Implicazioni della regolazione dei mercati dei derivati sulle materie prime negli USA e nell’Unione Europea ((Implications of regulating commodity derivatives markets in the USA and EU))

Authors

  • Jayati Ghosh

DOI:

https://doi.org/10.13133/2037-3651/9620

Keywords:

Finance, Commodities, Food

Abstract

The argument for effective financial regulation to curb financial activity and associated volatility in primary commodity markets is now more compelling than ever, in the context of the renewed increase in food prices. However, as in much other financial regulation, the devil is in the detail. This paper considers recent patterns in global food markets and discusses some of the implications of recent moves to regulate financial activity in commodity futures markets in the US and the EU. Specific regulatory issues are considered and alternative strategies are considered.

 

L'argomento per un efficace regolamentazione finanziaria per frenare l'attività finanziaria e la volatilità associata nei mercati delle materie primarie è ora più avvincente che mai, nel contesto del nuovo aumento dei prezzi alimentari. Tuttavia, come in gran parte degli altri regolamenti finanziari, il diavolo si nasconde nei dettagli. Questo lavoro considera i recenti modelli nei mercati alimentari mondiali e discute come alcune delle implicazioni di mosse recenti regolano l'attività finanziaria nei futuri mercati di materie prime negli Stati Uniti e l'Unione europea. Specifici problemi di regolamentazione e strategie alternative sono considerati.

 

JEL: F02, F14, G18, N50

 

 

References

BAFFES J. e HANIOTIS T. (2010), "Placing the 2006/08 commodity price boom into perspective", World Bank Policy Research Working Paper, n. 5371, luglio 2010.

BÜYÜKSAHIN B. e ROBE M.A. (2010), Speculators, commodities and cross-market linkages, 28 novembre, disponibile online alla URL: http:ssrn.com/ abstract=1707103.

Food and Agriculture Organisation (FAO) (2010), Crop prospects and food situation,dicembre, Roma.

Food and Agriculture Organisation (FAO) (2011), Price volatility and food security: a report by a high level panel of experts on food security and nutrition, Roma.

handrasekhar C.P. e Ghosh J. (2011), "The transmission of global food prices", disponibile online alla URL:http://www.macroscan.org/fet/mar11/fet220311 Transmission.htm.

GHOSH J. (2010), "Unnatural coupling: food and global finance", Journal of Agrarian Change, gennaio, pp. 72-86.

GILBERT C.L. (2010a), "Speculative influences on commodity futures prices 2006-2008", UNCTAD Discussion Paper, n. 197, marzo.

GILBERT C.L. (2010b), "How to understand high food prices", Journal of Agricultural Economics, vol. 61, pp. 398-425.

HERNANDEZ M. e TORERO M. (2010), "Examining the dynamic relationship between spot and future prices of agricultural commodities", IFPRI Discussion Paper, n. 00988, Washington (DC): International Food Policy Research Institute.

IRWIN S.H. e SANDERS D.R. (2010), "The impact of index and swap funds on commodity markets", OECD Food, Agriculture, and Fisheries Working Papers, n. 27.

MAYER J. (2009), "The growing interdependence between financial and commodity markets", UNCTAD Discussion Paper, n. 195.

MAYER J. (2011), "The growing financialization of commodity markets: an empirical investigation", UNCTAD, Organizzazione delle Nazioni Unite, Ginevra.

RAFFER K. (2008), "A food import compensation mechanism: a modest proposal to reduce food price effects on poor countries", saggio presentato al G24 Technical Group Meeting, 8-9 settembre, Organizzazione delle Nazioni Unite, Ginevra.

ROBLES M., TORERO M. e VON BRAUN J. (2009), "When speculation matters", IFPRI Policy Brief, n. 57, Washington (DC): International Food Policy Research Institute.

RONCAGLIA A. (2003), "Energy and market power: an alternative approach to the economics of oil", Journal of Post Keynesian Economics, vol. 25 n. 4, pp. 641-659.

TANG K. e XIONG W. (2010), "Index investment and financialization of commodities", NBER Working Paper, n. 16385, Cambridge (MA): National Bureau of Economic Research.

United Nations Conference on trade and development (UNCTAD) (2009), Trade and development report 2009, Organizzazione delle Nazioni Unite, Ginevra.

United Nations Conference on trade and development (UNCTAD) (2011), Trade and development report 2011, Organizzazione delle Nazioni Unite, Ginevra.

UN-DESA (2010), World economic and social prospects 2010, Organizzazione delle Nazioni Unite, New York.

Published

2012-01-23

Issue

Section

Articoli