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Les marchés dérivés sont-ils dangereux ?

Author

Listed:
  • Gunther Capelle-Blancard

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

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.

Suggested Citation

  • Gunther Capelle-Blancard, 2009. "Les marchés dérivés sont-ils dangereux ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00367999, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00367999
    DOI: 10.3917/reco.601.0157
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    Cited by:

    1. Pradier Pierre-Charles M., 2011. "Administering Systemic Risk vs. Administering Justice: What Can We Do Now that We Have Agreed to Pay Differences?," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 1(1), pages 1-6, January.

    More about this item

    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;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • G1 - Financial Economics - - General Financial Markets

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