Credit derivatives, for example, allow investors to separate the risk of default from other risks, such as interest-rate movements.

信贷衍生工具，例如，允许投资者通过在其它风险中分割违约风险，正如利率运作。

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Compare this to the failure of Lehman's unregulated credit default swaps and non-cleared interest rate swaps, which triggered chaos in the market because these contracts were not centrally cleared.

相比之下，雷曼未受监管的信贷违约互换和非清算利率互换合约则引发了市场的混乱，因为这些合约没有进行集中清算。

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The high interest rates charged by credit card companies are a result of a multitude of factors, but the greatest factor is the high default rate on these types of products.

信用卡公司收取高额利息率是多种因素共同作用的结果，其中最大的因素是信贷的高拖欠率。

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The decision by the Fed to offer emergency liquidity to Bear Stearns and to facilitate its acquisition by JPMorgan Chase had less to do with the size of Bear's balance-sheet than with its central role in markets for credit-default and interest-rate swaps.

ECONOMIST: Paradise lost

Credit derivatives have made it easier to separate the credit risk (the danger of default) of bonds from the interest rate risk.

ECONOMIST: The credit squeeze

To reduce interest-rate and default risk, Ms. Benz suggests sticking with intermediate-term muni-bond funds with a high percentage of their holdings in general-obligation bonds, which are repaid with tax revenue.

WSJ: Conquering Retirement: The Case for Muni Bonds