PUBLICACIONES

Desarollo del Mercado de Derivados Cambiarios

J. Internacional: Desarollo del Mercado de Derivados Cambiarios

JORGE SELAIVE C., LUIS AHUMADA.

2007 - Revista de Análisis Económico - Vol. 22, N° 1, pp 35 - 58

Abstract

This article develops an international comparison, characterization and econometric evaluation about the development of Chilean FX derivatives market using a unique database of exchange rate operations performed by residents against domestic and international counterparts. The level of activity of the Chilean spot exchange rate market as well as its transaction costs are similar to those in more advanced economies, and a level of exchange rate derivative market above other emerging economies, yet at a significant distance from developed economies. Also, the article reports a growing number of foreign counterparts and a maturity of derivatives contracts slightly above the world average. From the cross country level regressions, it is worth mentioning the positive role of flexible exchange rate regimes as well as the negative effect of international reserve accumulation on the development of the exchange rate market. It is shown that the Chilean FX activity converges to the levels suggested by the estimation, according to the fundamentals of the economy. Nonetheless, it states at a significant distance from countries like Australia, New Zealand, and Canada.

Keywords

Derivatives, Market

¿Quieres seguir leyendo? [Accede a la publicación completa]

La transformación digital que viene

Cristián Maulén, Director del Observatorio de Sociedad Digital del Departamento de Administración de la Facultad de Economía y Negocios de la Universidad de Chile. ...

Los desafíos de la energía asequible no contaminante

Según el Informe de Sostenibilidad, “Chile y sus regiones, 2015”, del Observatorio de Sostenibilidad de la Facultad de Economía y Negocios de la Universidad de Chile (FEN)...

Todos los Derechos © 2014 | Departamento de Administración - Facultad de Economía y Negocios - Universidad de Chile - Diagonal Paraguay 257, torre 26, oficina 1101, piso 11, Santiago, Chile.