Futures Trading and the Welfare Evaluation of Commodity Price Stabilization
Author | : C. L. Gilbert |
Publisher | : |
Total Pages | : 66 |
Release | : 1985 |
Genre | : Commodity exchanges |
ISBN | : |
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Author | : C. L. Gilbert |
Publisher | : |
Total Pages | : 66 |
Release | : 1985 |
Genre | : Commodity exchanges |
ISBN | : |
Author | : David M. G. Newbery |
Publisher | : Oxford University Press, USA |
Total Pages | : 486 |
Release | : 1981 |
Genre | : Business & Economics |
ISBN | : |
Fundamentals: supply and demand under risk; Market equilibrium; Price stabilization with no supply response; Supply responses to stabilization; Microeconomic repercussions; Economic considerations.
Author | : Robert B. Campbell |
Publisher | : |
Total Pages | : 52 |
Release | : 1985 |
Genre | : Commodity exchanges |
ISBN | : |
This paper analyzes the effects of three alternative rules on the long-run distributions of both the spot and futures prices ina single commodity market, in which the key behavioral relationships are derived from the optimizing behavior of producers and speculators.The rules considered include: (i) leaning against the wind in the spot market; (ii) utility maximizing speculative behavior by the stabilization authority in the futures market; (iii) leaning against the wind in the futures market. Since the underlying model is sufficiently complex to preclude analytical solutions, the analysis makes extensive use of simulation methods. As a general proposition we find that intervention in the futures market is not as effective in stabilizing either the spot price of the futures price as is intervention in the spot market. Indeed, Rule (iii), while stabilizing the futures price may actually destabilize the spot price. Furthermore, the analogous type of rule undertaken in the spot market will always stabilize the futures price to a greater degree than it does the spot price. The welfare implications of these rules are also discussed. Our analysis shows how these can generate rather different distributions of welfare gains, including the overall benefits
Author | : Jonathan R. Coleman |
Publisher | : |
Total Pages | : 40 |
Release | : 1992 |
Genre | : Apertura economica |
ISBN | : |
Author | : Andrew Schmitz |
Publisher | : World Bank Publications |
Total Pages | : 89 |
Release | : 1984 |
Genre | : Commodity control. |
ISBN | : 9780821304150 |
Author | : Jean-Paul Chavas |
Publisher | : University of Chicago Press |
Total Pages | : 394 |
Release | : 2014-10-14 |
Genre | : Business & Economics |
ISBN | : 022612892X |
"The conference was organized by the three editors of this book and took place on August 15-16, 2012 in Seattle."--Preface.
Author | : S. Ghosh |
Publisher | : Oxford University Press, USA |
Total Pages | : 464 |
Release | : 1987 |
Genre | : Business & Economics |
ISBN | : |
After briefly reviewing the problems caused by commodity price instability, the authors develop a mathematical model for commodity markets. The implications of this model for intervention and the welfare effects are then considered. A fully developed model of the world copper market is usedto investigate alternative buffer stock intervention rules in order to assess the scope and limitations of such stabilization strategies.
Author | : Craig Pirrong |
Publisher | : Cambridge University Press |
Total Pages | : 239 |
Release | : 2011-10-31 |
Genre | : Business & Economics |
ISBN | : 1139501976 |
Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc.
Author | : Jeffrey C. Williams |
Publisher | : Cambridge University Press |
Total Pages | : 522 |
Release | : 1991-03-29 |
Genre | : Business & Economics |
ISBN | : 0521326168 |
This book deals with the capability to store surplus commodities and the impact of stockpiles on prices and production.
Author | : L. Phlips |
Publisher | : Springer Science & Business Media |
Total Pages | : 314 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 9401133549 |
Louis Phlips The stabilisation of primary commodity prices, and the related issue of the stabilisation of export earnings of developing countries, have traditionally been studied without reference to the futures markets (that exist or could exist) for these commodities. These futures markets have in turn been s~udied in isolation. The same is true for the new developments on financial markets. Over the last few years, in particular sine the 1985 tin crisis and the October 1987 stock exchange crisis, it has become evident that there are inter actions between commodity, futures, and financial markets and that these inter actions are very important. The more so as trade on futures and financial markets has shown a spectacular increase. This volume brings together a number of recent and unpublished papers on these interactions by leading specialists (and their students). A first set of papers examines how the use of futures markets could help stabilising export earnings of developing countries and how this compares to the rather unsuccessful UNCTAD type interventions via buffer stocks, pegged prices and cartels. A second set of papers faces the fact, largely ignored in the literature, that commodity prices are determined in foreign currencies, with the result that developing countries suffer from the volatility of exchange rates of these currencies (even in cases where commodity prices are relatively stable). Financial markets are thus explicitly linked to futures and commodity markets.