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Trade and Security, I: Anarchy
Anderson, James E.; Marcouiller, S.J. Douglas - 1997
Market exchange is subject to an endogenously-determined level of predation which impedes specialization and gains from trade. Utility-maximizing agents opt between careers in specialized production and careers in predation. Three types of equilibria may emerge, autarky (with no predation and no...
Persistent link: https://www.econbiz.de/10010334715
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Measuring Inequality in CIS Countries: Theory and Empirics
Ibragimov, Rustam; Ibragimov, Marat; Khamidov, Rufat - 2010
Distributions of many variables of interest in developed economic and financial markets, including income and wealth, exhibit heavy tails as in the case of Pareto or power laws. Many commonly used income and wealth inequality measures are very sensitive to extremes and outliers generated by...
Persistent link: https://www.econbiz.de/10012311477
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Commodities in asset management
Demidova-Menzel, Nadeshda; Heidorn, Thomas - 2007
The investment in commodities is starting to be more important during the last years. The paper describes the … characteristics of financially important commodities. In many cases a passive investment in an index is most suitable. As the GSCI is … bond portfolios including commodities is discussed. The paper shows that the effects differ substantially during different …
Persistent link: https://www.econbiz.de/10010298924
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How do commodity futures respond to macroeconomic news?
Hess, Dieter E.; Huang, He; Niessen-Ruenzi, Alexandra - 2008
This paper investigates the impact of seventeen US macroeconomic announcements on two broad and representative commodity futures indices. Based on a large sample from 1989 to 2005, we show that the daily price response of the CRB and GSCI commodity futures indices to macroeconomic news is...
Persistent link: https://www.econbiz.de/10010302532
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Analysis of Brazilian exports to Eastern Asian Countries - time period from 1980 to 2008
Chang, Mateus; Bacha, Carlos - 2010
specific Brazilian commodities, affecting some region development; (b) China has became the biggest Eastern Asian buyer of …
Persistent link: https://www.econbiz.de/10011332415
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The effects of margin changes on commodity futures markets
Daskalaki, Charoula; Skiadopoulos, George - 2014
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...
Persistent link: https://www.econbiz.de/10011381003
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Trading Houses during and since the Great Commodity Boom: Financialization, productivization or…?
Gibbon, Peter - 2014
The largest Commodity Trading Houses account for a large and increasing share of international trade, linked arguably to their financialization and - according to some commentators - giving rise to issues of 'systemic importance' similar to those applying to large investment banks. This paper...
Persistent link: https://www.econbiz.de/10011382965
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Does aid mitigate external shocks?
Collier, Paul; Goderis, Benedikt - 2008
This paper investigates the role of aid in mitigating the adverse effects of commodity export price shocks on growth in commodity-dependent countries. Using a large crosscountry dataset, we find that negative shocks matter for short-term growth, while the ex ante risk of shocks does not seem to...
Persistent link: https://www.econbiz.de/10010323524
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Volatility linkages between energy and agricultural commodity prices
López Cabrera, Brenda; Schulz, Franziska - 2013
In this paper we investigate price and volatility risk originating in linkages between energy and agricultural commodity prices in Germany and study their dynamics over time. We propose an econometric approach to quantify the volatility and correlation risk structure, which has a large impact...
Persistent link: https://www.econbiz.de/10010331113
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Returns in commodities futures markets and financial speculation: a multivariate GARCH approach
Manera, Matteo; Nicolini, Marcella; Vignati, Ilaria - 2012
This paper analyses futures prices for four energy commodities (light sweet crude oil, heating oil, gasoline and … natural gas) and five agricultural commodities (corn, oats, soybean oil, soybeans and wheat), over the period 1986-2010. Using … commodities futures while macroeconomic factors help explaining returns in commodities futures. Moreover, spillovers between …
Persistent link: https://www.econbiz.de/10010335316