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Commodity, Futures and Financial Markets

  • Louis Phlips

Part of the Advanced Studies in Theoretical and Applied Econometrics book series (ASTA, volume 21)

Table of contents

  1. Front Matter
    Pages i-xviii
  2. Export Earnings

  3. Financial Markets and Commodity Prices

    1. Front Matter
      Pages 85-86
    2. Paul Kofman, Jean-Marie Viaene
      Pages 125-152
    3. Gordon C. Rausser, Nicholas Walraven
      Pages 179-203
  4. Monopolistic Commodity Markets

  5. Back Matter
    Pages 301-301

About this book

Introduction

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 This volume brings together a number of recent and unpublished papers on these interactions by leading specialists (and their students).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.

Keywords

Arbitrage Clearing Hedging Monopol Oligopol calculus production

Editors and affiliations

  • Louis Phlips
    • 1
  1. 1.European University InstituteFlorenceItaly

Bibliographic information

  • DOI https://doi.org/10.1007/978-94-011-3354-8
  • Copyright Information Kluwer Academic Publishers 1991
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-94-010-5482-9
  • Online ISBN 978-94-011-3354-8
  • Series Print ISSN 1570-5811
  • Buy this book on publisher's site