Price Discovery in Agricultural Commodity Futures Markets. An Indian Perspective

      Аннотация: The world of commodity markets has provided an alternate hope to farmers for informed decision making and price risk mitigation. However, the evolution of commodity derivatives as tool for profit booking and speculation has exposed unprecedented vulnerabilities. While developed economies have heightened market participation thereby reducing levels of unhealthy price speculations, developing economies such as India are reeling under the pressure of safeguarding the welfare of the poor and balancing industrial growth simultaneously. Various governments in India have confined commodity derivatives market to a political goal post, leaving the question of need for permitting trade in commodity derivatives open to academic discussions.

Ключевые слова: Role, Intervention, Government, Market participation, Speculation, hedging, arbitrage, market efficiency, market information, Causality in Markets, Market Fundamentals, Maturity Effect, convenience yield, price discovery