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The Effect Of Futures Markets On The Stability Of Commodity Prices
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Book Synopsis The Effect of Futures Markets on the Stability of Commodity Prices by : Johan de Jong
Download or read book The Effect of Futures Markets on the Stability of Commodity Prices written by Johan de Jong and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Do futures markets have a stabilizing or destabilizing effect on commodity prices? Empirical evidence is inconclusive. We try to resolve this question by means of a learning-to-forecast experiment in which a futures market and a spot market are coupled. The spot market exhibits negative feedback between forecasts and prices, while the futures market is of the positive feedback type, which makes it susceptible to bubbles and crashes. We show that the effect of a futures market on spot price stability changes non-monotonically with the strength of the coupling between the spot and futures markets. This coupling depends positively on the number of speculators on the futures market and negatively on storage costs, speculator risk aversion, and the volatility of futures prices. In the end we observe a stabilizing effect on spot prices for weakly coupled markets and a destabilizing effect when the coupling with the futures market is strong.
Book Synopsis Commodity Prices and Markets by : Takatoshi Ito
Download or read book Commodity Prices and Markets written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2011-02-15 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fluctuations of commodity prices, most notably of oil, capture considerable attention and have been tied to important economic effects, such as inflation and low rates of economic growth. Commodity Prices and Markets advances our understanding of the consequences of these fluctuations, providing both general analysis and a particular focus on the countries of the Pacific Rim. The volume addresses three distinct subjects: the difficulties in forecasting commodity prices, the effects of exogenous commodity price shocks on the domestic economy, and the relationship between price shocks and monetary policy. The ability to forecast commodity prices is difficult but of great importance to businesses and governments, and this volume will be invaluable to professionals and policy makers interested in the field.
Book Synopsis The Effect of the Commodity Futures Market on the Stability of Soybean Spot Prices--a Non-statistical Analysis by : Conrad Gordon Spens
Download or read book The Effect of the Commodity Futures Market on the Stability of Soybean Spot Prices--a Non-statistical Analysis written by Conrad Gordon Spens and published by . This book was released on 1977 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Margin Changes on Commodity Futures Markets by : Charoula Daskalaki
Download or read book The Effects of Margin Changes on Commodity Futures Markets written by Charoula Daskalaki and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the recently passed 2010 Dodd-Frank Act, we assess the effect of margin changes on prices, the risk-sharing between speculators and hedgers, and the price stability of 20 commodity futures markets. We find that margin increases decrease the rate at which prices change, yet they impair the risk sharing function and they decrease market liquidity in certain markets. The regulator should set margins by taking the heterogeneity of commodity futures markets into account. Certain effects of margin changes diffuse across related markets though. Our results are robust to endogenously set margins by the exchanges and to alternative ways of measuring market liquidity. Interestingly, the effect of margin changes is more pronounced in commodity futures markets than in major equity and interest rate futures markets.
Book Synopsis Effects of Futures Trading on Prices by : Atmaram Shridhar Naik
Download or read book Effects of Futures Trading on Prices written by Atmaram Shridhar Naik and published by . This book was released on 1970 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Modeling and Forecasting Primary Commodity Prices by : Walter C. Labys
Download or read book Modeling and Forecasting Primary Commodity Prices written by Walter C. Labys and published by Ashgate Publishing, Ltd.. This book was released on 2006 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides new insights into the modeling and forecasting of primary commodity prices by featuring comprehensive applications of the most recent methods of statistical time series analysis.
Book Synopsis Does Speculation Drive Commodity Prices? Evidence from the Market for Corn by : Niklas Humann
Download or read book Does Speculation Drive Commodity Prices? Evidence from the Market for Corn written by Niklas Humann and published by GRIN Verlag. This book was released on 2021-09-22 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Economics - Finance, grade: 1,0, University of Münster, language: English, abstract: This seminar paper reviews the literature on futures markets as well as the recent food crisis and presents an empirical investigation of the influence of (index) speculation on the corn price. My findings are in line with most of the other empirical conclusions that, rather than speculation, factors from the real and monetary economy played a role in the spike of commodity prices. For centuries, corn has been one of the most produced crops in the world, used to feed people, livestock and machines. During the last quarter of the twentieth-century, world food prices declined by more than 50 percent, thereby improving the nourishment of people all over the world. However, this extensive decline also raised calls for protectionist policies, aimed at defending the welfare of commodity producers. Starting in the early 2000s, all classes of commodities have experienced hefty price increases. The price for corn increased by more than 250 percent in roughly three years (2005-2008). The resulting food crisis devastated low-income communities around the globe, with the already large part of their income they spent on food becoming even more substantial, causing hunger and malnutrition. While a variety of explanations for this crisis have been offered, some were quick to blame excessive (index) speculation.
