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Wyświetlanie 1-15 z 108
Tytuł:
Testing the Granger causality for commodity mutual funds in Poland and commodity prices
Autorzy:
Krawiec, Monika
Powiązania:
https://bibliotekanauki.pl/articles/452937.pdf
Data publikacji:
2012
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Katedra Ekonometrii i Statystyki
Tematy:
commodity prices
commodity mutual funds
Granger causality
Opis:
The recent increase in commodity price levels has resulted in the launch of a number of new commodity funds also in Poland. Since these funds do not have long quotation records, the study designed to answer the question whether changes in prices of commodities on world markets Granger-cause changes in quotations of participation units in specialized commodity funds in Poland, must have been limited to a 3-year-period. It includes 8 commodity funds, 11 commodities and 2 stock indices. Their log-returns constitute the base for calculating some descriptive statistics, testing for normality and stationarity. In order to achieve the goal of the research the Granger causality test is adopted. Its results exhibit Granger causality between commodity returns and majority of commodity fund returns, whereas in only few cases there is Granger causality running from stock indices returns to commodity funds returns.
Źródło:
Metody Ilościowe w Badaniach Ekonomicznych; 2012, 13, 2; 84-95
2082-792X
Pojawia się w:
Metody Ilościowe w Badaniach Ekonomicznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Futures Market as a Tool for Agricultural Commodity Price-Hedging under the Conditions of State Interventionism in Poland
Rynek terminowy jako narzędzie gwarancji cen towarów rolnych w warunkach interwencjonizmu państwowego w Polsce
Autorzy:
Jerzak, Michał
Powiązania:
https://bibliotekanauki.pl/articles/2033451.pdf
Data publikacji:
2004-12-31
Wydawca:
Uniwersytet Przyrodniczy w Poznaniu. Wydawnictwo Uczelniane
Tematy:
Commodity price
Agricultural products
Commodity markets
Government intervention
Opis:
The Polish agricultural market in the last decade has been marked by considerable instability and fluctuations in the economic factors influencing production. Research has shown that Poland does provide conditions for the existence of agricultural futures markets, their effectiveness, however, depends on the political attitudes towards agriculture. The clash between the functioning of the futures market and the direct state interventionism in the grains market has led to the breakdown of the derivative instruments market on the commodity exchange. If interventionist policies are to be implemented without causing a head-on collision with the market tools for price-hedging and without lessening the impact thereof, it is required that intermediary forms of state interventionism be followed, which would allow the participants of the market to be actively involved in the circulation of goods.
W artykule poruszono problem możliwości zastosowania instrumentów pochodnych w celu zabezpieczenia cen towarów rolnych w transakcjach przyszłych. Dodatkowo podjęto próbę określenia możliwości i form interwencjonizmu państwowego w rolnictwie współdziałającego z gospodarką rynkową i umożliwiającego funkcjonowanie rynku instrumentów pochodnych na towary rolne. Omawiając problem na przykładzie krajowych doświadczeń, w konkluzji stwierdzono, że efektywność funkcjonowania instrumentów rynku terminowego na rynku towarów rolnych jest uzależniona od polityki wobec rolnictwa. Uznano również, że istnieje możliwość prowadzenia polityki interwencyjnej w rolnictwie bez zdecydowanej kolizji interesów i bez umniejszania znaczenia instrumentów rynkowych gwarantowania ceny.
Źródło:
Journal of Agribusiness and Rural Development; 2004, 3, 359; 68-74
1899-5241
Pojawia się w:
Journal of Agribusiness and Rural Development
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Factors Affecting Safety Selection and Usage of Clothing
Autorzy:
Wąs-Gubała, Jolanta
Czajkowski, Wojciech
Powiązania:
https://bibliotekanauki.pl/articles/1832571.pdf
Data publikacji:
2017
Wydawca:
Wyższa Szkoła Bezpieczeństwa Publicznego i Indywidualnego Apeiron w Krakowie
Tematy:
security
textiles
commodity
Opis:
Safety of specific textile product may decide about the health of the user, and in special condition also about his life. Most popular textile product is clothing, which plays a very important role in human life, first of all giving the protection against external factors. For the potential user the process of making a selection of clothing is essential also in some psychological aspects. Everyone makes individual choices in this area, based on own preferences, but at the same time the large part of society is fashionable in a non-reflective and automated way. Safety of textile used in relation to articles of clothing, encompasses flammability and the ability to maintain smoking, smoke-generation and toxicity of combustion products, the ability to generate and accumulate static electricity, the release of the products in conditions of normal use certain substances with harmful effects on the human body and in any case hygiene, in particular water vapour permeability. The question of the safety of clothing is a multi-faceted, relating, inter alia, with the construction and technology of obtaining of textile products, but it should be noted that textiles are all the time more produced for the comfort of users, their health and safety.
