The theory of storage and arbitrage approaches fully incorporate nominal interest rates in far-near commodity price spreads Alternative frameworks admit a relationship between interest rates and commodity own rates of interest and as a result the commodity price spread would not completely...

On the example of a commercial microfinance institution (MFI) in Tanzania this paper investigates first whether agricultural firms have a different probability to get a loan and whether their loans are differently volume rationed than loans to non-agricultural firms. Second, we analyze whether...

This paper contributes to the debate on the link between speculation and price volatility in two ways. First, a simple CAPM model is used to derive the demand for commodity futures contracts by institutional investors, and this derived demand is then integrated into a simple rational...

The paper uses a panel data set of 1309 households in Uganda to measure vulnerability to poverty between 1992/2000 and to estimate the impact of household characteristics on vulnerability. The likelihood of future poverty is estimated based on the expected mean and variance of household...

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This article examines six widely-held doctrines concerning economic theory and economic policy that have been refuted, or at least rendered highly problematic by the global financial crisis, namely: (i) the efficient markets hypothesis; (ii) the Great Moderation; (iii) central bank independence;...

This paper presents a unified treatment of the production and financial decisions available to a firm facing frictionless financial markets and a stochastic production technology under minimal assumptions on the firm's stochastic technology and objective function. The specific focus is on...