000			01264cam a2200157 4500500
005			20250121113816.0
041			_afre
042			_adc
100	1	0	_aCapelle-Blancard, Gunther _eauthor
245	0	0	_aDerivatives: Are They Dangerous?
260			_c2009.
500			_a2
520			_aSince 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. Classification JEL: A1, D8, G1.
786	0		_nRevue économique | 60 | 1 | 2009-02-23 | p. 157-171 | 0035-2764
856	4	1	_uhttps://shs.cairn.info/journal-revue-economique-2009-1-page-157?lang=en&redirect-ssocas=7080
999			_c545717 _d545717