As I said already, increased financial market participation has set a new secular trend toward a lower price of risk sustained by long-term financial deepening. Financial deepening, in turn, has initially responded to a real demand for a more efficient sharing of risk.
More effective risk sharing has meant better mechanisms through which producers and ultimate savers can hedge open positions arising from their real transactions. As a side-effect, this process – generalised to a wide range of markets – has brought sustained capital gains to an expanding number of beneficiaries. This, in turn, has improved incomes and the economic outlook.