Derivatives and Development: A Political Economy of Global by Sasha Breger Bush
By Sasha Breger Bush
Breger Bush argues that derivatives markets paintings within the improvement context as engines of inequality and instability, worrying poverty between these they're speculated to support and highlighting many of the risks of neoliberal globalization for the negative.
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Additional resources for Derivatives and Development: A Political Economy of Global Finance, Farming, and Poverty
Sample text
55 Revolutions in computing power and capability partly explain how technical analysis has become popular among financial market analysts. Melamed comments: Computers, no longer acting within the structure of their classical capability, have gained artificial intelligence and assumed a significant role in directing the actions of the traders themselves. Hugely successful proprietary trading enterprises have sprung up in all parts of the globe with jealously guarded algorithms (trading programs) that have achieved a new generation of analytics.
E. relative to the mega financial centers of the North). Writing for the IMF, Adelegan concludes that more derivatives exchanges in sub-Saharan Africa (SSA) are desirable: “Despite these current weaknesses [global financial crisis and lax regulation], the advantages of derivatives markets should not be discounted. The main benefit of derivatives markets in SSA countries would be to enable them to self-insure against the volatility of capital flows. ”57 Please note that the IMF here is supporting various types of derivatives markets, financial and commodity derivatives, with the commodities markets justified on the basis that they can help local players manage seasonal price risks.
The markets not only facilitate the gambling but also sum up the wagers of all individual traders such that future economic risks can be priced. Future prices represent the market’s collective wisdom on the probabilities and likely impact of future economic changes. ) These prices are in turn the basis upon which subsequent bets are made. Illustrating the relationship between such “price discovery,” hedging, and speculation, Bryan and Rafferty note, “If you could precisely estimate the price of risk .