The Economic Function of Futures Markets (Reprint)

個数:

The Economic Function of Futures Markets (Reprint)

  • 提携先の海外書籍取次会社に在庫がございます。通常2週間で発送いたします。
    重要ご説明事項
    1. 納期遅延や、ご入手不能となる場合が若干ございます。
    2. 複数冊ご注文の場合、分割発送となる場合がございます。
    3. 美品のご指定は承りかねます。
  • ≪洋書のご注文につきまして≫ 「海外取次在庫あり」および「国内仕入れ先からお取り寄せいたします」表示の商品でも、納期の目安期間内にお届けできないことがございます。あらかじめご了承ください。

  • 製本 Paperback:紙装版/ペーパーバック版
  • 言語 ENG
  • 商品コード 9780521389341
  • DDC分類 332.644

Full Description


This book offers an explanation of why commodity processors and dealers use futures markets. It argues that they use futures contracts as part of an implicit method of borrowing and lending commodities, contrary to the accepted view of dealers averse to the fluctuating value of their inventories wanting insurance against price risk. Employing models developed to explain the demand for money, this book demonstrates that risk-neutral dealers have sufficient reason to use futures markets. Moreover, the book exposes major internal inconsistencies in the accepted explanation. Rather than insurance markets, the appropriate analogy is the money market, which is the point the book establishes through discussing actual loan markets in commodities. This insight into the function of futures markets is then used to explain how futures prices for different delivery dates express a term structure of commodity-specific interest rates and why futures markets flourish for some types of commodities and not for others.

Contents

1. An Introduction to futures markets; 2. Equivalent ways to borrow and lend commodities; 3. Futures markets and risk aversion; 4. The demand to borrow commodities; 5. The contribution of futures markets; 6. The optimal number of futures markets; 7. conclusion: The economic functions of futures markets.