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Monetary review - 4th Quarter 2001
Contents
- Credit Derivatives – Possible Implications for Financial Stability
Suzanne Hyldahl, Financial Markets
Recent years have seen strong growth in the global market for credit derivatives, i.e. instruments that facilitate credit risk
management by e.g. the banks. Wider use of credit derivatives may initially enhance financial stability, but there are also
certain drawbacks.
- Turnover in the Foreign-Exchange and Derivatives Markets in April 2001
Tina Christoffersen and Martin Seneca, Statistics
Turnover in the Danish foreign-exchange market has declined since 1998, according to the Danish part of an international survey. One explanation may be the introduction of the euro. This pattern is also reflected in global trends. Turnover of financial derivatives has increased during the same period.
- Gridlock Resolution in Payment Systems
Morten Linnemann Bech, Payment Systems, and Kimmo Soramäki, Bank of Finland
The concept of gridlock in payment systems is described. When payments are settled individually in real time, the order of payments can be important to avoiding gridlocks. A gridlock resolution mechanism implemented in connection with KRONOS is described. It is sought to quantify this effect via simulation runs with data from Denmark and Finland.
- Argentina's Crises
Morten Roed Sørensen, International Relations
At the beginning of the 20th century Argentina was one of the world's richest nations. Since then, it has experienced a
significant relative economic decline. The article reviews Argentina's unusual economic history with a rapid succession of
crises throughout most of the 20th century; and most recently, the current recession that has lasted for more than 3
years.
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