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Der Einfluss von Long-only-Indexfonds auf die Preisfindung und das Marktergebnis an landwirtschaftlichen Warenterminmärkten
[The impact of long-only index funds on the price development and the market result on agricultural futures markets]

Author

Listed:
  • Prehn, Sören
  • Glauben, Thomas
  • Loy, Jens-Peter
  • Pies, Ingo
  • Will, Matthias Georg

Abstract

Long-only-Indexfonds stehen seit geraumer Zeit unter Verdacht, für die Preisanstiege an landwirtschaftlichen Warenterminmärkten, insbesondere für Getreide, verantwortlich zu sein. Diese Arbeit untersucht anhand partieller Gleichgewichtskonzepte die langfristige Marktwirkung von Long-only-Indexfonds. Die Analyse zeigt, dass Long-only-Indexfonds keineswegs Preise treiben, sondern stabilisieren. Der Markteintritt von Long-only-Indexfonds verringert die Risikoprämie. Landwirte können sich zu geringeren Kosten am Warenterminmarkt absichern. Letzteres fördert die Lagerhaltung und schwächt so saisonale Preisschwankungen am Kassamarkt ab. Der Markteintritt von Long-only-Indexfonds ist somit auch im Interesse der Konsumenten. Lediglich Long-only-Indexfonds selbst profitieren nicht von einem weiteren Markteintritt von Long-only-Indexfonds, da deren Rentabilität negativ korreliert ist mit der Anzahl sich am Warenterminmarkt befindlichen Long-only-Indexfonds. Von einer Regulierung von Long-only-Indexfonds sollte abgesehen werden.

Suggested Citation

  • Prehn, Sören & Glauben, Thomas & Loy, Jens-Peter & Pies, Ingo & Will, Matthias Georg, 2013. "Der Einfluss von Long-only-Indexfonds auf die Preisfindung und das Marktergebnis an landwirtschaftlichen Warenterminmärkten [The impact of long-only index funds on the price development and the mar," IAMO Discussion Papers 142, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    • Handle: RePEc:zbw:iamodp:142
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    References listed on IDEAS

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    1. Christopher R. Knittel & Robert S. Pindyck, 2016. "The Simple Economics of Commodity Price Speculation," American Economic Journal: Macroeconomics, American Economic Association, vol. 8(2), pages 85-110, April.
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    Cited by:

    1. Pies, Ingo, 2014. "Wirtschaftsethik der Welternährung," Discussion Papers 2014-13, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    2. Pies, Ingo & Glauben, Thomas, 2013. "Wissenschaftliche Stellungnahme zum Argumentationspapier von Foodwatch," Discussion Papers 2013-26, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    3. Pies, Ingo & Will, Matthias Georg, 2013. "Finanzspekulation mit Agrarrohstoffen: Analyse und Bewertung aus wirtschaftsethischer Sicht," Discussion Papers 2013-24, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.

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    More about this item

    Keywords

    Landwirtschaftliche Warenterminmärkte; Preisbildung; Long-only-Indexfonds; Agricultural Futures Markets; Price Discovery; Long-only Index Funds;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market
    • Q14 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Finance

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