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Handel auf Terminkontraktmärkten

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  • Maria Stückler

    (Department of Economics, Vienna University of Economics & B.A.)

Abstract

Commodity prices are significantly more volatile than prices of industrial products. This extreme price instability establishes a need for futures markets in commodities. The main functions of futures trading being hedging against, and speculation on price fluctuations; and it is hedging, that determines the role of speculation.

Suggested Citation

  • Maria Stückler, 2002. "Handel auf Terminkontraktmärkten," Department of Economics Working Papers wuwp080, Vienna University of Economics and Business, Department of Economics.
    • Handle: RePEc:wiw:wiwwuw:wuwp080
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    File URL: http://www.wu-wien.ac.at/inst/vw1/papers/wu-wp80.pdf
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    References listed on IDEAS

    as
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    5. Gemmill, Gordon, 1985. "Forward Contracts or International Buffer Stocks? A Study of Their Relative Efficiencies in Stabilising Commodity Export Earnings," Economic Journal, Royal Economic Society, vol. 95(378), pages 400-417, June.
    6. Logan, Samuel H. & Bullock, J. Bruce, 1970. "Speculation in Commodity Futures: An Application of Statistical Decision Theory," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 22(4), pages 1-8, October.
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    9. Yamey, B S, 1971. "Short Hedging and Long Hedging in Futures Markets: Symmetry and Asymmetry," Journal of Law and Economics, University of Chicago Press, vol. 14(2), pages 413-434, October.
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    16. Ronald W. Ward & Lehman B. Fletcher, 1971. "From Hedging to Pure Speculation: A Micro Model of Optimal Futures and Cash Market Positions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(1), pages 71-78.
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    More about this item

    Keywords

    commodity price instability; futures markets; futures prices; marking to markets; arbitrage-hedging; hedging; speculation; normal backwardation);
    All these keywords.

    JEL classification:

    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General

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