Źródło:
Security Dimensions; 2017, 24(24); 138-149
2353-7000
Pojawia się w:
Security Dimensions
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
A Software Platform for Research on Auction Mechanisms
Autorzy:
Kamola, M.
Niewiadomska-Szynkiewicz, E.
Malinowski, K.
Stańczuk, W.
Pałka, P.
Powiązania:
https://bibliotekanauki.pl/articles/307872.pdf
Data publikacji:
2011
Wydawca:
Instytut Łączności - Państwowy Instytut Badawczy
Tematy:
auctions
multi-commodity markets
Opis:
The platform for research on auction mechanisms is a distributed simulation framework providing means to carry out research on resource allocation efficiency mechanisms and user strategies. Both kinds of algorithms examined are completely user-defined. Interaction of algorithms is recorded and pre-defined measures for the final resource allocation are calculated. Underlying database design provides for efficient results lookup and comparison across different experiments, thus enabling research groupwork. A recognised, open and flexible information model is employed for experiment descriptions.
Źródło:
Journal of Telecommunications and Information Technology; 2011, 3; 38-46
1509-4553
1899-8852
Pojawia się w:
Journal of Telecommunications and Information Technology
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The impact of financial speculation on futures contracts price movements: A study of the US markets for dairy commodities
Autorzy:
Staugaitis, Algirdas Justinas
Christauskas, Česlovas
Powiązania:
https://bibliotekanauki.pl/articles/22396254.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
commodity futures contracts
dairy commodity futures
financial speculation
return volatility
GARCH
Opis:
Research background: The study analyzes whether financial speculation destabilizes commodity prices in light of recent price volatility and spikes in agricultural commodities. The study delves deeper into the US dairy futures markets, which are less studied by other authors in their research and relatively new in comparison to other agricultural commodity markets. These dairy commodity futures contracts provide dairy businesses and farmers the chance to hedge against price risks, which are particularly crucial in uncertain economic times such as the post-2020 COVID-19 pandemic timeframe. The analysis makes use of the weekly returns on futures contracts for nonfat milk powder, butter, milk class III, and cheese that are obtained from the Chicago Mercantile Exchange (CME). Purpose of the article: Conduct an empirical study to evaluate the effect of financial speculation on dairy product prices on US commodity markets, including the post-2020 timeframe. Methods: Time series analysis is used in the investigation: the generalized auto-regressive conditional heteroskedasticity (GARCH) method, the Granger causality test, and the Augmented Dickey-Fuller (ADF) test. Findings & value added: Our analysis's findings show that, even though most commodities experienced an increase in return volatility during the post-2020 period, there is no evidence for financial speculation being the cause of increased returns from dairy futures contracts. The research also suggests that financial speculation, in some cases, even lowers the volatility of dairy futures prices. Therefore, non-commercial market participants may help to distribute price risks, making these markets more liquid.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 3; 661-686
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
How do variations in dollar exchange rate impact food commodity prices in Africa?
