Estudio para la aplicación de derivados financieros en el sector arrocero ecuatoriano como método de reducción de riesgo.

Abstract

The present research seeks to determine the viability of implementing the use of financial derivatives within the Ecuadorian rice industry as a risk mitigation method. The research will be carried out through a price evolution analysis during the last six years and by applying the Black and Scholes Model. It was decided to divide the work into five chapters, in which the initially established specific objectives for the investigation will be solved. From the methodological perspective, the study was defined as an exploratory investigation due to the limited information found about the topic, especially on the derivatives market in Ecuador. The current situation of the rice market was also described in order to obtain more information on the problem that has affected this sector in recent years. Likewise, an analysis on the fluctuations of national and international prices was carried out with the sole purpose of establishing the variables of the Black and Scholes Model to determine the cost or premium value to which the producer would have to incur in order to enter the financial derivatives market. As a result of the application of the Black and Scholes Model, it was determined that, for a single producer, and given the conditions of the rice sector, the use of financial derivatives is not convenient, mainly because the price the producer has to pay for the premium represents a very high cost value compared to the profit margin obtained by the producers.