Derivatives in an emerging market: a study of Thailand
Abstract
The volatility of interest rate, currency,
stock and bond returns and commodity
prices have led firms and financial
institutions to implement hedging
techniques to manage their financial risks.
Financial derivatives are essential in
designing an effective hedging strategy.
They also represent an important source of
revenues for financial institutions and
speculators. This has led to an explosive
growth in the trading of derivative securities
and they represent trillions of dollars of
transactions. Futures and option are now
actively traded in many different exchanges.
Many other derivative contracts are traded
on the over-the-counter market. The
globalisation of financial markets has
enabled developing countries to get an
experience on the utilisation of these
techniques.
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