2,683 research outputs found
The precautionary demand for commodity stocks
No full textThis paper develops a theory of the precautionary demand for commodity stocks. It suggests that commodity stocks are held for precautionary purposes by producers, consumers, and intermediate processors, while speculators hold stocks on the expectation of capital gains from a subsequent price rise. Producer and consumer stocks usually account for the largest share of commercial stocks held at any point in time. For example, at the end of 1990, stocks held by producers and consumers of copper were 72 percent of all commercial stocks of the market economy countries. Yet, the theory explaining the behavior of this class of stocks has not progressed much beyond the concept of convenience yield, first introduced by Kaldor (1939). This paper proposes an alternative theory. Holding of stocks by producers and consumers is viewed as precautionary behavior towards output and price risks. As a theory of behavior towards risks, the precautionary stock demand model encompasses speculative demand by both producers and consumers. Furthermore, both stocks and futures are treated as precautionary instruments, in contrast to the dichotomy that only stocks provide convenience yield while futures are hedging instruments.Access to Markets,Markets and Market Access,Economic Theory&Research,Environmental Economics&Policies,Non Bank Financial Institutions
A Buffer Stocks Model for Stabilizing Price in Duopoly-Like Market
No full textThis paper presents the staple-food distribution problem in agro-industry. There is a great difference
of staple-food supplies in the harvest-season and in the planting-season meanwhile the demand is relatively
constant. This situation will trigger price-volatility and shortage of staple-food, and it causes opportunity-losses for the stakeholders (producer, consumer, wholesaler/trader, and the government). For stabilizing the
price, the government has several stabilization policies; one of them is market-intervention policy by using
buffer-stocks schemes. The market-intervention policy should be utilized for improving producer’s profit, for
cutting consumer’s expenditure, and for sustaining wholesaler’s margin-profit by implementing price-support
and price-stabilization. In duopoly-like market, we assume that there are only two market-players in the
distribution system. The objective of this research is to determine the instruments for operating Market-Intervention Program which consist of the quantity, time, and price of the buffer-stocks schemes. The problem
was solved using 3 approaches. First, a comparative cost/benefit analysis between free-market and
intervention-market can be used to formulate the objective function of each stakeholders. Second, the
integration of optimization model and econometrics model were use to develop the decision-variables subject
to the expectation of stakeholders, the buffer-stocks requirement, and the dynamics price equilibrium
properties. Third, model market with Inventory was applied for solving the market-price equilibrium. The
result could be used to analyze such the staple-food distribution system, incorporating the configuration of
duo-producers, duo market-buyers, and duo-consumers.
Keywords: buffer-stocks, duopoly-like market, market-intervention program, model market with inventory,
and staple-food distribution system
Contagion and firms'internationalization in Latin America : evidence from Mexico, Brazil, and Chile
No full textThe author investigates whether contagion matters when emerging market firms cross-list their stocks in a developed capital market. She develops a rational expectations model where financial markets are segmented along emerging markets'borders and contagion spreads from one emerging market to another through the actions of international investors rebalancing their portfolio using stocks cross-listed in the developed market. The author finds that contagion is a cost of internationalization as cross-listed stocks are more affected by contagion than pure domestic stocks. Furthermore, a welfare analysis of international cross-listing versus financial autarky suggests that the benefits of internationalization in terms of less information asymmetry and better market efficiency offset the costs of contagion. Her model is able to explain some transmission of the 1998 Brazilian crisis to Mexico and Chile.Markets and Market Access,Investment and Investment Climate,Access to Markets,Financial Intermediation,Economic Theory&Research
A Buffer Stocks Model for Stabilizing Price of Commodity under Limited Time of Supply and Continuous Consumption
No full textStaple foods, in developing countries especially in Indonesia, have extremely volatile among harvest
and planting season caused by inelastic of supply-demand and price disparity. When a staple food is shortage
in market, it will trigger crisis of economics, political and social because it concerns with food security. This
paper develops a buffer stock model for stabilizing price of commodity under limited time of supply and
continuous consumption. The performance criterion of model will consider financial loss of producer, consumer
and government side when market is interfered by price-stabilization program and price-support program
simultaneously. The price fluctuation will be stabilized by market operation where buffer stocks are bought
from domestic and import supply point. This paper provides a price band policy that attempts to bound
domestic price variation between a set of upper and lower bounds on the level of domestic prices. We consider
three sets of problems reflecting different three prices elasticity from 4 period of supply and demand.
Numerical examples are found to be consistent with empirical estimates regarding the relationship price
elasticity with price band and with government budget for the agenda of assisting household to assure
availability a staple food with enough amounts at rational prices.
