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Derivados y Crecimiento Económico: Nexos y Evidencia. El impacto de los derivados financieros en la economía real

Author

Listed:
  • Diego Lema

    (Facultad de Ciencias Económicas. Universidad de Buenos Aires. Argentina.)

  • Martin Grandes

    (Facultad de Ciencias Económicas. Universidad de Buenos Aires. Argentina.)

Abstract

This paper studies the links between the development of derivative markets and economic growth. By acknowledging the shortness of samples hindering any robust econometric analysis, it sets out and empirically checks those links, adopting statistical correlation techniques. It uses developed and emerging economy data over the most extensive period possible and tests for the presence of a structural break after the 2008-2009 crisis. The general result is that derivatives are positively correlated with economic growth, in particular, through the investment and international trade links. Another general result is that there is a concave relationship between growth and derivatives in the case of developed countries.

Suggested Citation

  • Diego Lema & Martin Grandes, 2020. "Derivados y Crecimiento Económico: Nexos y Evidencia. El impacto de los derivados financieros en la economía real," Revista Ciencias Administrativas (CADM), IIA, Universidad Nacional de La Plata, Instituto de Investigaciones Administrativas, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, issue 16, pages 45-58, July-Dece.
    • Handle: RePEc:lap:recadm:126
    DOI: 10.24215/23143738e065
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    File URL: https://revistas.unlp.edu.ar/CADM/article/view/7525
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    More about this item

    Keywords

    derivatives; developed markets; economic growth; emerging markets.;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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