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Hedging in derivatives markets: the experience of Chile

Fernando Avalos () and Ramon Moreno

BIS Quarterly Review, 2013

Abstract: Prior to the onset of the 2008 financial crisis, domestic FX derivatives markets in Chile had gained depth and liquidity, boosted by the growing hedging needs of private pension funds. During the crisis, Chile suffered significantly less stress than other EMEs, within Latin America and outside. We present evidence suggesting that this was related to the liquidity and resilience of its FX derivatives markets.

JEL-codes: E44 F31 G23 (search for similar items in EconPapers)
Date: 2013
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