This study measures the effects of specific credit risk factors of companies that defaulted during the Asian currency and global credit crises. Using Taiwanese listed companies' data, the predictability of specific credit risk factors were discrepancies during these 2 crises. First, I captured...

The risks to global financial stability posed by recent defaults by government borrowers have, for the most part, been manageable. However, the dynamics underpinning the ad hoc arrangements for resolving sovereign defaults are changing. Public debt burdens in many advanced economies are set to...

Credit default swaps ("CDSs") were widely blamed as a primary cause of the recent financial crisis; CDSs fomented panic as the price of credit protection spiked and contributed to the Federal Reserve's decision to bail out American International Group. To reduce the likelihood that credit...

Following the 2008 financial crisis, regulation mandates the clearing of the CDS market through Central Clearing Counter-parties (CCPs). Large CCPs are now designated as 'Global Systemically Important Institutions' (GSIIs), whose unlikely-but-plausible failure threatens global financial market...

Recently, for standard asset classes, the first mutual clearing agreements between Central Coun- terparties (CCPs) have come into existence. There are already global concerns over the unique threats and benefits which arise from these situations, and further concern for an extension of agree-...