Los derivados financieros durante la crisis de Covid-19 (Financial Derivatives During the COVID-19 Health Crisis)

Abstract

The English version of this paper can be found at http://ssrn.com/abstract=3858991

Spanish Abstract: En el último año, el aumento del uso de instrumentos derivados, aunado a las importantes pérdidas que han reportado empresas e instituciones financieras, han hecho saltar las alarmas sobre el uso apropiado de este tipo de producto. Se supone que estos instrumentos reducen los riesgos financieros, pero paradójicamente se les acusa de propiciar nuevos riesgos. Pero, ¿son los derivados culpables de estas pérdidas o lo es su uso indebido? Como tal, urge una mayor comprensión de los productos derivados y sus riesgos implícitos ante eventuales disrupciones en el mercado.

English Abstract: During the last years, there has been an increase in the use of derivative instruments, in addition to significant losses reported by companies and financial institutions, putting the appropriate use of this type of product in the spotlight. These instruments supposedly reduce financial risks, but, paradoxically, they are accused of producing new risks. However, are the derivatives themselves or their misuse to blame for these losses? As such, a greater understanding of derivative products and their implicit risks in market disruption events is urgently required.

Note: Downloadable document is in Spanish.

Keywords: Emerging Markets, Derivative Products, Risk Management, COVID-19, COVID-19 Pandemic

JEL Classification: C10, C13, G20, G28