By Andrew Hughes Hallett, Prathap Ramanujam (auth.), Louis Phlips (eds.)
Louis Phlips The stabilisation of fundamental commodity costs, and the similar factor of the stabilisation of export profits of constructing international locations, have characteristically been studied regardless of the futures markets (that exist or may well exist) for those commodities. those futures markets have in flip been s~udied in isolation. an identical is correct for the recent advancements on monetary markets. over the past few years, particularly sine the 1985 tin difficulty and the October 1987 inventory trade quandary, it has turn into obvious that there are inter activities among commodity, futures, and monetary markets and that those inter activities are vitally important. The extra in order exchange on futures and fiscal markets has proven a miraculous raise. This quantity brings jointly a couple of fresh and unpublished papers on those interactions via major experts (and their students). a primary set of papers examines how using futures markets may aid stabilising export profits of constructing nations and the way this compares to the relatively unsuccessful UNCTAD sort interventions through buffer shares, pegged costs and cartels. A moment set of papers faces the very fact, principally overlooked within the literature, that commodity costs are made up our minds in foreign exchange, with the end result that constructing international locations be afflicted by the volatility of trade charges of those currencies (even in situations the place commodity costs are fairly stable). monetary markets are hence explicitly associated with futures and commodity markets.
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Additional resources for Commodity, Futures and Financial Markets
Hughes Hallett, A J (1986), "Commodity Market Stabilization and 'North-South' Income Transfers", Journal of Development Economics, 24, 293-316. ), Primary Commodity Prices: Economic Models and Economic Policy, Cambridge University Press, Cambridge and New York. Karp, L. (1988), "Dynamic Hedging with Uncertain Production", International Economic Review, 29, 621-37. Kawai, M (1983), "Spot and Futures Prices of Nonstorable Commodities under 32 Rational Expectations", Quarterly Journal of Economics, 98, 235-54.
17 It is interesting that Tin is the only market to show this characteristic because it was the Tin buffer stock that became insolvent in 1985 and caused the collapse of that market. According to these results, the Tin producers would have done better to instruct their buffer stock manager to follow a hedging strategy. 18 The case of non-homogenous products is a good deal more complicated, but allows for non-cooperative behaviour and for producers to try to manipulate their own price distributions in order to stabilize their own earnings stream.
18 The case of non-homogenous products is a good deal more complicated, but allows for non-cooperative behaviour and for producers to try to manipulate their own price distributions in order to stabilize their own earnings stream. That case is ruled out in our analysis by the assumption of a single price and the fact that our commodity markets all have a single reference price (any price differentials can be fully accounted for by quality/grade differences). Production from different sources is therefore taken to be perfectly substitutable.