ELECTRONIC WAREHOUSE RECEIPTS REGISTRY AS A STEP FROM PAPER TO ELECTRONIC WAREHOUSE RECEIPTS
DOI:
https://doi.org/10.5937/ekoPolj1603801KKeywords:
commodity exchange, public warehouse, electronic warehouse receipt, short term loans.Abstract
The aim of this paper is to determine the economic viability of the electronic warehouse receipt registry introduction, as a step toward electronic warehouse receipts. Both forms of warehouse receipt paper and electronic exist in practice, but paper warehouse receipts are more widespread. In this paper, the dematerialization process is analysed in two steps. The frst step is the dematerialization of warehouse receipt registry, with warehouse receipts still in paper form. The second step is the introduction of electronic warehouse receipts themselves. Dematerialization of warehouse receipts is more complex than that for fnancial securities, because of the individual characteristics of each warehouse receipt. As a consequence, electronic warehouse receipts are in place for only to a handful of commodities, namely cotton and a few grains. Nevertheless, the movement towards the electronic warehouse receipt, which began several decades ago with fnancial securities, is now taking hold in the agricultural sector. In this paper is analysed Serbian electronic registry, since the Serbia is frst country in EU with electronic warehouse receipts registry donated by FAO. Performed analysis shows the considerable impact of electronic warehouse receipts registry establishment on enhancing the security of the system of public warehouses, and on advancing the trade with warehouse receipt.
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References
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2. Coulter, J., Onumah, G. (2002): The role of warehouse receipt systems in enhanced commodity marketing and rural livelihoods in Africa, Food Policy, Vol. 27, No. 2, pp. 319-337.
3. Gashayie, A., Singh, M. (2015): Agricultural fnance constraints and innovative models experience for Ethiopia: Empirical evidence from developing countries, Research Journal of Finance and Accounting, Vol. 6, No. 7, pp. 39-49.
4. Giovannucci, D., Varangis, P., Larson, D. (2000): Warehouse receipts: Facilitating credit and commodity markets, in: A guide to developing agricultural markets and agro-enterprises (Giovannucci, D. (edt)), multivolume online database, World Bank, Washington DC, USA, doc. No. 40122, pp. 1-8, available at: www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2007/07/10/000090341_20070710160223/Rendered/PDF/401220Warehouse1Receipts01PUBLIC1.pdf
5. Hollinger, F., Rutten, L. (2009): The use of warehouse receipt fnance in agriculture in ECA countries, FAO-World Bank Cooperative Programme and FAO - EBRD Cooperative Programme, technical background paper, World Grain Forum 2009, St. Petersburg, Russian Federation, p. 50, available at: www.eastagri.org/fles/FAO_EBRD-WarehouseReceipt-Financing.pdf
6. IFC/WB (2013): Warehouse fnance and warehouse receipt systems: A guide for financial institutions in emerging economies, International Finance Corporation, World Bank Group, Washington, D.C., USA, p. 132, available at: www.mongolbank.mn/conference/books/01.pdf, accessed: 6.4.2015.
7. Jovičić, D., Jeremić, L., Milićević, L., Zeremski, A. (2014): Warehouse receipts functioning to reduce market risk, Economics of Agriculture, Vol. 61, No. 2, pp. 347-365.
8. Kovačević, V., Zakić, V., Milovanović, M., Subić, J., Jeločnik, M. (2014):Pubicwarehouse system and warehouse receipts, questionnaire, authors internal documentation, Belgrade, Serbia.
9. Mahanta, D. (2012): Review of warehouse receipt as an instrument for fnancing in India, International Journal of Scientifc & Technology Research, Vol. 1, No. 9, pp. 42-45.
10.Mirović V., Bolesnikov, D. (2013): Application of asset securitization in financing agriculture in Serbia, Economics of Agriculture, Vol. 60, No. 3, p. 551-564.
11. Mor, N., Fernandes, K. (2009): Warehouse receipt fnance for farmers: A glimpse, Commodity insight - Yearbook 2009, Experts views, MCX and PricewaterhouseCoopers (PwC), Mumbai, India, pp. 42-47, available at: http://marathi.mcxindia.com/knowledgehub/commoditybook/PDF/CI_Article5.pdf accessed: 30.5.2015.
12.Shamos, M. I. (2004). Paper v. electronic voting records-an assessment, online proceedings, 14thACM Conference on Computers, Freedom and Privacy, Berkeley, USA, available at: http://www.cfp2004.org/cfp2004/program/materials/p12-shamos.pdf
13.The law on public warehouses for agricultural products, Offcial Gazette of the Republic of Serbia, No. 41/09.
14.USAID (2002): Regional commodity exchange initiative, phase 1, Vol. 2, ACDI/VOCA – USAID, Belgrade, Serbia.
15.USAID (2011): Dematerialization of warehouse receipts in the commodity markets, report, USAID business enabling project, USAID, Washington, DC, p. 7, available at: www.policycafe.rs/documents/financial/research-and-publications/commodity-marketdevelopment/paper-on-warehouse-receipts-and-dematerialization.pdf, accessed: 15.4.2015.
16.Varangis, P., Larson, D. (1996):How warehouse receipts help commodity trading and fnancing, report, Dec-notes, No. 21 (September 1996), report No. 17856, World Bank, Washington DC, USA, p. 4, available at: http://documents.worldbank.org/curated/en/1996/09/438898/warehouse-receipts-help-commodity-trading-fnancing, accessed: 5.10.2015.
17.Vasiljević, Z., Zakić, V. (2006): Finansiranje agroprivrede Srbije u uslovima tranzicije, Ekonomski vidici, Vol. 11, No. 2, p. 341-352.
18.Vasiljević, Z., Zakić, V., Bojčevski, M., Kovačević, V. (2014): Importance of Establishing the Agricultural Products Storage System for Third Parties in the Function of Agribusiness System Improvement, proceedings, 9th International conference - The Role of Agricultural Economic Sciences in Agriculture and Rural Development in the Balkan Countries, Association of Agricultural Economists of Republic of Macedonia (AAEM), 24-25thApril 2014, Ohrid, Macedonia, p. 317-332.
19.Zakić, V., Kovačević, V. (2012): Importance of commodity derivatives for Serbian agricultural enterprises risk management, Proceedings, International Scientifc Meeting - Sustainable agriculture and rural development in terms of the Republic of Serbia strategic goals realization within the Danube Region, Tara, 6-8th December, 2012, IAE, Belgrade, pp. 907-924.
20.Zakić, V., Kovačević, V., Ivkov, I., Mirović, V., (2014): Importance of public warehouse system for fnancing agribusiness sector, Economics of Agriculture, Vol. 61, No. 4, pp. 929-943.
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Published
2016-08-31
How to Cite
Kovačević, V., Zakić, V., Milovanović, M., Subić, J., & Jeločnik, M. (2016). ELECTRONIC WAREHOUSE RECEIPTS REGISTRY AS A STEP FROM PAPER TO ELECTRONIC WAREHOUSE RECEIPTS. Ekonomika Poljoprivrede, 63(3), 801–815. https://doi.org/10.5937/ekoPolj1603801K
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