Koristi i rizici upotrebe derivativnih hartija od vrednosti

Abstract

U radu se razmatraju ekonomske koristi u vezi sa emisijom i trgovinom derivativnim hartijama od vrednosti. U vezi sa rizikom koji nose, ove hartije olakšavaju pribavljanje informacija u slučaju postojanja frikcija i nepotpunosti tržišta. Na osnovu poređenja koristi i rizika predložene su moguće politike i akcije koje treba preduzeti da bi se obezbedilo aktivno korišćenje derivativnih hartija bez ugrožavanja stabilnosti finansijskog sistema.

In this paper we discuss the economic benefits associated with the issuance and trading of derivative instruments. In addition to their risk sharing properties, they facilitate information gathering in the presence of frictions and market incompleteness. These benefits are then contrasted with the risks stemming from derivatives' trading activities. This allows us to propose the main policies and actions that the financial community should pursue in order to guarantee that the richness of the economic functions provided by derivative products by actively used without threatening the stability of the financial system.