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Innovaciones financieras en América Latina:Mercado de Derivados y Determinates de la Administración de Riesgo

Author

Listed:
  • Ibañéz, Francisco

    () (Banco Central de Chile)

  • Romero-Meza, Rafael

    () (PKF Chile Finanzas Corporativas)

  • Coronado-Ramírez, Semei

    () (Universidad de Guadalajara)

  • Venegas-Martínez, Francisco

    () (Escuela Superior de Economía del Institut Politécnico Nacional)

Abstract

El presente estudio examina los determinantes teóricos y la evidencia empírica sobre el uso de instrumentos derivados en América Latina para la gestión de riesgo. Los instrumentos derivados, el desarrollo de sus mercados, así como su uso es sin duda una de las más potentes innovaciones financieras disponibles para personas y empresas. Se muestra que si bien las firmas latinoamericanas usan derivados, hay una carencia de investigación que no permite entender sus determinantes. Se indaga sobre las causas e incentivos del desarrollo del mercado chileno de derivados, concluyéndose que su desarrollo no ha podido despegar en bolsa; no obstante, el mercado OTC ha mostrado un sano desarrollo. Por último se plantean metas y desafíos para países latinoamericanos y se proponen posibles ideas de investigación para llenar el vacío existente sobre aspectos empíricos de la gestión de riesgo en estas economías. / This paper is aimed at examining the theoretical determinants and empirical evidence on the use of derivatives in Latin America for risk management. The contingent claims, the development of their market, and their use, is undoubtedly one of the most powerful financial innovations available to individuals and businesses. It is shown that though Latin American firms use derivatives, there is a lack of research to understand its determinants. The causes and incentives for the development of the Chilean derivatives market are investigated, concluding that its development could not take off in exchanges; however, the OTC market has shown a healthy development. Finally, goals and challenges for Latin American countries are stated and potential research ideas to fill the gap on empirical aspects of risk management in these economies are proposed.

Suggested Citation

  • Ibañéz, Francisco & Romero-Meza, Rafael & Coronado-Ramírez, Semei & Venegas-Martínez, Francisco, 2016. "Innovaciones financieras en América Latina:Mercado de Derivados y Determinates de la Administración de Riesgo," Panorama Económico, Escuela Superior de Economía, Instituto Politécnico Nacional, vol. 0(22), pages 7-38, Primer se.
  • Handle: RePEc:ipn:panora:v:xi:y:2016:i:22:p:7-38
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    References listed on IDEAS

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    More about this item

    Keywords

    innovaciones financieras; derivados; gestión de riesgo; América Latina. / financial innovations derivatives; risk management; Latin America.;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • N26 - Economic History - - Financial Markets and Institutions - - - Latin America; Caribbean
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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