Öneri Dergisi 1300-0845 2147-5377 Marmara Üniversitesi 10.14783/maruoneri.1194979 THE RELATIONSHIP BETWEEN CDS AND BOND SPREADS: LITERATURE DISCUSSION FROM A BIBLIOMETRIC PERSPECTIVE CDS VE TAHVİL MARJLARI İLİŞKİSİ: BİBLİYOMETRİK BİR BAKIŞ AÇISINDAN LİTERATÜR ARAŞTIRMASI https://orcid.org/0000-0001-6485-4388 Bank Semra KARADENİZ TEKNİK ÜNİVERSİTESİ https://orcid.org/0000-0002-8656-8873 Kahraman Elif KARADENİZ TEKNİK ÜNİVERSİTESİ 01 31 2023 18 59 15 39 10 26 2022 11 08 2022 Copyright © 1994, Öneri Dergisi 1994 Öneri Dergisi

The importance of CDS and bond markets in terms of pricing of credit risk has led to the emergence of many studies on the equilibrium relationship between the two markets in the relevant literature. Although initial studies have suggested that there is mostly a long-term equilibrium relationship between both market basis, recent studies may reveal that there may be both short-term and long-term deviations from the equilibrium under the influence of different factors, that the lead-lag relationships in price discovery of relevant markets may differ, or that there may not be an equilibrium relationship between the markets. This study deals with the studies on the relationship between CDS and bond basis with a bibliometric approach due to the conflicting findings of the related literature and presents a comparative evaluation of these studies.

CDS ve tahvil piyasalarının kredi riskinin fiyatlandırması açısından taşıdığı önem ilgili literatürde iki piyasa arasındaki denge ilişkisine yönelik çok sayıda çalışmanın ortaya çıkmasına yol açmıştır. İlk çalışmalar her iki piyasa marjları arasında çoğunlukla uzun vadeli denge ilişkisinin olduğunu ortaya koysa da, yakın zamanlı çalışmalar farklı faktörlerin etkisi altında dengeden gerek kısa gerekse uzun vadeli sapmalar olabileceğini, ilgili piyasaların fiyat keşfindeki öncül-ardıl ilişkilerinin farklılaşabileceğini veya piyasalar arasında bir denge ilişkisinin mevcut olmayabileceğini ortaya koymuştur. Bu çalışma, ilgili literatürün çelişkili bulguları itibariyle CDS ve tahvil marjları ilişkisine yönelik olan çalışmaları bibliyometrik bir yaklaşımla ele almakta ve bu çalışmalara ilişkin karşılaştırmalı bir değerlendirme sunmaktadır

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