BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Czech Katarzyna (Warsaw University of Life Sciences - SGGW, Poland)
Speculation in the Agricultural Commodity Market
Zeszyty Naukowe SGGW w Warszawie. Problemy Rolnictwa Światowego, 2013, t. 13(28), z. 4, s. 10-17, rys., tab., bibliogr. 21 poz.
Scientific Journal Warsaw University of Life Sciences SGGW - Problems of Word Agriculture
Słowa kluczowe
Produkty rolne, Rynki towarowe, Ceny towarów
Agricultural products, Commodity markets, Commodity price
streszcz., summ.
This paper studies the role of speculators in explaining agricultural commodity price movements. The spikes in global agricultural commodity prices in 2007-2008 and 2010-2011 have opened a debate on the contribution of speculation to recent food price volatility. Most academic literature does not support the idea that speculators drive commodity prices beyond fundamental levels. There are, however, some researchers who do find empirical evidence supporting the idea that the activity of speculators affects commodity prices. This paper concludes that the activity of speculators may temporarily overprice or underprice commodity values. It is assumed, however, that both fundamental and financial factors influence commodity prices. Nevertheless, it is difficult to indicate the extent to which each factor separately affects prices. (original abstract)
Pełny tekst
  1. Baffes J. and Haniotis T. [2010]: Placing the 2006/08 Commodity Price Boom into Perspective. The World Bank Policy Research Working Paper No. 5371, p. 1-40.
  2. Cardwell R., Barichello R. [2009]: High Food Prices and Developing Countries: Policy responses at Home and Abroad. Canadian Agricultural Trade Policy and Competitiveness Research Network Commissioned Paper No. 1. [Available at]: [January 2013].
  3. Collins K. [2008]: The Role of Biofuels and Other Factors in Increasing Farm and Food Prices. A review of recent developments with a Focus on Feed Grain Markets and Market Prospects. [Available at]: [January 2013].
  4. Domanski D., Heath A. [2007]: Financial Investors and Commodity Markets. Bank for International Settlement Quarterly Review March, p. 53-67.
  5. Falkowski M. [2011]: Financialization of commodities. Contemporary Economics Vol. 5, No. 4, p. 4-17.
  6. Friedman M. [1953]: Essays in Positive Economics. American Economic Review Richard D. Irwin, Inc. Harvard University Press, London, p. 157-203.
  7. Geman H. [2005]: Commodities and Commodity Derivatives. Modeling and Pricing for Agriculturals, Metals and Energy. John Wiley & Sons Ltd, England.
  8. Girardi D. [2012]: Do financial investors affect the price of wheat? PSL Quarterly Review Vol. 65 No. 260, p. 79-109.
  9. Gorton G., Rouwenhorst K. G. [2006]: Facts and Fantasies about Commodity Futures. Financial Analysts Journal Vol. 62 No. 2, p. 47-68.
  10. Heady D., Fan S. [2008]: Anatomy of a Crisis. The Causes and Consequences of Surging Food Prices. International Food Policy Research Institute Discussion Paper No. 00831, p.1-25.
  11. Irwin S. H., Sanders D. R., Merrin R. P. [2009]: Devil or Angel? The Role of Speculation in the Recent Commodity Price Boom (and Bust). Journal of Agricultural and Applied Economics Vol. 41, p. 377-391.
  12. Irwin S. H., Sanders D. R. [2011]: Index Funds, Financialization, and Commodity Futures Markets. Applied Economic Perspectives and Policy Vol. 33 No. 1, p.1-31.
  13. Irwin S. H., Sanders D. R. [2012]: Financialization and Structural Change in Commodity Futures Markets. Journalof Agricultural and Applied Economics Vol. 44 No. 3, p. 371-396.
  14. Keynes J. M. [1930]: A Treatise on Money. Volume 2. The Applied Theory of Money. Macmillan, London.
  15. Mitchell D. [2008]: A Note on Rising Food Prices. Policy Research Working Paper No. 4682. The World Bank, Washington, p. 1-20.
  16. Petzel T. E. [1981]: A New Look at some Old Evidence: the Wheat Market Scandal of 1925. Stanford University Food Research Institute Studies Vol. 18 No. 1, p. 117-128.
  17. Plantier L. C. [2012]: Commodity Markets and Commodity Mutual Funds. Investment Company InstituteResearch Perspective Vol. 18 No. 3, p. 1-32.
  18. Wahl P. [2009]: Food Speculation: The Main Factor of the Price Bubble in 2008. Briefing Paper. World Economy, Ecology & Development. [Available at]: [January 2013].
  19. World Bank [2011]: Global Commodity Markets Annex. Global Economic Prospects. Maintaining Progress and Turmoil. [Available at]: [December 2012].
  20. Working H. [1960]: Speculation on Hedging Markets. Stanford University Food Research Institute Studies Vol.1 No. 2, p. 185-220.
  21. Zawojska A. [2011]: Czy spekulacje finansowe wpływają na międzynarodowe ceny towarów rolno-żywnościowych? Zeszyty Naukowe SGGW w Warszawie Problemy Rolnictwa Światowego t. 11(26), p. 177-19
Cytowane przez
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu