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

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  • Pietro Gottardo

    (Università di Pavia)

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.

Suggested Citation

  • Pietro Gottardo, 2002. "Le banche italiane e i derivati. Un’analisi empirica sulle determinanti, le finalità e gli effetti su rischi e redditività," Rivista di Politica Economica, SIPI Spa, vol. 92(4), pages 93-130, July-Augu.
    • Handle: RePEc:rpo:ripoec:v:92:y:2002:i:4:p:93-130
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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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