Book Synopsis Food Price Volatility and Its Implications for Food Security and Policy by : Matthias Kalkuhl
Download or read book Food Price Volatility and Its Implications for Food Security and Policy written by Matthias Kalkuhl and published by Springer. This book was released on 2016-04-12 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.
Book Synopsis Economics of Futures Trading by : B.A. Goss
Download or read book Economics of Futures Trading written by B.A. Goss and published by Springer. This book was released on 1976-06-18 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Study of the Effects on the Economy of Trading in Futures and Options by :
Download or read book A Study of the Effects on the Economy of Trading in Futures and Options written by and published by . This book was released on 1985 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Cost of Eliminating a Futures Market, and the Effect of Inflation on Market Interrelationships by : Dennis W. Carlton
Download or read book The Cost of Eliminating a Futures Market, and the Effect of Inflation on Market Interrelationships written by Dennis W. Carlton and published by . This book was released on 1983 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Selected Writings on Futures Markets by :
Download or read book Selected Writings on Futures Markets written by and published by . This book was released on 1983 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Commodity Markets and the Role of Cartels by : Mark S. LeClair
Download or read book International Commodity Markets and the Role of Cartels written by Mark S. LeClair and published by Routledge. This book was released on 2016-07-08 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: The phenomenon of collusive international agreements (cartels) became widespread in the 1930s. At that time, attempts to control production and prices were mainly the prerogative of multinational firms operating in the developing (then colonized) world. The "modern era" of cartels began in the 1960s, when the governments of developing nations began to participate in commodity agreements to achieve increases and stability in the world price of their commodities. This book is principally concerned with the modern era of cartels. It goes beyond the singular example of petroleum and OPEC to examine the structure of international commodity markets for bauxite (aluminum ore), cocoa, coffee, rubber, sugar, and tin, and the conditions that led to the formation of cartels in those markets during the latter half of the twentieth century. Specifically, the work focuses on four major aspects of international commodity markets: patterns of production and consumption; economic dislocations to both importers and exporters due to price fluctuations; the formation of cartels as a solution to weak and variable commodity prices; and the likely effects arising from tightening raw material markets. The book concludes with a detailed examination of what the future holds for each of the cartels, and what role technology, 24-hour market trading, and decreasing foreign direct investment in producing countries will have on the management of commodity markets.
Book Synopsis Readings in Futures Markets: Selected writings on futures markets : basic research in commodity markets by :
Download or read book Readings in Futures Markets: Selected writings on futures markets : basic research in commodity markets written by and published by . This book was released on 1987 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economics of Futures Trading by : B. A. Goss
Download or read book The Economics of Futures Trading written by B. A. Goss and published by John Wiley & Sons. This book was released on 1976 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Do Commodity Futures Help Forecast Spot Prices? by : Mr.David A Reichsfeld
Download or read book Do Commodity Futures Help Forecast Spot Prices? written by Mr.David A Reichsfeld and published by International Monetary Fund. This book was released on 2011-11-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: We assess the spot price forecasting performance of 10 commodity futures at various horizons up to two years and test whether this performance is affected by market conditions. We reject efficient markets based on in-sample tests but, out-of-sample, we find that the forecast from the futures market is hard to beat. We find that the forecasting performance of futures does not depend on the slope of the futures curve, in contrast to the predictions of well-known models of commodity markets. We also find futures' forecasting performance to be invariant to whether prices are in an upswing or downswing, casting doubt on aspersions that uninformed investors participating during bull markets impede the price discovery process.
Book Synopsis Speculation by Commodity Index Funds by : Scott H. Irwin
Download or read book Speculation by Commodity Index Funds written by Scott H. Irwin and published by CABI. This book was released on 2023-04-25 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodity futures prices exploded in 2007-2008 and concerns about a new type of speculative participant in commodity futures markets began to emerge. The main argument was that unprecedented buying pressure from new "commodity index" investors created massive bubbles that resulted in prices substantially exceeding fundamental value. At the time, it was not uncommon to link concerns about speculation and high prices to world hunger, food crises, and civil unrest. Naturally, this outcry resulted in numerous regulatory proposals to restrict speculation in commodity futures markets. This book presents important research on the impact of index investment on commodity futures prices that the authors conducted over the last fifteen years. The eleven articles presented in the book follow the timeline of our involvement in the world-wide debate about index funds as it evolved after 2007. We also include an introductory chapter, new author forewords for each article chapter, and a lessons learned chapter to round out the book. Policy-makers, researchers, and market participants will find the book not only functions as useful documentation of the debate; but, also as a natural starting point when high commodity prices inevitably create the next speculation backlash.
