How to Cite
Moreno Alemay, P., & Pereira Villa, C. (2015). Why does Colombia lack agricultural commodity futures?. Revista Finanzas Y Política Económica, 7(2), 325–339. https://doi.org/10.14718/revfinanzpolitecon.2015.7.2.6
License

This journal is licensed by a Creative Commons Attribution License (CC BY-NC-SA 4.0) Attribution-Non Commercial 4.0 International. For the CC licenses, the principle isthe creative freedom. This system complements the copyright without opposing it, conscious of its importance in our culture. The content of the articles is the responsibility of each author, and does not compromise in any way, to the journal or the university. It allows the transmission and reproduction of titles, abstracts and full content, with academic, scientific, cultural ends, provided acknowledgment of the respective source. This work cannot be used for commercial purposes. 

Licencia de Creative Commons

They journal does not charge authors for submission or publication.

Abstract

This article explores the reasons why futures contracts are not traded as an alternative to price hedging for agricultural goods in Colombia. Based on surveys, interviews and statistical analysis, this study identified that conceptual gaps in contract negotiation, lack of consensus in the agricultural sector regarding the use of financial mechanisms and the sector?s infrequent contact with Colombia?s financial institutions, are the main reasons why a futures contracts market has not emerged.

Keywords:

References

Act 1450 (2011). Congreso de la República de Colombia

Arias, D., Lamas, A. & Kpaka, M. (2011). Agricultural Commodity Exchanges in Latin America and the Caribbean. Washington D.C.: World Bank. Latin America and the Caribbean Region. LCSSD Occasional Paper Series on Food Prices

Arias, D. (2011). Tendencias de mercados agrícolas globales y manejo de riesgos. 5 Recomendaciones para Colombia. Agricultural and Rural Development Team, World Bank. Document presented in Agroexpo, 2011. Bogotá, Colombia

Arias, J. (1998). Colombia's National Agricultural Exchange, New strategies for a changing commodity economy: the use of modern financial instruments. UNCTAD. Geneva, Switzerland

Arroyave, I. (2011). Nuevas perspectivas de la Bolsa Mercantil de Colombia. Document presented at the Seminar: Oportunidad de Desarrollo para las bolsas de productos agropecuarios, agroindustriales o de otros commodities. Bogota, Colombia

Beck, Demirgüç-Kunt, Levine (2009). Financial institutions and markets across countries and over time - data and analysis. World Bank Policy Research, Working Paper No. 4943. Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1414705

Beck, Demirguc-Kunt, Levine (2010) Financial Institutions and Markets across Countries and over Time: The Updated Financial Development and Structure Database. World Bank Economic Review, 24(1), 77-92

Dana, J. & Gilbert, C. L. (2008), Discussion Paper No. 19, Managing Agricultural Price Risk in Developing Countries. Dipartimento di Economia, Università degli Studi di Trento

De Brauw, A., Huang, J. and Rozelle, S. (2004). The sequencing of reform policies in China's agricultural transition. Economics on Transition, 12(3), 427-465

Estefan, C. (1995). Por un modelo de comercialización. Mercado de Futuros Agrícolas en Colombia. Bogotá: Bolsa Nacional Agropecuaria

Estupiñán, F. (2011). Posibilidades de desarrollo de la Bolsa con el apoyo del Banco Agrario de Colombia. Document presented at the seminar: Oportunidad de Desarrollo para las bolsas de productos agropecuarios, agroindustriales o de otros commodities. Bogotá, Colombia

Futures Industry Association (2012). Annual Volume Survey. Washington D.C.: Futures Industry Association, 10 p. Available at: http://www.futuresindustry.org/downloads/Volume-Mar_FI(R).pdf

Futures Industry Association (2012). Annual Volume Survey. Washington D.C.: Futures Industry Association, 26 p. Available: http://www.futuresindustry.org/site-search.asp=annual%20volume%20survey

Gilbert, C. L. (2001), The International Task Force on Commodity Risk management: Background and Preliminary Lessons, Washington DC, World Bank

Gilbert, C.L. (2010). How to understand high food prices. Journal of Agricultural Economics, 61(2), 398-425

Hernandez, A. & Torero, M. (2010). Examining the dynamic relation between spot and futures prices of agricultural commodities. Washington D.C.: International Food Policy Research Institute, p. 39 Available at: http://www.ifpri.org/sites/default/files/publications/ifpridp00988.pdf

Hull, J. (2009). Options, Futures and Other Derivatives. New Jersey. Pearson, Prentice Hall, 7th edition.

Interagency report to G20, (2011). Price volatility in food and agricultural markets: Policy responses. FAO, IFAD, IMF, OECD, UNCTAD, WFT, the World Bank, the WTO, IFPRI and the UN HLTF. Available at: http://www.oecd.org/dataoecd/40/34/48152638.pdf

King, R.; Levine, R. (1993). Finance and Growth: Schumpeter Might be Right. The Quarterly Journal of Economics, 108(3), 717-737

Oliver, O. (2001). Chapter V: El riesgo en las negociaciones de bolsa y la Cámara de Compensación de la BNA. Las Bolsas de Productos. Bogotá: Bolsa Nacional Agropecuaria

Power,G.J.a. ; Robinson, J.R.C.b, (2013). Commodity futures price volatility, convenience yield and economic fundamentals. Applied Economics Letters, 20(11),1089-1095

Shim, E. (2006): Success factors of agricultural futures markets in developing countries and their implication on existing and new local exchanges in developing countries. Thesis submitted to The Fletcher School, Tufts University, USA. 26 April 2006, available: http://fletcher.tufts.edu/research/2006/Shim.pdf

Sendeniz-Yüncü, I. ,Akdeniz, L. & Aydogan, K. (2007). Futures Market Development and Economic Growth. Working paper Series, Bilkent University, Ankara, Turkey. Available at:http://akdeniz.bilkent.edu.tr/vita/sendeniz_akdeniz_aydogan2.pdf

UNCTAD (2009). Chapter II. The financialization of commodity markets. Trade and Development Report. Geneva: UNCTAD, 53-84

UNCTAD secretariat on Emerging Commodity Exchanges (2009). Development Impacts of Commodity Exchanges in Emerging Markets. Geneva: UNCTAD, p. 219

UNCTAD (2007). Overview of the world's commodity exchanges 2007. Geneva: UNCTAD, p.39

Reference by

Sistema OJS 3 - Metabiblioteca |