Pagoulatos, Emilio; Azzam, Azzeddine; Kitazawa, Motoichiro - In: European Review of Agricultural Economics 17 (1990) 3, pp. 335-47
This study investigates the linkage between world macroeconomic factors and prices of an internationally traded commodity by explicitly accounting for the role of futures markets in stockholding behavior. Using a portfolio model, the empirical analysis is carried out with quarterly data of a...