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本文在简要总结中国信用市场现状的基础上,围绕美国市政债券担保联合公司(MBIA)在2008年金融危机中涉及的主要产品和事件,从产品结构、定价模型、信用价值量调整、法律诉讼和监管规则等几个方面进行了分析,并在此基础上针对中国市场现状提出了建议。随着中国经济杠杆率的不断攀升,信用风险的问题也日渐凸显。特别是随着市场化改革的深入,刚性兑付正逐步打破,信贷和债券违约事件的频度和烈度都将进一步增强。市场的状况需要信用产品的进
Based on a brief summary of the status quo of China’s credit market, this paper focuses on the major products and events involved in the financial crisis in 2008 in MBIA from product structure, pricing model, adjustment of credit value, legal proceedings and supervision Rules and other aspects were analyzed, and on the basis of the status quo for the Chinese market made recommendations. As China’s economic leverage continues to rise, the issue of credit risk is also increasingly prominent. Especially with the deepening of market-oriented reforms, the rigid payment is gradually breaking down, and the frequency and intensity of defaults in credit and bonds will be further strengthened. The status of the market needs credit products into