Abstract
This article describes the primary uses of the VIX index in the financial literature, offering for the first time a joint view of its successes and failures in key financial areas. VIX is a model-free volatility index that measures the investor fear gauge due to its significant and negative relationship with S\P (2) a market risk measure used to analyze risk flows from financial markets and to relate private and public risks; and (3) a volatility measure to estimate the spot volatility dynamics, the volatility risk premium and volatility jumps. This survey offers an entre for researchers who consider VIX as a proxy for volatility and/or risk.
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