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Derivatives Usage By Non-Financial Firms In Emerging Markets: The Peruvian Case

Author

Listed:
  • Martin, Miguel Ángel

    (Universidad ESAN (Perú))

Abstract

Financial derivatives markets have reached a remarkable development in recent years, but this pattern has not attained the same strength in developing countries. In consequence, an important question arises: what is the development degree of financial derivatives markets in emerging countries and which variables influence the use of derivatives in the top companies? To analyze this topic, Peru has been chosen as a reference and the Non-Financial Firms as well. In order to enhance objectivity, an empirical study has been conducted through a structured survey directed to chief financial managers of companies classified among the TOP 1000 in the country. This information was collected in order to explain the effect of the determinants that influence the development of financial derivatives in Peru. The results show that the use of derivatives in Peru is low and the relevant factors affecting its development are the degree of training in derivatives and the market regulation. This outcome suggests that there should be patterns of behaviour for market agents and government entities to promote the use of derivatives, as well as provide information for future research that might contribute to establish the most adequate mechanisms for market-development purposes.

Suggested Citation

  • Martin, Miguel Ángel, 2009. "Derivatives Usage By Non-Financial Firms In Emerging Markets: The Peruvian Case," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 14(27), pages 73-86.
    • Handle: RePEc:ris:joefas:0012
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    Citations

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    Cited by:

    1. Emira Kozarevic & Meldina Kokorovic Jukan & Beriz Civic, 2014. "The Use of Financial Derivatives in Emerging Market Economies: An Empirical Evidence from Bosnia and Herzegovina's Non-Financial Firms," Research in World Economy, Research in World Economy, Sciedu Press, vol. 5(1), pages 39-48, March.
    2. Viviana Alejandra Alfonso Corredor, 2018. "El uso de forwards peso dólar en las empresas colombianas del sector real," Borradores de Economia 1058, Banco de la Republica de Colombia.
    3. Paweł Ożga, 2012. "Instrumenty pochodne w spółkach notowanych na Giełdzie Papierów Wartościowych w Warszawie," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 4, pages 127-151.
    4. Behrouz LariSemnani & Reihaneh Benesloo, 2015. "Ranking of Hedging Tools from the Perspective of Tehran Stock Exchange Investors," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(7), pages 926-940, July.

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