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Codes of FinanceEngineering Derivatives in a Global Bank$
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Vincent Antonin Lépinay

Print publication date: 2011

Print ISBN-13: 9780691151502

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691151502.001.0001

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What Good Are Derivatives?

What Good Are Derivatives?

Chapter:
(p.222) Conclusion What Good Are Derivatives?
Source:
Codes of Finance
Author(s):

Vincent Antonin Lépinay

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691151502.003.0010

This concluding chapter addresses the underlying economic question raised by derivation. Capital guarantee products (CGPs) can be described as combinations of existing securities; as such, their value is derived from existing values—a perfect example of economic derivation. The quest for foundations and origins that has driven economic theorists, as well as their critics, for the past three centuries prevents one from fully understanding this regime of derivation. The chapter provides a timely question in view of the most recent financial crisis: the question of setting the criteria for good and bad cascades at a time when economists have lost the hope of assigning a site to value creation, and must now live with long cascades of derivation.

Keywords:   derivation, CGPs, securities, economic theorists, financial crisis, value creation

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