Abstract
Derivatives have become common instruments for a wide range of users, including financial institutions, companies that manage assets, corporations, hedge funds. These instruments allow for speculative, arbitrage and hedging operations, which defines them as useful instruments to stimulate the growth of the efficiency of financial markets and the real economy. In this article based on 21 macroeconomic and financial indexes of the USA by test of Granger’s relation of cause and effect have been investigated influences of the exchange market of derivatives on indicators of economic growth of the USA. In this article is used a large amount of statistical data of time series and variables of macroeconomic and financial indices. The results of a research have confirmed positive correlation and causality of indicators of economic growth from use of exchange derivatives in real economy. It is received for the studied period of 2000-2015 proofs that the exchange market of derivatives of the USA positively influences the economic. The results obtained during the study can be used to substantiate the necessary measures aimed on the development of the derivatives market in Ukraine.
Highlights
It was traditionally considered that the factors of the real economy ensured economic growth and the financial sector only serves the needs of the economy and its role as a growth factor is secondary
As results of a research positive testify and statistically considerable influence has the annual volume of amounts outstanding of financial derivatives on such indicators: Domestic credit to private sector by banks in lag 2 (F-statistics 12.163, p- value 0.0051***) and 4 (F-statistics 215.198, p- value 0.0046***) and Personal income in lag 1 (F-statistics 10.604, p- value 0.0076***) and 2 (F-statistics 10.058, p- value 0.0066***)
These instruments allow for speculative, arbitrage and hedging operations, which defines them as a useful instruments to stimulate the growth of the efficiency of financial markets and the real economy
Summary
It was traditionally considered that the factors of the real economy ensured economic growth and the financial sector only serves the needs of the economy and its role as a growth factor is secondary. The main sources of economic growth are technological progress, the accumulation of physical and human capitals and the financial sector was not considered an accelerator of economic growth. Merton (1992) in the theoretical research considered the economic functions of derivatives markets and considered that exceptional growth in derivatives markets in the world financial system has been the driving force economic efficiency and economic growth. In his view, derivatives can achieve effectiveness by expanding possibilities of transferring risk, reducing operating expanses and lowering the moral hazard associated with informational asymmetry in financial markets (Merton, 1995). The last researches confirm that interest in definition of correlation of derivatives market growth with economical growth remains relevant and necessary for making decisions on application of such financial instruments and development of financial engineering
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