Der vorliegende Beitrag untersucht den Zusammenhang zwischen der gestiegenen Bedeutung der Finanzmärkte für den Rohstoffhandel und den Preissteigerungen bei Rohstoffen in den letzten Jahren. Kernthese ist, dass das Auftreten von Index-InvestorInnen auf den Rohstoff-Terminmärkten die relativen...

This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. We show that the introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by...

This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. The introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by reducing export...