Populists versus theorists: Futures markets and the volatility of prices

被引：32

作者：

Jacks, David S. ^{[1
]}

机构：

[1] Simon Fraser Univ, Burnaby, BC V5A 1S6, Canada

来源：

EXPLORATIONS IN ECONOMIC HISTORY | 2007年 / 44卷 / 02期

关键词：

futures markets; commodity markets; commodity price volatility; speculation;

D O I：

10.1016/j.eeh.2006.04.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, the divergence between popular and professional opinion on speculation in general and futures markets in particular is explored. Along the way, a synopsis of prevailing popular attitudes on futures markets is presented, and an outline of a formal model of futures markets and its implications for commodity price volatility are sketched. The heart of the analysis is drawn from the historical record on the establishment and prohibition of futures markets. Briefly, the results presented in this paper strongly suggest that futures markets were associated with-and most likely caused-lower commodity price volatility. The paper concludes with a discussion of potential sources of popular antagonism against futures markets. (c) 2006 Elsevier Inc. All rights reserved.

引用

页码：342 / 362

页数：21