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Commodity spot prices: An exploratory assessment of market structure and forward-trading effects

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UNSPECIFIED (2006) Commodity spot prices: An exploratory assessment of market structure and forward-trading effects. ECONOMICA, 73 (290). pp. 229-256. doi:10.1111/j.1468-0335.2006.00480.x

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Official URL: http://dx.doi.org/10.1111/j.1468-0335.2006.00480.x

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Abstract

We assess how characteristics of product and forward markets affect levels and volatilities of commodity spot prices. We examine (i) how product market structure and forward market trading affect spot market games, (ii) the links between product market structure and spot price stability, (iii) whether forward trading destabilizes spot prices, and (iv) how information arrival affects price volatility and the volume of trade. We find that market structure models of the price level but not of price stability receive support, that increased forward trading leads to lower prices, and that the relationship between trading and price instability is indirect via a common causal factor.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
Journal or Publication Title: ECONOMICA
Publisher: BLACKWELL PUBLISHING
ISSN: 0013-0427
Official Date: May 2006
Dates:
DateEvent
May 2006UNSPECIFIED
Volume: 73
Number: 290
Number of Pages: 28
Page Range: pp. 229-256
DOI: 10.1111/j.1468-0335.2006.00480.x
Publication Status: Published

Data sourced from Thomson Reuters' Web of Knowledge

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