金融スワップ取引の構造 : その概念と機能をめぐって

概要

論文の詳細を見る
In recent years financial liberalization has progressed steadily, fostering many new financial products and their 'derivatives' - financial futures, options and swaps - which are now commonly found on (and off) investors' balance sheets. The reason for developing these derivatives is the appearance of many new risks affecting both assets and liabilities. For example, the introduction of floating exchange rates has created risks arising from exchange rate fluctuations. Globalization of financial transactions has brought credit and country risks. Liberalization of interest rates has led to risks resulting from interest-rate shifts. The volume and types of swaps have rapidly expanded. This article makes clear the functions and mechanisms of swaps as tools for: (1) hedging risks, (2) obtaining returns through arbitrage, and (3) widening financial transactions. It gives a concise definition of swaps, criticizing the most common views, as being the exchange of advance commitments for the payment or acceptance of cash - flows of principal and interest.
日本福祉大学の論文
1992-01-31