The economic function of futures markets:
This book offers an explanation of why commodity processors and dealers use futures markets. It argues that they use futures contracts as part of an implicit method of borrowing and lending commodities, contrary to the accepted view of dealers averse to the fluctuating value of their inventories wan...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge
Cambridge University Press
1986
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| Schlagworte: | |
| Online-Zugang: | BSB01 UBG01 Volltext |
| Zusammenfassung: | This book offers an explanation of why commodity processors and dealers use futures markets. It argues that they use futures contracts as part of an implicit method of borrowing and lending commodities, contrary to the accepted view of dealers averse to the fluctuating value of their inventories wanting insurance against price risk. Employing models developed to explain the demand for money, this book demonstrates that risk-neutral dealers have sufficient reason to use futures markets. Moreover, the book exposes major internal inconsistencies in the accepted explanation. Rather than insurance markets, the appropriate analogy is the money market, which is the point the book establishes through discussing actual loan markets in commodities. This insight into the function of futures markets is then used to explain how futures prices for different delivery dates express a term structure of commodity-specific interest rates and why futures markets flourish for some types of commodities and not for others |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 05 Oct 2015) |
| Beschreibung: | 1 online resource (viii, 260 pages) |
| ISBN: | 9780511571848 |
| DOI: | 10.1017/CBO9780511571848 |
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| 520 | |a This book offers an explanation of why commodity processors and dealers use futures markets. It argues that they use futures contracts as part of an implicit method of borrowing and lending commodities, contrary to the accepted view of dealers averse to the fluctuating value of their inventories wanting insurance against price risk. Employing models developed to explain the demand for money, this book demonstrates that risk-neutral dealers have sufficient reason to use futures markets. Moreover, the book exposes major internal inconsistencies in the accepted explanation. Rather than insurance markets, the appropriate analogy is the money market, which is the point the book establishes through discussing actual loan markets in commodities. This insight into the function of futures markets is then used to explain how futures prices for different delivery dates express a term structure of commodity-specific interest rates and why futures markets flourish for some types of commodities and not for others | ||
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Datensatz im Suchindex
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| author | Williams, Jeffrey 1953- |
| author_facet | Williams, Jeffrey 1953- |
| author_role | aut |
| author_sort | Williams, Jeffrey 1953- |
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| building | Verbundindex |
| bvnumber | BV043927524 |
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| dewey-full | 332.64/4 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.64/4 |
| dewey-search | 332.64/4 |
| dewey-sort | 3332.64 14 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1017/CBO9780511571848 |
| format | Electronic eBook |
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| id | DE-604.BV043927524 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:38:50Z |
| institution | BVB |
| isbn | 9780511571848 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029336603 |
| oclc_num | 967488414 |
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| owner_facet | DE-12 DE-473 DE-BY-UBG |
| physical | 1 online resource (viii, 260 pages) |
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| publishDate | 1986 |
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| publisher | Cambridge University Press |
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| spelling | Williams, Jeffrey 1953- Verfasser aut The economic function of futures markets Jeffrey Williams Cambridge Cambridge University Press 1986 1 online resource (viii, 260 pages) txt rdacontent c rdamedia cr rdacarrier Title from publisher's bibliographic system (viewed on 05 Oct 2015) This book offers an explanation of why commodity processors and dealers use futures markets. It argues that they use futures contracts as part of an implicit method of borrowing and lending commodities, contrary to the accepted view of dealers averse to the fluctuating value of their inventories wanting insurance against price risk. Employing models developed to explain the demand for money, this book demonstrates that risk-neutral dealers have sufficient reason to use futures markets. Moreover, the book exposes major internal inconsistencies in the accepted explanation. Rather than insurance markets, the appropriate analogy is the money market, which is the point the book establishes through discussing actual loan markets in commodities. This insight into the function of futures markets is then used to explain how futures prices for different delivery dates express a term structure of commodity-specific interest rates and why futures markets flourish for some types of commodities and not for others Futures market Commodity exchanges Risikomanagement (DE-588)4121590-4 gnd rswk-swf Terminmarkt (DE-588)4184759-3 gnd rswk-swf Warenterminmarkt (DE-588)4453236-2 gnd rswk-swf Warentermingeschäft (DE-588)4064603-8 gnd rswk-swf Warentermingeschäft (DE-588)4064603-8 s 1\p DE-604 Warenterminmarkt (DE-588)4453236-2 s 2\p DE-604 Terminmarkt (DE-588)4184759-3 s 3\p DE-604 Risikomanagement (DE-588)4121590-4 s 4\p DE-604 Erscheint auch als Druckausgabe 978-0-521-26591-1 Erscheint auch als Druckausgabe 978-0-521-38934-1 https://doi.org/10.1017/CBO9780511571848 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 4\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Williams, Jeffrey 1953- The economic function of futures markets Futures market Commodity exchanges Risikomanagement (DE-588)4121590-4 gnd Terminmarkt (DE-588)4184759-3 gnd Warenterminmarkt (DE-588)4453236-2 gnd Warentermingeschäft (DE-588)4064603-8 gnd |
| subject_GND | (DE-588)4121590-4 (DE-588)4184759-3 (DE-588)4453236-2 (DE-588)4064603-8 |
| title | The economic function of futures markets |
| title_auth | The economic function of futures markets |
| title_exact_search | The economic function of futures markets |
| title_full | The economic function of futures markets Jeffrey Williams |
| title_fullStr | The economic function of futures markets Jeffrey Williams |
| title_full_unstemmed | The economic function of futures markets Jeffrey Williams |
| title_short | The economic function of futures markets |
| title_sort | the economic function of futures markets |
| topic | Futures market Commodity exchanges Risikomanagement (DE-588)4121590-4 gnd Terminmarkt (DE-588)4184759-3 gnd Warenterminmarkt (DE-588)4453236-2 gnd Warentermingeschäft (DE-588)4064603-8 gnd |
| topic_facet | Futures market Commodity exchanges Risikomanagement Terminmarkt Warenterminmarkt Warentermingeschäft |
| url | https://doi.org/10.1017/CBO9780511571848 |
| work_keys_str_mv | AT williamsjeffrey theeconomicfunctionoffuturesmarkets |