A 30-Year Perspective on Property Derivatives: What Can Be Done to Tame Property Price Risk?
回顾美国及全球房地产衍生品三十年演变，分析其发展障碍（如房价指数问题）并提出改进方向，对关注房地产风险对冲的金融从业者和研究者有参考价值。
The housing sector is the largest spot market in the world without a developed derivative contract to serve the risk management needs of market participants. This paper describes the evolution within a wider economic context of property derivatives in the United States and worldwide. We review various economic arguments presented in the literature to highlight the advantages of these financial instruments to society. The paper also provides a critical perspective on the principal obstacles hindering the development of property derivatives based on real estate prices—especially housing prices—and what can be done to overcome these difficulties. The issues discussed can serve as a guide for designing property derivatives capable of hedging real estate risk that has resurfaced time and time again in financial crises.