Le banche italiane e i derivati. Un’analisi empirica sulle determinanti, le finalità e gli effetti su rischi e redditività

Pietro Gottardo ()
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Pietro Gottardo: Università di Pavia

Rivista di Politica Economica, 2002, vol. 92, issue 4, 93-130

Abstract: This paper examines the use of derivatives by Italian banks. Descriptive statistics show a rapid growth in the use of derivatives for hedging and trading in particular for the largest institutions. We focused our analysis on the relationship between derivatives, on-balance risks and profitability. The size of derivatives positions is positively related to exposure to exchange-rate and liquidity risks. Nevertheless this should not be a concern for bank supervisors as the growth only refers to derivatives held for hedging purposes, while we do not find evidence of speculative behaviours as the on-balance sheet portfolio risks increase. The effect of derivatives use on profitability seems to be quite small.

JEL-codes: G21 G30 (search for similar items in EconPapers)
Date: 2002
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