Autorzy:
Umoru, David
Amedu, Mishau
Powiązania:
https://bibliotekanauki.pl/articles/13925603.pdf
Data publikacji:
2022-09-23
Wydawca:
Wyższa Szkoła Bankowa we Wrocławiu
Tematy:
Interest rate variation
exchange rate variation
commodity export
food commodity prices
Africa
Opis:
Aim: Commodity exporting nations have significant terms of trade swings, making their actual exchange rate unstable. This study looked at how variations in dollar exchange rate affected food commodity prices in Africa between 1990 and 2021. Design/Research methods: The study conducted GARCH analysis for ascertaining prevalence of volatilities of exchange rates and interest rates respectively in selected African countries. Also, we estimated both static and dynamic analysis driven by panel least squares and generalized method of moments (GMM) estimators on panel data from some commodity-exporting African, namely, Ghana, Gabon, Tunisia, Nigeria, and South Africa. Findings: The dynamic GMM results reveal exchange rate and interest rate variations taken together had positive effects on commodity prices. GARCH estimates demonstrate significant volatility growth using both normal and t multivariate distributions. However, based on empirical findings, t-distribution had largest maximized log-likelihood of -8920.1 and also had a satisfactory df of 26.82 (<30). The results demonstrate that the Nigerian Naira had highest coefficient of volatility of approximately 71.2%. This was followed by the Ghanaian Cedi with a negative volatility rate of 71% and the South African rand with a coefficient of 65%. However, while all countries had negative volatility with respect to interest rate, all countries except Ghana had positive volatility in exchange rate of their currency. Ghana, Gabon, Tunisia, and Nigeria showed negative exchange rate volatility. A possible explanation for this high volatilities in the aforementioned countries is persistent domestic inflation. Originality: The originality is rooted on establishment of food prices having some positive relation with pervasive exchange rate shocks. This is an indication of adverse effects of downward adjustment of exchange rate of local African currencies vis-à-vis the US dollar on food prices in the African countries covered in the study. Contributions: The contribution of the study lies on its explanation of the increase of food commodity prices due to variability calculated in terms of depreciation in dollar exchange rate. Empirically, it is a confirmation of a significant structural problem, exchange rate variation as a cause of domestic inflation in selected African countries. Limitations: Results have to be interpreted with care due to the small sample size. The results are rather a working hypothesis for future research. JEL: A20, F46, G20
Źródło:
Central European Review of Economics and Management; 2022, 6, 3; 47-68
2543-9472
Pojawia się w:
Central European Review of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Kryzys finansowy a finansyzacja rynków towarowych
Financial Crisis and the Financialization of Commodity Markets
Autorzy:
Aspadarec, Waldemar
Powiązania:
https://bibliotekanauki.pl/articles/957005.pdf
Data publikacji:
2013
Wydawca:
Akademia Leona Koźmińskiego w Warszawie
Tematy:
financial crisis
commodity markets
financialization
Opis:
Purpose: Analysis of reasons, correlations and consequences following from the impact that financial investors have on commodity markets – both before and after the crisis. Methodology: The research on the tremendous impact that the financial sector exerts on price formation in commodity markets, defined as the financialization of commodity markets, was based on a narrative approach. This approach makes use of available historical documents and attempts to reconstruct factors causing structural changes in commodity markets. As a result of these factors, commodity and financial markets (and particularly capital market) have become similar to a great extent. Findings: Drawing upon the research, it can be stated that the global financial crisis has contributed not only to a major change in the involvement of investors in commodity markets, but also to a structural change of this involvement, which is accompanied by a number of negative consequences. Originality: The research enables to draw certain conclusions, e.g. that the financialization of commodity markets is reflected in a radical price fluctuation in these markets due to which the prices are isolated from fair value. Structural changes are also discussed. They entail the attempt to counteract such negative consequences, e.g. regulations imposed to provide a greater transparency of the activity undertaken by investors in commodity markets.
Źródło:
Management and Business Administration. Central Europe; 2013, 21, 2(121); 23-37
2084-3356
Pojawia się w:
Management and Business Administration. Central Europe
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Basics on commodities risk management for grains trading
Autorzy:
Giruć, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/653381.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
agricultural commodity market
commodity risk management
agricultural derivatives
G1
G13
G15
Opis:
The purpose of the article is to determine the kinds of risk groups existed on cereal market and presenting possibilities of limiting the undesirable phenomena. An issue appears: what way the subjects of cereal market, producers in particular, should alone neutralize the appearing risk, and when should expect support from the state institutions. More often financial instruments find the solution for agricultural hedgers. Derivatives, such as: forward, future and option contracts are transferring the price risk from producers to intermediaries of the market and are improving the flow of contracts on the cereal market.
Źródło:
Finanse i Prawo Finansowe; 2016, 3, 3
2391-6478
2353-5601
Pojawia się w:
Finanse i Prawo Finansowe
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
An analysis of profitability of commodity-linked structured time deposits offered in Poland
Autorzy:
Monika, Krawiec
Powiązania:
https://bibliotekanauki.pl/articles/654252.pdf
Data publikacji:
2014
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
commodity markets
structured time deposits
options
Opis:
Recent years have whitnessed increased investors' interest in commodity markets also in Poland. Investment in commodities is possible through various vehicles: purchase of a physical commodity or a commodity-related stock, forward and futures contracts, options, swaps, exchange traded funds, and commodity-linked time deposits. As in 2012 in Poland, several banks offered such deposits, the paper aims at evaluating their profitability from an investor's perspective. As those instruments use some elements typical for options, there were created and studied some options (barrier, Asian, basket, standard) constituting alternatives for the deposits. From the set of analyzed time deposits, only those linked to oil prices appeared to be profitable in the considered period. However, the highest profit would be produced by the combination of barrier options on crude oil.