Keywords: buffer stocks, price band, stabilization, limited time of supply, staple foods
Continuum piece on how to save the Atlantic groundfish stocks. The author say
No full textContinuum piece on how to save the Atlantic groundfish stocks. The author says the Maine Department of Marine Resources should be given the mandate to determine, with public input, the proper use of our marine resources
The Interest Rate Sensitivity of Value and Growth Stocks: Evidence from Listed Real Estate
No full textThis paper analyzes the return sensitivity of value and growth stocks to changes of five interest rate proxies. The analysis is based on monthly data over the 2000 to 2014 period for a global sample of 487 listed real estate companies in 24 countries. This rich setting offers substantial heterogeneity in interest rates across time and countries. We find that value stocks are more sensitive to changes in the short-term rate than growth stocks. This is consistent with the theory that investors with a short investment horizon trade-off the high initial yield of value stocks against a lower risk short-term rate. In contrast, growth stocks are more sensitive to changes in the long-term rate, which is consistent with the future cash flows of growth stocks being discounted at a higher rate. We also find that value stocks are more sensitive to changes in the credit yield. Since credit costs have a direct impact on a firm’s cost of capital, this result is consistent with risk-based theories of the value premium, which argue that value stocks are riskier, because they tend to have higher leverage and a larger default probability
Les stocks de produits agricoles
No full textFarm product stocks - One of the most important functions of farm product stocks is to check production prices. The author first examines the problems of identification, classification and knowledge of those stocks and then presents a theory which explains the influence of the volume of stock on the vrices through the psychological behaviour of the individuals
Measuring and monitoring soil organic carbon stocks in agricultural lands for climate mitigation
No full textPolicies that encourage greenhouse-gas emitters to mitigate emissions through terrestrial carbon (C) offsets – C sequestration in soils or biomass – will promote practices that reduce erosion and build soil fertility, while fostering adaptation to climate change, agricultural development, and rehabilitation of degraded soils. However none of these benefits will be possible until changes in C stocks can be documented accurately and cost-effectively. This is particularly challenging when dealing with changes in soil organic C (SOC) stocks. Precise methods for measuring C in soil samples are well established, but spatial variability in the factors that determine SOC stocks makes it difficult to document change. Widespread interest in the benefits of SOC sequestration has brought this issue to the fore in the development of US and international climate policy. Here, we review the challenges to documenting changes in SOC stocks, how policy decisions influence offset documentation requirements, and the benefits and drawbacks of different sampling strategies and extrapolation methods
МЕХАНИЗМЫ ВЗАИМОДЕЙСТВИЯ ПОТОКОВ И ЗАПАСОВ НА ПРЕДПРИЯТИИ С ТОЧКИ ЗРЕНИЯ ЛОГИСТИКИ
No full textPurpose. To study and compare the flows and stocks as logistics categories, as well as to analyze the mechanisms of interaction of flows and stocks in a modern enterprise from the perspective of logistic ap- proach. Methods. The research is based on the analysis of literature sources, mathematical modeling and the general scientific theoretical methods: analysis and synthesis, abstracting, formalization, induction, and dialectical approaches. Results. The definitions of material flow and the stock of materials in logistics have been studied. The comparative analysis of their similarities and differences has been carried out. The mathematical model of interactions of flows and stocks in an enterprise has been demonstrated, based on which the law of 'conservation of material resources" has been deduced, according to which the volume of material resources in the closed system is constant, and only the correlation between total volume of stocks and total intensity of flows changes. Much attention is given to the transitional moments of stocks transformation into flows and vice-versa. The conclusions of the article summarize the quantitative rules of interaction of flows and stocks in a modern enterprise. Scientific novelty. The author proves that not only the "flow", but "flow" and "stock" together should be emphasized as the main category of logistics. The high importance and specific character of the transitional moments of transformation of stocks into flows and vice-versa in a modern industrial enterprise are proved. The key principles that describe the interrelations between quantitative parameters of flows and stocks are formulated.Цель. Изучение и сравнение потоков и запасов как категорий логистики, а также исследование ме- ханизмов взаимодействия между потоками и запасами на современном предприятии с точки зрения ло- гистического подхода. Методы. Исследование основано на анализе литературных источников, матема- тическом моделировании и общенаучных теоретических методах: анализе и синтезе, абстрагировании, формализации, индукции, диалектическом подходе. Результаты. Рассмотрены определения материаль- ного потока и материального запаса в логистике. Проведен сравнительный анализ сходства и различий между ними. Показана математическая модель взаимодействия потоков и запасов на предприятии, на основе которой выведен закон «сохранения материальных ресурсов», утверждающий, что объем материальных ресурсов в замкнутой системе постоянен, а меняется только соотношение между общим размером запасов и общей интенсивностью потоков. Большое внимание уделено переходным моментам трансформации запасов в потоки и наоборот. Выводы статьи обобщают количественные правила взаимодействия потоков и запасов на современном предприятии. Научная новизна. Автор доказывает, что в качестве основной категории логистики следует выделять не только «поток», но «поток» и «запас» вместе. Обоснованы высокая значимость и специфика переходных моментов трансформации потока в запас и обратно, на современном промышленном предприятии. Сформулированы ключевые правила, описывающие взаимосвязи между количественными параметрами запасов и потоков
On the brink: The most depleted fish stocks in the Northeast Atlantic
No full textEuropean countries have committed to restore and maintain populations of commercial fish species above sustainable levels. However, despite some progress made during recent years, the status of some fish stocks continues to be in a critical state. Thus, based on the latest available scientific information, Oceana has identified the over 20 depleted fish stocks in the Northeast Atlantic, to highlight their ongoing dire status and the urgent need for management measures aimed at their recovery.
