Speculation and regulation in commodity markets: The Keynesian approach in theory and practice
AbstractThe eleven papers collected in this volume present the results of the research activity undertaken by the participants in the project -The return to Keynes. Speculation and stabilization policies: money and commodities- financed by the Italian Ministry of Education (PRIN 2008). They focus on four main areas of investigation: Keynes’s ideas on speculation, case studies of Keynes speculative activity in selected commodity markets, measures of commodity price volatility and proposals for stabilizing commodity prices in the context of a wider macroeconomic framework. The main conclusions are that: i) there are strong links between fluctuations in prices of primary commodities and agricultural products on the one hand, and financial crisis and structural trade imbalances on the other; ii) in the absence of buffer stocks for commodities and with insurance against price volatility based only on market mechanisms the system is doomed to instability; iii) any policies aiming at stabilizing commodity prices and currencies must go hand in hand with reform of the international monetary system. These conclusions support the view that the original proposals put forward by Keynes are still a valid basis for reforms to cope with the current crisis.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 44131.
Date of creation: 2012
Date of revision:
Keynes; primary commodities; buffer stocks; future markets; speculation;
Find related papers by JEL classification:
- N2 - Economic History - - Financial Markets and Institutions
- B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
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- Alessandro Lanteri & Anna Carabelli, 2011.
"Beauty contested: how much of Keynes' remains in behavioural economics' beauty contests?,"
The European Journal of the History of Economic Thought,
Taylor & Francis Journals, vol. 18(2), pages 269-285.
- Alessandro Lanteri & Anna Carabelli, 2008. "Beauty Contested. How much of Keynes’ remains in Behavioural Economics Beauty Contests?," ICER Working Papers 20-2008, ICER - International Centre for Economic Research.
- Rappoport, Peter & White, Eugene N, 1994. "Was the Crash of 1929 Expected?," American Economic Review, American Economic Association, vol. 84(1), pages 271-81, March.
- Marco Dardi & Mauro Gallegati, 1992. "Alfred Marshall on Speculation," History of Political Economy, Duke University Press, vol. 24(3), pages 571-594, Fall.
- Luca Fantacci & Maria Cristina Marcuzzo & Annalisa Rosselli & Eleonora Sanfilippo, 2012. "Speculation and buffer stocks: The legacy of Keynes and Kahn," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(3), pages 453-473, June.
- Sigl-Grüb, C. & Schiereck, D., 2010. "Returns to Speculators in Commodity Futures Markets: A Comprehensive Revisit," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 56602, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
- Fantacci, Luca & Marcuzzo, Maria Cristina & Sanfilippo, Eleonora, 2010. "Speculation In Commodities: Keynes’ “Practical Acquaintance” With Futures Markets," Journal of the History of Economic Thought, Cambridge University Press, vol. 32(03), pages 397-418, September.
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