Derivatives  and economic growth: Links and evidence. The impact of the financial derivatives on the real economy

Diego Lema; Martín Grandes

doi:10.24215/23143738e065

Autores

Diego Lema Facultad de Ciencias Económicas. Universidad de Buenos Aires. Argentina.
Martín Grandes Facultad de Ciencias Económicas. Universidad de Buenos Aires. Argentina.

DOI:

https://doi.org/10.24215/23143738e065

Palavras-chave:

derivatives, developed markets, economic growth, emerging markets

Resumo

This paper studies the links between the development of derivative markets and economic growth. By acknowledging the shortness of samples hindering any robust econometric analysis, it sets out and empirically checks those links, adopting statistical correlation techniques. It uses developed and emerging economy data over the most extensive period possible and tests for the presence of a structural break after the 2008-2009 crisis. The general result is that derivatives are positively correlated with economic growth, in particular, through the investment and international trade links. Another general result is that there is a concave relationship between growth and derivatives in the case of developed countries.

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Biografia do Autor

Diego Lema, Facultad de Ciencias Económicas. Universidad de Buenos Aires. Argentina.

Economista y profesional de las finanzas con más de once años de experiencia en análisis de riesgo y el manejo de derivados financieros. Egresado de la Universidad de Buenos Aires, cuenta con una larga trayectoria en la industria financiera, desempeñándose en áreas como Risk Management, Franchise Risk Architecture y Risk Analytics. Actualmente reside en Tampa, Florida, donde lidera un equipo de analistas de riesgo dentro del área de Quantitative Risk and Stress Testing.

Martín Grandes, Facultad de Ciencias Económicas. Universidad de Buenos Aires. Argentina.

Doctor en Economía por la Ecole des Hautes Etudes en Sciences Sociales de Paris, Investigador del CONICET y Profesor Adjunto Regular en la UBA y -Titular en universidades de Argentina y del exterior. Recibió numerosas distinciones y becas, incluyendo el premio senior de la Comisión Fulbright o el Subsidio de retorno al país del programa de repatriación de científicos del exterior, Raíces. Entre sus temas de investigación están el crecimiento económico y su relación con la inclusión y desarrollo financiero, y la economía en negro incluyendo la corrupción.

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