
credit exposure
hedging
bank lending
Depository Trust and Clearing Corporation (DTCC)
JEL: 
G21
ISBN: 
978-3-95729-369-5
Dokumentart: 
Working Paper
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