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Innovaciones financieras en América Latina: mercados de derivados y determinantes de la administración de riesgo

Ibañez, Francisco and Romero-Meza, Rafael and Coronado-Ramírez, Semei and Venegas-Martínez, Francisco (2015): Innovaciones financieras en América Latina: mercados de derivados y determinantes de la administración de riesgo.

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Abstract

This paper is aimed at examining the theoretical determinants and empirical evidence on the use of derivatives in Latin America for risk management. The contingent claims, the development of their market, and their use, is undoubtedly one of the most powerful financial innovations available to individuals and businesses. It is shown that though Latin American firms use derivatives, there is a lack of research to understand its determinants. The causes and incentives for the development of the Chilean derivatives market are investigated, concluding that its development could not take off in exchanges; however, the OTC market has shown a healthy development. Finally, goals and challenges for Latin American countries are stated and potential research ideas to fill the gap on empirical aspects of risk management in these economies are proposed.

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