چکیده:
مشتقات قابل معامله در بورس که شامل آتی ها و اختیارات می باشد از موثرترین ابزارهای مالی برای سیاست های پوشش ریسک در بازارهای مالی است. این ابزارها که با هدف مدیریت ریسک ناشی از نوسانات نامطلوب قیمت در بازارهای واقعی ایجاد شده است برای سفته بازی نیز به کار گرفته می شود. در این مقاله، پس از مروری مختصر بر ماهیت این ابزارها، نشان داده ایم که به کارگیری مشتقات که اساسا از نوآوری های پیشرفته در مطالعات مالی است در عمل می تواند به شدت پرخطر و پیچیده باشد، بنابراین همواره به عنوان تهدیدی برای ثبات مالی بین المللی مورد توجه بوده است. علی رغم پیش فرض اقتصاددانان مالی که نوآوری، موتور محرکه رشد و انرژی بنیادین نظام سرمایه داری است، چنین نتیجه گیری کرده ایم که کاربرد گسترده مشتقات در خلال دو دهه گذشته، به همراه استراتژی های پیچیده برای پوشش ریسک و سفته بازی که می تواند توسط سرمایه گذاران مالی مورد سوء استفاده قرار گیرد، یکی از دلایل اصلی شکست سازوکار بازار است که در پی بحران مالی 2008 و پیامدهای آن آشکار شد. تاثیر تنظیمات مالی، پرسشی چالش برانگیز است که طبعا در این نوشتار مطرح می شود.
Exchange-traded derivatives، i.e.، futures and options are the most powerful financial instruments in financial markets for hedging policies aimed at managing the price risks which are originated in physical markets as well as for speculative strategies. After a brief reference to the nature of these instruments، we have shown in this paper that derivatives، which are basically advanced innovations in financial studies، can be extremely risky and complex in practice، hence may be considered as a constant threat to international financial stability. Despite the presupposition of financial economists that innovation is the engine of growth and “capitalism’s foundational energy”، we have concluded that the widespread application of derivatives during the past two decades together with the complexities of hedging and speculation strategies، which can be misused by financial investors، can be considered as one of the main causes of the failure in market discipline mechanism which manifested in the financial crisis of 2008 and its aftermath. The effectiveness of financial regulation is a challenging question which naturally arises in this context.
خلاصه ماشینی:
"More importantly, when it was widely publicized that trading derivatives on mortgage-back securities (MBS) in the US housing market was partly responsible for September 2008 credit crash leading to financial and economic crisis world-wide, the community of economists and financial experts looked more carefully on the role of derivatives in the future course of development in corporate capitalism.
However, the reported massive derivatives-related losses and the wide spread debates on the risky nature of derivatives trading have triggered serious concerns on the destabilizing character of these strong and powerful financial instruments: possible exposure of unique and excessive risks to firms, investors, and even the overall functioning of financial markets at regional and international levels.
It should be mentioned however that the general support of the use of derivatives as strong and efficient instruments in risk management as well as being able to create profit was responsible for the dramatic growth of derivatives transactions which yielded substantial benefits to corporations, government entities and financial institutions world- wide.
(See Group of Thirty, 1997) Despite a number of warnings on the risk creating character of derivatives trading and the strong recommendations on the necessity of regulating the exchange and OTC traded derivatives, the dramatic growth in the use of derivatives by public and private financial institutions and investors world-wide, continued with little or no effective supervisions."