The list of Northeast Atlantic depleted stocks covers a diverse group of species (including pelagic, demersal, and benthic species) and sea basins, from the Baltic Sea to the west of Scotland and from the Barents Sea to Iberian waters. Species like anchovy, eel, herring, horse mackerel, Norway lobster, sardine, and whiting, among others, have one or more stocks that are known or considered to be depleted. The most extreme case is that of cod, with the highest number of depleted stocks (nine) across the whole region.
The depletion of these stocks raises concerns not only about their status, but also about the possibility that their abundance may have fallen below tipping points that have negative biological and ecological implications, as well as adverse economic and social consequences, since the stocks cannot sustain direct exploitation. Their reproductive capacity and subsequent are impaired, and there is an increased risk of stock collapse. This situation also makes these stocks more vulnerable to anthropogenic pressures (such as habitat degradation and loss) and to environmental variation, including in relation to climate change.
Most depleted stocks in the Northeast Atlantic are managed jointly by different parties, mainly by the European Union and the United Kingdom, through a solid regulatory framework that, if well implemented, would facilitate the recovery and sustainable exploitation of depleted stocks. Nevertheless, only very limited attempts have been made to apply measures for their recovery (e.g., catch limits and technical measures). Indeed, depleted stocks are far from meeting the objectives set for their international and domestic management. For example, the abundance of the three most heavily depleted stocks, Irish Sea whiting, West of Scotland cod, and Celtic Sea cod, is only 8%,16%, and 21%, respectively, of the minimum target.
Overfishing is the main driver that has reduced the abundance of depleted stocks to unsustainable levels. Despite being clearly problematic, this excessive fishing pressure has been long ignored: for all of the most heavily depleted stocks, fishing mortality has exceeded sustainable levels for nearly the entire duration of the time series. The situation of the depleted stocks is so alarming that, in most cases, scientists advise that catches must be strongly reduced or stopped altogether (i.e., ‘zero catch’) to facilitate their recovery and sustainable exploitation. The need to implement such reductions is made more pressing by the fact that stock recovery is being hampered by other ongoing anthropogenic impacts and environmental changes, such as habitat degradation and climate change. Nevertheless, the scientific recommendations are regularly ignored by decision-makers.
A further complication arises because depleted stocks are typically captured as by-catch together with other fish stocks in mixed fisheries. Management decisions related to the exploitation rate and pattern of stocks caught in mixed fisheries typically take a stock-by-stock approach, and prioritise the catches of the most productive stocks, rather than securing the recovery of those stocks with the poorest conservation status. In addition, there are signs of non-compliance with the provisions of the landing obligation, such that illegal discarding continues to be a problem. As result, actual catches of depleted stocks may far exceed the levels that are scientifically advised for permitting them to recover.
Based on the findings of this report, any prospect of recovering these severely overexploited fish populations appears unlikely without decisive management action. Implementation of adequate policies and measures by Northeast Atlantic decision-makers, such as the EU and UK, is both crucial and urgent to recover depleted stocks above sustainable levels in the shortest possible time. Oceana therefore recommends that these decision-makers act without delay to:
Adopt multi-year management strategies for stock recovery;
Set catch limits in line with scientific advice;
Prioritise the recovery needs of depleted stocks in mixed fisheries;
Fully document fisheries that target or catch depleted stocks as bycatch;
Implement the most effective by-catch reduction measures;
Eliminate anthropogenic activities that negatively affect depleted stocks;
Avoid any increase in fishing capacity of fleets catching depleted stocks;
Protect essential fish habitats (those habitats that are critical for the life cycle of exploited fish species); and
Safeguard food availability for depleted stocks.Funding Acknowledgement: LIFE19 NGO/FPA/ES/000004 – Fundación Ocean
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