Good Derivatives. A Story of Financial and Environmental Innovation

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Through the eyes of an inventor of new markets, Good Derivatives: A Story of Financial and Environmental Innovation tells the story of how financial innovation – a concept that is misunderstood and under attack – has been a positive force in the last four decades

If properly designed and regulated, these “good derivatives” can open vast possibilities to address a variety of global problems

Filled with provocative ideas, fascinating stories, and valuable lessons, it will provide both an insightful interpretation of the last forty years in capital and environmental markets and a vision of world finance for the next forty years

As a young economist at the Chicago Board of Trade, Richard Sandor helped create interest rate futures, a development that revolutionized worldwide finance

Later, he pioneered the use of emissions trading to reduce acid rain, one of the most successful environmental programs ever

He will provide unique insights into the process of creating these new financial products

Covering successes and failures, the story describes the tireless process of inventing, educating and creating support for these new inventions in places like Chicago, New York, London, Paris and how it is unfolding today in Mumbai, Shanghai and Beijing

The book will tell the story of the creation of the Chicago Climate Exchange and its affiliated exchanges (European Climate Exchange, Chicago Climate Futures Exchange and Tianjin Climate Exchange, located in China)

The lessons learned in these markets can play a critical role in effectively addressing global climate change and other pressing environmental issues

The author argues that market-based trading systems are a far more effective means of reducing pollutants than “command-and-control”

Environmental markets may ultimately help to find solutions to issues such as rainforest destruction, water problems and biodiversity threats

Written in an engaging, narrative style, Good Derivatives will be of interest to both practitioners and general readers who want to better understand the creative process of financial innovation

In the middle of so much distrust of markets, it is also a recipe of how transparent, well-regulated markets can be a force for good in the environmental, health, and social areas

Форматы:
None
Автор:
Ronald Coase
Издатель:
John Wiley & Sons Limited