Download or read book Agricultural Commodity Futures and Market Efficiency written by and published by . This book was released on 2020 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Efficiency in Commodity Futures Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-12-29 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Download or read book The Impact on Agricultural Commodity Futures Markets Efficiency of Electronic Trading written by John Mayne and published by . This book was released on 2001 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Agricultural Commodity Price Hikes Since 2006 written by Velmurugan Palaniappan Shanmugam and published by . This book was released on 2017 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: Well established and efficient agricultural commodity futures markets, are expected to perform the role of price discovery and risk management more effectively. The results of the Johansen's cointegration tests have shown that the spot and futures markets for the 12 agricultural commodities are cointegrated (during the main and sub-periods of study). This suggests that the markets are efficient and the agriculture commodity futures exchanges (CBOT, KCBT, CME, & ICE) provide efficient hedge against price risks emerging in respective commodities. The Granger causality test results show bi-directional flow of information in majority of the commodities during the main as well as the two sub-periods. This shows both the spot and future markets are equally responsible for the price discovery process. However, examination of the F-statistics indicates a strong flow of information from the futures markets to spot markets than the reverse. The unidirectional causal relationships exhibited by commodities such as wheat, soybean, lean hogs and cocoa, imply that the futures markets help discover prices in the spot markets and that the markets are efficient. The causal relationship results suggest that information flow from futures markets to spot markets appears to have increased over the years. This apparent increase in information flows could be attributed to the increase in the relative importance of electronic trading of futures contracts in recent years, which results in more transparent and widely accessible prices. The results meet our three criteria of market efficiency and suggest that there is no need for changes in the existing regulations of the agricultural futures market.
Download or read book Farm Commodity Market Performance and Economic Forecasts written by United States. Congress. Joint Economic Committee and published by . This book was released on 1984 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Futures Trading in Agricultural Commodities written by United States. Commodity Exchange Administration and published by . This book was released on 1938 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Agricultural Commodity Futures and Risk Management written by Tarun Kumar Soni and published by . This book was released on 2015 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper aims to study the market efficiency, unbiasedness among seventeen agricultural commodities futures contracts traded at National Multi-Commodity Exchange of India ltd. (NMCE). The paper uses a two step approach by first testing long run relationship using Johansen's cointegration approach and subsequently, the dynamic OLS approach proposed by Stock and Watson (1993) was used to estimate the coefficients in the cointegration equation, followed by Wald test to test the statistical significance of each coefficient. The Wald chi-square test statistics indicate that futures markets are not efficient in predicting the future ready prices. The results also testify the fact that the futures contracts are not perfect hedge against the variations in ready prices. The results have important implications on the previous research done on the same issue which have simply tested the efficiency on the basis of cointegration results, ignoring the restrictions on cointegrating vectors may result in incorrect assessment of price discovery and risk management functions of commodity exchanges. Further, the results also urge for further reforms in the agricultural commodity futures through increasing awareness, wider participation, better infrastructure etc. so as to make futures market more efficient in the long run and perform their role of price discovery and risk management more efficiently and effectively.
Download or read book Agricultural Commodity Markets written by Michael Atkin and published by Routledge. This book was released on 1989-01-01 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Commodity Futures Market Efficiency in the Soybean Complex written by Colin Carter and published by . This book was released on 1981 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Excessive Speculation and Market Efficiency of U S and Indian Agri commodity Futures Markets written by P. S. Velmurugan and published by . This book was released on 2013 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Nonparametric Tests of Commodity Futures Market Efficiency written by Andrew M. McKenzie and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodity futures markets carry out two important marketing functions with respect to agricultural products: (1) a price discovery role and (2) a price risk management role. The relative effectiveness with which futures markets fulfill these two roles is dependent on the efficiency of the futures market and its ability to provide unbiased forecasts of subsequent futures prices at contract maturity. Our results indicate that futures price returns for live cattle, hogs, corn, rice and soybean meal violate the standard OLS assumption of normality. However, nonparametric statistics results did not materially conflict with our OLS parametric results. Further modeling indicated live cattle, hogs and soybean meal futures returns are better specified using GARCH type models, which allow for a non-constant error variance over time.
Download or read book Options Futures and Agricultural Commodity Programs written by and published by . This book was released on 1988 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Improving the Efficiency of Commodity Futures Markets written by United States. Congress. Joint Economic Committee and published by . This book was released on 1984 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Farmers Participation in India s Futures Markets written by Kushankur Dey and published by Springer Nature. This book was released on 2021-08-23 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: Futures markets offer numerous advantages in the marketing of agricultural commodities, and in this context, the book examines the major factors and issues that determine the participation of India’s farmers in the futures markets. These include the efficiency of the futures markets in price discovery, the convergence of spot and futures prices, the dissemination of spot price information, and the socio-economic and exchange-related issues affecting farmer participation. It also examines the factors affecting the demand and supply of participation, and the access to futures trading services. The purpose is to identify different factors that can enhance or constrain farmer participation in the futures markets, which may include market characteristics, institutional features, socio-economic issues, and behavioural aspects of farmer participation. A number of organizations related to rural development, as well as farmer producer companies have sought to facilitate farmer participation in the forward/futures market through offering aggregation and other trading services, and the book also examines these efforts towards the exchange-traded derivative markets and the direct and indirect benefits that accrue. The book also studies the efficiency of futures markets in price discovery and price dissemination applying co-integration tests, and error correction and volatility models, using available data of wheat, rapeseed-mustard, cotton, guar seed, castor, cumin and coriander futures contracts traded in the largest agricultural commodity exchanges in India. Besides, case studies are used to examine and understand the institutional roles of aggregators in aggregation efforts towards the forward/futures market. This book covers several states and locations in India to enhance the representation and validity of the findings. It also examines representative farmer organizations which have obtained institutional membership in the forward or futures markets, and identifies areas of further research. In the current scenario, the book would be of immense importance and relevance to governments, commodity exchanges/markets, aggregators, many private and development organizations, as well as interested researchers and students.
Download or read book Futures Trading in Agricultural Commodities written by and published by . This book was released on 1938 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Methods to Analyse Agricultural Commodity Price Volatility written by Isabelle Piot-Lepetit and published by Springer Science & Business Media. This book was released on 2011-06-10 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the issue of price volatility in agricultural commodities markets and how this phenomenon has evolved in recent years. The factors underlying the price spike of 2007-08 appear to be global and macroeconomic in nature, including the rapid growth in demand by developing countries, the international financial crisis, and exchange rate movements. Some of these factors are new, appearing as influences on price volatility only in the last decade. Although volatility has always been a feature of agricultural commodity markets, the evidence suggests that volatility has increased in certain commodity markets. A growing problem is that agricultural price shocks and volatility disrupt agricultural markets, economic incentives and incomes. With increased globalization and integration of financial and energy markets with agricultural commodity markets, the relationships between markets are expanding and becoming more complex. When a crisis such as a regional drought, food safety scare or a financial crisis hits a particular market, policy-makers often do not know the extent to which it will impact on other markets and affect producer, consumer and trader decisions. Including contributions from experts at the World Bank, the Food and Agriculture Organization of the United Nations, the USDA, and the European Commission, the research developed throughout the chapters of this book is based on current methodologies that can be used to analyze price volatility and provide directions for understanding this volatility and the development of new agricultural policies. The book highlights the challenges facing policy makers in dealing with the changing nature of agricultural commodities markets, and offers recommendations for anticipating price movements and managing their consequences. It will be a practical guide for both present and future policy-makers in deciding on potential price-stabilizing interventions, and will also serve as a useful resource for researchers and students in agricultural economics.
