Making the Financial Markets Safe  

Oleh:

Champion, David

Jenis: Article from Bulletin/Magazine - ilmiah internasional
Dalam koleksi: Harvard Business Review bisa di lihat di link (http://web.b.ebscohost.com/ehost/command/detail?sid=f227f0b4-7315-44a4-a7f7-a7cd8cbad80b%40sessionmgr114&vid=12&hid=105&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&jid=HBR) vol. 87 no. 10 (Oct. 2009), page 84.
Topik: Risk Management; Financial Market; Global Financial Crisis; Innovation

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: HH10.39 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Any discussion about the financial crisis and risk management involves some theorizing about derivatives. Who better to cast light on the subject than one of the architects of modern risk management, Robert C. Merton, a Harvard Business School professor and a winner of the 1997 Nobel Prize in economics. Merton’s Nobel was awarded in recognition of his role in developing a new method for valuing derivatives. Since the method’s publication, in 1973, the markets in derivatives have exploded, and today the notional value of outstanding contracts is estimated to exceed $500 trillion. The following interview is an edited version of recent conversations between Professor Merton and HBR senior editor David Champion. Many people believe that financial innovation, particularly derivatives, caused the global financial crisis. Do you agree? No. Derivatives are ubiquitous in the financial system, and thus will be part of any crisis, but the instruments themselves cannot be its cause. They are simply tools that can be used either functionally, to reduce risk, or dysfunctionally, in ways that increase risk without offsetting benefits.

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