Speculation and regulation in commodity markets: The Keynesian approach in theory and practice
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.
|Date of creation:||2012|
|Date of revision:|
|Publication status:||Published in Rapporto tecnico, Dipartimento Scienze Statistiche, Sapienza 21 (2012): pp. 1-272|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
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- 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.
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The European Journal of the History of Economic Thought,
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- 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.
- 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.
- 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).
- 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.
- 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.
- J. K. Eastham, 1939. "Commodity Stocks and Prices," Review of Economic Studies, Oxford University Press, vol. 6(2), pages 100-110.
- J. K. Eastham, 1936. "Rationalisation in the Tin Industry," Review of Economic Studies, Oxford University Press, vol. 4(1), pages 13-32.
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