THE ANALYSIS FOR POSSIBILITIES OF COMMODITY FUTURES INTRODUCTION IN NATIONAL FINANCIAL SYSTEM
Keywords:
Derivatives, Futures, Financial markets, Agricultural productionAbstract
The main goal of this Article is to, based on short analysis of basic futures characteristics as commodity and financial instruments, as well as contemporary situation of national commodity and financial market development, study the possibilities for commodity futures introduction in national financial system.
The current year proved that unexpected natural circumstances, such as draught, could provoke the weaker harvest in agricultural production, having, on the other hand, many negative consequences, from poor market supply, through higher prices and potential inflation impact, to other market disturbances with many negative effects on general economic stability.
The final part of the paper indicates the real possibilities for commodity futures introduction in Serbia, particularly in domain of their application in agribusiness and necessary steps which should be taken in order to realize its development and application.
Downloads
References
2. John C. Cox, J.E. Ingersoll & Stephen A. Ross "The Relation Between Forward Prices and Future Prices", Journal of Financial Economics 9, 1981. str. 332
3. Robert A. Jarrow & George S. Oldfield "Forward and Futures Contracts", Journal of Financial Economics 9, 1981, str. 373.
4. Robert A. Haugen "Modern Investment Theory", 2nd edition, Prentice Hall, Englewood Cliffs, N.J., 1990., str. 513
5. Todd Lofton "Getting Started in Futures", 3rd edition, John Wiley & Sons, New York, 1997, str. 11
6. Thomas E. Copeland & J. Fred Weston "Financial Theory and Corporate Policy", 3rd edition, Addison Wesley Publishing Company, New York, 1988., str. 306-7.
7. Stuart R. Veale "Stocks, Bonds, Options, Futures", 2nd edition, New York Institue of Finance, New York, 2001, str. 210-211
8. О историјату развоја деривате детаљније можете наћи у др Дејан Ерић "Финансијска тржишта и инструменти", 2. издање, Чигоја штампа, Београд, 2003, глава VIII
9. William F. Sharpe & Gordon J. Alexander "Investments", 4th edition, Prentice Hall, Englewood Cliffs, N.J., 1990., str. 594.
10. Jean Pierre Hanthine "Information, Futures Prices and Stabilizing Speculation", Journal of Economic Theory 17, 1978., pp. 78-97 (str. 94)
11. Thomas E. Copeland & J. Fred Weston "Financial Theory and Corporate Policy", 3rd edition, Addison Wesley Publishing Company, New York, 1988., str. 302
12. www.pks.komora.net
13. www.sce-bg.com
14. http://faostat.fao.org/site/336/default.aspx
15. www.proberza.com/index.php?page=zakon-o-berzama-da-ili-ne
16. http://www.dnevnik.co.yu/arhiva/13-04-2005/Strane/ekonomija.htm
17. www.proberza.com
18. www.belex.co.yu
19. www.rpkpancevo.com
