Obligacje katastroficzne wobec kryzysu na rynkach finansowych

• Autorzy: Grzegorz Strupczewski

Warianty tytułu

Credit Crunch Implications on the Cat Bonds Market

• Języki publikacji: PL

Abstrakty

Celem pracy jest analiza wpływu kryzysu na rynek obligacji katastroficznych, które stanowią ważne narzędzie finansowania ryzyka klęsk żywiołowych. Obligacje katastroficzne jednakże to instrumenty alternatywnego wobec klasycznej reasekuracji transferu ryzyka ubezpieczeniowego na rynki kapitałowe, pozwalające znacząco zwiększyć pojemność akceptacyjną branży ubezpieczeniowej. (fragment tekstu)

EN

Cat bonds are the most popular insurance linked security (ILS) on the market. As an alternative risk transfer measure, they provide the insurance and reinsurance sectors with additional funds from capital markets. Natural catastrophes have too often shown the importance of cat bonds. The global credit crunch that led to Lehman Brothers bankruptcy in September 2008 seemed to have a great impact on the cat bonds market. At the same time, the issuance of new transactions dropped sharply in the second half of 2008. Four branches of bonds were affected the most and investors lost their principal. The cat bond secondary market has been hit by extensive sell-outs by multi-strategy hedge funds that wanted to close their positions as quickly as possible. In order to attract new investors some important changes in the structure of new cat bonds have been made. They are expected to increase transparency and security and to mitigate credit risk. (original abstract)

Słowa kluczowe

PL

Rynki finansowe; Kryzys finansowy; Obligacje katastroficzne

EN

Financial markets; Financial crisis; Catastrophe bonds

• Czasopismo: Studia i Prace Uniwersytetu Ekonomicznego w Krakowie
• Rocznik: 2009
• Numer: nr 7
• Strony: 85--93

Twórcy

autor

Grzegorz Strupczewski

• Uniwersytet Ekonomiczny w Krakowie

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