Źródło:
Acta Universitatis Lodziensis. Folia Oeconomica; 2014, 2, 301
0208-6018
2353-7663
Pojawia się w:
Acta Universitatis Lodziensis. Folia Oeconomica
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Analysis of selected seasonality effects in market of barley, canola, rough rice, soybean oil and soybean meal future contracts
Autorzy:
Borowski, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/522318.pdf
Data publikacji:
2015
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Calendar effects
Commodity market
Market efficiency
Opis:
Likely to the equity market, the problem of anomalies in the commodities market is becoming an interesting phenomenon, particularly in the segment of the agricultural market. This paper tests the hypothesis of daily, the day-of-the week, the first and the second half of monthly effects on the market of futures contract of: barley, canola, rough rice, soybean oil and soybean meal, quoted in the period of 12.12.2006-31.06.2015 (barley) and 01.09.1998-31.06.2015 (the other commodities). Calculations presented in this paper indicate the existence of monthly effect: in September (canola), February and September (soybean oil) and July, September and October (soybean meal) as well as the day-of-the-week effect: on Tuesdays (canola) and on Thursdays (rough rice). The seasonal effects were also observed in the case of testing the statistical hypothesis for daily averaged rates of return for different days of the month: 4th (barley), 12th (canola), 5th (rough rice) and 9th (soybean oil and soybean meal). The seasonal effects were no registered for the daily average rates of return in the first and in the second half of the month.
Źródło:
Journal of Economics and Management; 2015, 21; 73-89
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
O etyce zawodowej maklera „towarowego” w świetle prawa giełdowego II Rzeczypospolitej Polskiej i pierwszych lat po II wojnie światowej (do 1950 roku)
About the “Commodity” Stockbroker’s Professional Ethics in Light of Exchange Law of the Second Republic of Poland and First Years after World War II (till 1950 year)
Autorzy:
Marks, Bogusław Piotr
Powiązania:
https://bibliotekanauki.pl/articles/20311472.pdf
Data publikacji:
2012
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
commodity exchange
stockbroker
ethics
exchange law
Opis:
The commodity exchange is regarded as one of the key institutions of market economy. Stockbrokers were a truly essential group of workers of the commodity exchanges. It was on the level of their organization and professional ethics that depended the level of efficient functioning of this institution. The basic law regulations, orders and stock charters were traced in this paper, which marked principles of stockbrokers’ activity. These principles were considered from the point of view of the ethical norms establishing the contemporary ethics of economic life. My special attention was concentrated on these principles of stockbrokers’ activities which concern the way of their appointing, rights as well as duties. „Ethical aspects” of stockbrokers’ activity on the Polish commodity exchanges were traced for the period from 1921 to the 1950. In initial period of the second Republic of Poland acted six commodities exchanges. In 1948 year stockbrokers institution was done away. The comparatively quick unification of exchange law by the government of independent Poland was the expression of understanding the importance which was fulfilled in economy by the institution of commodity exchange. In turn, issuing separate regulations for stockbrokers was proof of high position held by this group in the structure of the basic organs of a commodity exchange.
Źródło:
Annales. Etyka w Życiu Gospodarczym; 2012, 15; 155-167
1899-2226
2353-4869
Pojawia się w:
Annales. Etyka w Życiu Gospodarczym
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Examination of the commodity products available in the global financial markets using their market concentration levels
Autorzy:
Valluri, Subhakara
Powiązania:
https://bibliotekanauki.pl/articles/692609.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
commodity exchanges
market concentration
commodty products
Opis:
The primary objective of this study is to find the disparities in the commodity product offerings in various financial markets across the world along with their market concentration levels. Identifying the product gaps in commodity-based financial products offered by the worldwide financial exchanges can assist the decision makers to fill the existing gaps strategically and attain the worldwide competitive market of commodity exchanges for all nations. The Hirschman-Herfindahl Index, HHI, is used to measure market concentration grouped by geographical regions or exchanges. The disparity analysis until 2016 indicates a disparity between commodity products traded in several exchanges across different geographical regions. Asia covers the largest regions of the world and showcasing 26 commodity exchanges located in different countries with 2689 types of commodity products traded among these exchanges. North America’s 18 commodity exchanges show 8157 product types. Europe has 8 exchanges located in different countries with 1712 product types registered across these exchanges. Our analysis on market volume concentration for regions indicates that for the period 2012-2016, contract volume growth has increased. and reflects a high concentration of volume among all the regions. Our analysis of market volume concentration for exchanges indicates a moderate level of market concentration for 2012-2016.
