Financial innovations Involving the Greek Drachma

IMF Working Papers, January 1, 1997

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Financial innovations Involving the Greek Drachma

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Bibliographic details

• Authors: E. K. Gatzonas, Michael G. Papaioannou
• Published: January 1, 1997
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451843088.001

Summary

• During the last decade, a number of new financial instruments and derivative products related to the Greek drachma have emerged in local as well as international capital markets.
• The paper analyzes the characteristics of these financial instruments which are traded in organized exchanges and over-the-counter (OTC) markets, and evaluates the conditions under which they have evolved.
• Drawing from legislative and industry developments in the European Union (EU) and the United States, the paper examines the effects and implications of such developments for local markets and for the conduct of monetary and foreign exchange policies.
• The paper argues for the need for sound macroeconomic policies.

Analysis of financial instruments

• Focus on financial instruments and derivative products related to the Greek drachma traded in organized exchanges and over-the-counter (OTC) markets.
• Examination of characteristics of these instruments (derivative product, interest rate, foreign exchange) and their market behavior.
• Consideration of cross-currency and cross-market linkages, including references to deutsche mark and U.S. dollar in the context of these instruments.

Market evolution and conditions

• Evaluation of the conditions under which the drachma-related instruments evolved in local and international capital markets.
• Drawing on legislative and industry developments in the European Union (EU) and the United States to explain market changes.

Policy implications and recommendations

• Assessment of implications for the conduct of monetary and foreign exchange policies arising from the emergence of drachma-related financial innovations.
• Argues for the need for sound macroeconomic policies to manage risks and implications stemming from these financial innovations.

Publication and metadata

• Title: Financial innovations Involving the Greek Drachma
• Authors: E. K. Gatzonas, Michael G. Papaioannou
• Publication date: January 1, 1997
• Series: Working Paper No. 1997/014
• Issue: 014
• Volume: 1997
• Pages: 49
• DOI: https://doi.org/10.5089/9781451843088.001
• Stock No: WPIEA0141997
• ISBN: 9781451843088
• ISSN: 1018-5941
• Subjects: Banking, Capital markets, Derivative markets, Financial instruments, Stock markets
• Keywords: derivative product, deutsche mark, foreign exchange, interest rate, U.S. dollar, WP

IMF Working Paper by E. K. Gatzonas and Michael G. Papaioannou, January 1, 1997.

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