Financial innovations Involving the Greek Drachma

By E. K. Gatzonas, Michael G. Papaioannou

January 1, 1997

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E. K. Gatzonas, and Michael G. Papaioannou Financial innovations Involving the Greek Drachma, (USA: International Monetary Fund, 1997) accessed November 8, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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 also examines the effects and implications of such developments for local markets and for the conduct of monetary and foreign exchange policies and argues for the need for sound macroeconomic policies.

Subject: Banking, Capital markets, Derivative markets, Financial instruments, Stock markets

Keywords: Derivative product, Deutsche mark, Foreign exchange, Interest rate, U.S. dollar, WP

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/014
Stock No:

WPIEA0141997
ISBN:

9781451843088
ISSN:

1018-5941

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