This is is an open question that basically entails finance and economic growth.
In order for a future market to provide a sound contribution to development first a healthy stocks/bonds/commodities market should exist.
Dear Edwin,
In case you are still interested in this question, I guess Bradut is right in that before considering the role of the futures market you might wish to check the degree of development in the uderlying assets' markets.
Indeed, should the underlying asset market have a sufficient degree of development, my guess would be that, provided all institutional guarantees for its proper functioning, the futures market could induce higher liquidity in the underlying asset market, promoting then financial development and growth.
In case it could be of help, you might wish to have a look to the references in a paper I coauthored some time ago, with Alicia Garcia-Herrero (2008): Finance for growth: does a balanced financial structure matter?. I think your idea could extend this paper futher.
Thank alot Lucia and Bradut for your contribution. I do agree with both of you because in many developing countries the degree of development of futures market is still in the infant stage and there are many bttlenecks that do exist and is what we have to look into for it to pick fully and enhance economic growth
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