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The economic benefits and risks of derivative securities

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Author Info
Keith Sill

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Abstract

Certain events have raised concern about the risks associated with derivatives trading--witness Orange County, California or Procter & Gamble, both of which lost large sums of money using derivatives. However, the popular discussion often loses track of the benefits derivatives hold for firms, investors, and the economy as a whole. Have derivatives received a bum rap? Keith Sill admits that derivatives have risks, especially to the uninitiated, but they also have a great deal of value for the economy as well

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Publisher Info
Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

Volume (Year): (1997)
Issue (Month): Jan ()
Pages: 15-26
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Handle: RePEc:fip:fedpbr:y:1997:i:jan:p:15-26

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Related research
Keywords: Derivative securities;

References listed on IDEAS
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  1. Gregory Hopper, 1995. "A primer on currency derivatives," Business Review, Federal Reserve Bank of Philadelphia, issue May, pages 3-14. [Downloadable!]
  2. Ross, Stephen A, 1976. "Options and Efficiency," The Quarterly Journal of Economics, MIT Press, vol. 90(1), pages 75-89, February. [Downloadable!] (restricted)
  3. Allen, Franklin & Gale, Douglas, 1991. "Arbitrage, Short Sales, and Financial Innovation," Econometrica, Econometric Society, vol. 59(4), pages 1041-68, July. [Downloadable!] (restricted)
    Other versions:
  4. Detemple, J.B. & Jorion, P., 1989. "Option Listing And Stock Returns," Papers fb-_89-13, Columbia - Graduate School of Business.
  5. Anatoli Kuprianov, 1995. "Derivatives debacles: case studies of large losses in derivatives markets," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-39. [Downloadable!]
  6. Grossman, Sanford J, 1988. "An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies," Journal of Business, University of Chicago Press, vol. 61(3), pages 275-98, July. [Downloadable!] (restricted)
    Other versions:
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This page was last updated on 2009-12-12.

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