Futures Markets: Modelling, managing, and monitoring futures trading
Title: Futures Markets: Modelling, managing, and monitoring futures trading
Editor(s): STREIT, Manfred E.
Publisher: Oxford, B. Blackwell
Citation: Oxford, B. Blackwell, 1983
Today's unstable economic climate, with its frequent fluctuations in prices and exchange rates, has led to extraordinary expansion and diversification in futures markets and greatly increased their importance in economic affairs This hook is the most comprehensive and sophisticated examination of these markets to date, providing an extensive survey of the state of our knowledge in this field Futures Markets sets out to answer several important questions. to what extent have futures markets been theoretically explored, and what problems remain to be solved? What are their possible functions, and how do they perform? What is the likely impact of regulation on their performance, and what has been the effect of recent innovations? What are their implications for government policy? The book contains articles by distinguished international economists on three inter-related aspects: modelling, managing and monitoring. The progress of current economic modelling of futures markets is assessed, and in the light of this the authors suggest how individuals can use the market to their advantage and how governments could take them into account in the conduct of public poky. The essays on monitoring include studies of innovations in futures trading, and the authors explore the impact of institutional arrangements, the design of contracts, and the properties of commodities themselves on the performance of futures markets.
Table of Contents:
--List of Contributors vii --Acknowledgements ix --1 Modelling, Managing and Monitoring Futures Trading: Frontiers of Analytical Inquiry MANFRED E. STREIT 1 --2 The Economics of Futures Trading: Some Notes and Queries BASIL S. YAMEY 27 --3 Futures Markets and Market Efficiency JOSEPH M. BURNS 46 --4 Futures Markets and Risk: A General Equilibrium Approach JOSEPH E. STIGLITZ 75 --5 Interest Rate Futures Markets, Interest Rate Variability and the Demand for Investment DAVID LEVHARI AND MICHAEL ROTHSCHILD 107 --6 The Informational Role of Futures Markets: Some Experimental Evidence DANIEL FRIEDMAN, GLENN W. HARRISON AND JON W. SALMON 124 --7 Trading Rules for Investors in Apparently Inefficient Futures Markets STEPHEN J. TAYLOR 165 Alternative Strategies for Hedging and Spreading JACQUES ROLF° AND HOWARD B. SOSIN 199 --9 Futures Trading, Risk Reduction and Price Stabilization DAVID M. NEWBERY 211 --10 The Swap Market and its Relation to Currency Forward and Futures Markets BRENDAN BROWN 236 --11 Inventive Activity in Futures Markets: A Case Study of the Development of the First Interst Rate Futures Market RICHARD L. SANDOR AND HOWARD B. SOSIN 255 --12 The Establishment of an Interest Rate Futures Market: The Experience of the Sydney Futures Exchange DAVID J. S. RUTLEDGE 273 --13 Regulating Futures Markets: A Review in the Context of British and American Practice GORDON T. GEMMILL 295 --Index 319