 Les marchés dérivés sont-ils dangereux ?Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL Abstract: Since the 1970s, the financial system has undergone deep structural changes. Innovation has been a key driver of those changes and most economists acknowledge that the impact has been positive overall. However, each time, when a financial crisis arises, the debate is on. Especially, derivatives are among the major innovations, but they cause concern. A first issue is about the impact of derivatives on the volatility of the underlying assets. But, empirical findings do not support any significant effect. Nonetheless, the sophistication of the derivatives markets and the concentration of risk are potential sources of instability because of the rise of uncertainty, the repeated occurrences of extreme losses and the possibility of systematic risk. Keywords: speculation; OTC markets; financial instability.; Derivatives; forwards; futures; Marchés dérivés; contrats à terme; options; spéculation déstabilisante; marchés de gré à gré; instabilité financière.; instabilité financière (search for similar items in EconPapers) Published in Revue Economique, 2009, 60 (1), pp.157-171. ⟨10.3917/reco.601.0157⟩ There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:halshs-00367999 Access Statistics for this paper More papers in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL |
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