'Financial Derivatives: The New Gold?

Authors

Michael Rafferty, University of WollongongFollow
Dick Bryan, University of Sydney

RIS ID

15284

Publication Details

Bryan, D. & Rafferty, M. (2006). ''Financial Derivatives: The New Gold?. Competition and Change: the journal of global political economy, 10 (3), 265-282.

Abstract

For many economists, the current period of globalized finance lacks an apparent material anchor such as gold once was. This paper contends that in an important way the anchoring function is currently undertaken by financial derivatives. These contracts are not just about risk management and speculation. Critically also, they are commensurating the values of different financial assests, including different currencies.