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Adapting with Derivatives

In: The Real Oil Shock

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  • Ryan C. Smith

Abstract

The transformation of the global monetary and lending environments created a new series of challenges for banks. On one hand, the dramatically increased liquidity entering markets ensured a stable flow of capital for bankers. On the other, this was a newly unstable environment. The previous hegemony of Bretton Woods system, dollars, and gold was thoroughly shattered by the Nixon Shock and the Oil Embargo laid bare the extent to which the North American, Western European, and Japanese industrial cores depended on commodities extracted in mid-peripheral states like OPEC’s members. These twin challenges created new risks for bankers who sought new assurances as a hedge in unstable times.

Suggested Citation

  • Ryan C. Smith, 2022. "Adapting with Derivatives," Springer Books, in: The Real Oil Shock, chapter 0, pages 137-167, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-07131-7_8
    DOI: 10.1007/978-3-031-07131-7_8
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