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Through a long-period analysis of the inter-temporal relations between theFrench markets for credit default swaps (CDS), shares and bonds between 2001and 2008, this article shows how a financial innovation like CDS could heightenfinancial instability. After describing the operating principles of creditderivatives in general and CDS in particular, we construct two difference VARmodels on the series: the share return rates, the variation in bond spreads andthe variation in CDS spreads for thirteen French companies, with the aim ofbringing to light the relations between these three markets. According to thesemodels, there is indeed an interdependence between the French share, CDS andbond markets, with a strong influence of the share market on the other two.This interdependence increases during periods of tension on the markets(2001-2002, and since the summer of 2007).

Credit derivatives: instruments of hedging and factors of instability. The example of ?Credit Default Swaps? on French reference entities