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Speculation and regulation in commodity markets: The Keynesian approach in theory and practice

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  • Marcuzzo, Maria Cristina

Abstract

The 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.

Suggested Citation

  • Marcuzzo, Maria Cristina, 2012. "Speculation and regulation in commodity markets: The Keynesian approach in theory and practice," MPRA Paper 44131, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:44131
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    File URL: https://mpra.ub.uni-muenchen.de/44131/1/MPRA_paper_44131.pdf
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    References listed on IDEAS

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    1. 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.
    2. Rappoport, Peter & White, Eugene N, 1994. "Was the Crash of 1929 Expected?," American Economic Review, American Economic Association, vol. 84(1), pages 271-281, March.
    3. Anna Carabelli, 2002. "Speculation and reasonableness: a non-Bayesian theory of rationality," Chapters,in: Post Keynesian Econometrics, Microeconomics and the Theory of the Firm, chapter 10 Edward Elgar Publishing.
    4. 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).
    5. J. K. Eastham, 1936. "Rationalisation in the Tin Industry," Review of Economic Studies, Oxford University Press, vol. 4(1), pages 13-32.
    6. J. K. Eastham, 1939. "Commodity Stocks and Prices," Review of Economic Studies, Oxford University Press, vol. 6(2), pages 100-110.
    7. Marco Dardi & Mauro Gallegati, 1992. "Alfred Marshall on Speculation," History of Political Economy, Duke University Press, vol. 24(3), pages 571-594, Fall.
    8. 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.
    9. 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.
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    Cited by:

    1. Anderaos de Araujo, Fabio, 2015. "Sraffa and the Labour Theory of Value - a note," MPRA Paper 65557, University Library of Munich, Germany, revised 12 Jul 2015.
    2. Alessandro Roncaglia, 2014. "Keynes is alive and well: a survey article," PSL Quarterly Review, Economia civile, vol. 67(268), pages 105-124.
    3. Anderaos de Araujo, Fabio, 2015. "Sraffa and the labour theory of value - a note," MPRA Paper 65573, University Library of Munich, Germany, revised 12 Jul 2015.
    4. David Chambers & Elroy Dimson & Justin Foo, 2013. "Keynes, King's, and Endowment Asset Management," NBER Chapters,in: How the Financial Crisis and Great Recession Affected Higher Education, pages 127-150 National Bureau of Economic Research, Inc.
    5. Paolo Paesani & Annalisa Rosselli, 2014. "The Case for a Supra-national Control on Commodities in the post WWII World: Novel Perspectives from FAO and Kaldor Archives," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2014(1), pages 5-30.
    6. Anderaos de Araujo, Fabio, 2015. "Sraffa and the Labour Theory of Value - a note," MPRA Paper 65426, University Library of Munich, Germany.
    7. Anderaos de Araujo, Fabio, 2015. "Sraffa and the Labour Theory of Value - a note," MPRA Paper 65891, University Library of Munich, Germany, revised 31 Jul 2015.
    8. repec:taf:bushst:v:59:y:2017:i:4:p:471-496 is not listed on IDEAS

    More about this item

    Keywords

    Keynes; primary commodities; buffer stocks; future markets; speculation;

    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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