Źródło:
Research Papers in Economics and Finance; 2020, 4, 2; 53-63
2543-6430
Pojawia się w:
Research Papers in Economics and Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
IMPACT OF OIL PRICES ON THE DOMESTIC CURRENCY IN A SMALL INDUSTRIAL ECONOMY WITHOUT OIL RESOURCES
Autorzy:
Feridun, Mete
Michailidis, Grigoris
Powiązania:
https://bibliotekanauki.pl/articles/450544.pdf
Data publikacji:
2008
Wydawca:
Uniwersytet Gdański. Wydawnictwo Uniwersytetu Gdańskiego
Tematy:
Oil Prices
Exchange Rates
Commodity Prices
Cointegration
Opis:
This study aims at investigating the link between international oil prices and the exchange rate in case of a small open industrial economy without oil resources such as Poland. The results of Granger-causality test show that the null hypotheses of Zloty-US dollar exchange rate does not granger cause rejection of Oil Price is not rejected while there exists reverse causality in 3 and 4 year lags at 5% and 10% levels. Therefore, we conclude that increases in oil prices have had a positive impact on the exchange rates over the period between 1982:12 and 2006:05.
Źródło:
International Journal of Emerging and Transition Economies (IJETE); 2008, 1, 2; 181-189
1308-2701
Pojawia się w:
International Journal of Emerging and Transition Economies (IJETE)
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Object-Oriented Ontology and Commodity Fetishism: Kant, Marx, Heidegger, and Things
Autorzy:
Harman, Graham
Powiązania:
https://bibliotekanauki.pl/articles/451413.pdf
Data publikacji:
2017-12-15
Wydawca:
Uniwersytet Warszawski. Wydział Filozofii
Tematy:
Object-Oriented Ontology
Marx
commodity fetishism
Heidegger
Opis:
There have been several criticisms of Object-Oriented Ontology (OOO) from the political Left. Perhaps the most frequent one has been that OOO’s aspiration to speak of objects apart from all their relations runs afoul of Marx’s critique of “commodity fetishism.” The main purpose of this article is to show that even a cursory reading of the sections on commodity in Marx’s Capital does not support such an accusation. For Marx, the sphere of entities that are not commodities is actually quite wide, including all the beings of nature not subject to exchange, as well as bartered goods, and tithes and rents paid in kind to feudal lords. In short, the theory of commodity fetishism is a theory of v a l u e, not an anti-realist theory of b e i n g, and thus does not touch on OOO at all. In closing, I make some brief comments on Marx’s relation to Kantian formalism and to Heidegger’s famous account of present-at-hand (vorhanden) and ready-to-hand (zuhanden).
Źródło:
Eidos. A Journal for Philosophy of Culture; 2017, 1, 2; 28-36
2544-302X
Pojawia się w:
Eidos. A Journal for Philosophy of Culture
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
New financial markets and their impact on raw material prices
Autorzy:
Szturo, Marek
Włodarczyk, Bogdan
Powiązania:
https://bibliotekanauki.pl/articles/957626.pdf
Data publikacji:
2019
Wydawca:
Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Tematy:
financial markets
commodity currencies
raw material markets
Opis:
The purpose of the study was to determine the impact of the Chinese financial market, which is a new market, on the exchange rates of commodity currencies and, thus, the prices of raw materials. For this purpose, an autoregressive distributed lag model (ARDL) was used. The results indicate that the Chinese stock market and futures market for the yuan (the Chinese Yuan Non-Deliverable Forward Transactions; CNY NDF market) had a significant impact on commodity currencies before the global financial crisis in 2008/09, then the effect widened to include more commodity currencies in the post-crisis period. Further evidence suggests that the CNY NDF market had a greater impact on commodity currencies than the Chinese stock market. Despite the significant position of the Chinese economy, research also indicates that the impact of Chinese financial markets on commodity currencies (raw material prices) is weaker than the impact of the US stock market and US dollar market.
Źródło:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; 2019, 53, 3; 85-92
0459-9586
Pojawia się w:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 108

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