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.

中文翻译：

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房地产衍生品的 30 年视角：如何控制房地产价格风险？

房地产行业是世界上最大的现货市场，没有成熟的衍生品合约来满足市场参与者的风险管理需求。本文描述了美国和世界范围内房地产衍生品在更广泛的经济背景下的演变。我们回顾了文献中提出的各种经济论点，以突出这些金融工具对社会的优势。本文还对阻碍基于房地产价格（尤其是房价）的房地产衍生品发展的主要障碍以及如何克服这些困难提出了批判性观点。所讨论的问题可以作为设计能够对冲在金融危机中一次又一次出现的房地产风险的房地产衍生品的指南。