The economics of futures markets
Author(s)
Bibliographic Information
The economics of futures markets
B. Blackwell, c1986
- : hard
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Note
First published in USA 1987
Bibliography: p. [240]-244
Includes index
Description and Table of Contents
Description
This work develops a theory of the real effects of futures markets, their role in the inter-temporal allocation of resources, and their effects on economic and social welfare. Futures are neither insurance nor a gamble, but, Professor Stein argues, given the market's influence on expected output, actual supply, price variance and competition, they have become essential risk management tools. In this study he surveys the current and potential uses of futures, from traditional commodities to forward-pricing guidelines. The author presents his analysis as a model, not a manual. There are applications for the foreign exchange market as well as traditional commodities. In the case of interest rate and stock index futures, the focus is upon the capital formation process--a significant policy issue. Stein also provides a consistent theoretical explanation of the numerous empirical studies which have been conducted in this area. Relevant to economists, government regulatory agencies, and professional futures market participants, the work represents a new perspective in the controversy among monetarists, Keynesians and the New Classical Economics.
Table of Contents
Preface 1. Futures Markets: The Phenomena to be Explained 2. Market-Clearing Futures Prices and Hedging 3. Effects of Futures Markets upon Expected Output and Price Variance 4. Dynamic Stock-Flow Interactions in Futures Markets with Continuous Inventories 5. Anticipations, Hypotheses and Empirical Evidence 6. Futures Markets, Speculation and Welfare 7. The Effects of Interest Rate and Stock Index Futures upon the Rate of Capital Formation References Index.
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