Why does Colombia lack agricultural commodity futures?
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 agricultur...
- Autores:
-
Moreno-Alemay, Pablo
Peraira-Villa, Catherine
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2015
- Institución:
- Universidad Católica de Colombia
- Repositorio:
- RIUCaC - Repositorio U. Católica
- Idioma:
- spa
- OAI Identifier:
- oai:repository.ucatolica.edu.co:10983/17533
- Acceso en línea:
- https://hdl.handle.net/10983/17533
- Palabra clave:
- MATERIAS PRIMAS AGRÍCOLAS
MERCADO DE FUTUROS
DERIVADOS
COBERTURA DE RIESGO
- Rights
- openAccess
- License
- Derechos Reservados - Universidad Católica de Colombia, 2015
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Why does Colombia lack agricultural commodity futures? |
| dc.title.translated.eng.fl_str_mv |
¿Por qué carece Colombia de futuros de productos básicos agrícolas? |
| title |
Why does Colombia lack agricultural commodity futures? |
| spellingShingle |
Why does Colombia lack agricultural commodity futures? MATERIAS PRIMAS AGRÍCOLAS MERCADO DE FUTUROS DERIVADOS COBERTURA DE RIESGO |
| title_short |
Why does Colombia lack agricultural commodity futures? |
| title_full |
Why does Colombia lack agricultural commodity futures? |
| title_fullStr |
Why does Colombia lack agricultural commodity futures? |
| title_full_unstemmed |
Why does Colombia lack agricultural commodity futures? |
| title_sort |
Why does Colombia lack agricultural commodity futures? |
| dc.creator.fl_str_mv |
Moreno-Alemay, Pablo Peraira-Villa, Catherine |
| dc.contributor.author.spa.fl_str_mv |
Moreno-Alemay, Pablo Peraira-Villa, Catherine |
| dc.subject.proposal.spa.fl_str_mv |
MATERIAS PRIMAS AGRÍCOLAS MERCADO DE FUTUROS DERIVADOS COBERTURA DE RIESGO |
| topic |
MATERIAS PRIMAS AGRÍCOLAS MERCADO DE FUTUROS DERIVADOS COBERTURA DE RIESGO |
| description |
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. |
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2018-09-13T19:33:36Z |
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Moreno-Alemay, P., & Pereira-Villa, C. (2015). Why does Colombia lack agricultural commodity futures? Revista Finanzas y Política Económica, 7(2), 325-339. Retrieved from https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/1058/1102 |
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Moreno-Alemay, P., & Pereira-Villa, C. (2015). Why does Colombia lack agricultural commodity futures? Revista Finanzas y Política Económica, 7(2), 325-339. Retrieved from https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/1058/1102 2248-6046 |
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Revista Finanzas y Política Económica, Vol. 7, no. 2 (jul. – dic. 2015); p. 325 - 339 http://dx.doi.org/10.14718/revfinanzpolitecon.2015.7.2.6 |
| dc.relation.references.spa.fl_str_mv |
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. 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. 13. Futures Industry Association (2012). Annual Volume Survey. Washington D.C.: Futures Industry Association, 26 p. 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 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. 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, Sendeniz-Yüncü, I. ,Akdeniz, L. & Aydogan, K. (2007). Futures Market Development and Economic Growth. Working paper Series, Bilkent University, Ankara, Turkey. 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 |
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Derechos Reservados - Universidad Católica de Colombia, 2015 |
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Moreno-Alemay, Pablo0132d52e-e500-4192-9065-3e23d2500abb-1Peraira-Villa, Catherine021ee500-bf5e-4c77-a3d7-fc66cc19436a-12018-09-13T19:33:36Z2018-09-13T19:33:36Z2015-07This 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.Este artigo explora os motivos pelos quais não são negociados contratos futuros na Colômbia como alternativas para cobertura de risco de preço para bens agrícolas. A partir da análise estatística de entrevistas e pesquisas de opinião a operadores do mercado derivativo, pôde-se identificar que os vazios conceituais na negociação desses contratos, na desunião das instituições e atores do setor, e o relativo isolamento do setor agrícola da estrutura financeira do país constituem os principais motivos pelos quais esse mercado não é uma realidade na Colômbia.Este artículo explora los motivos por los que no se negocian contratos de futuros en Colombia como alternativa de cobertura de riesgo de precio para bienes agrícolas. A partir del análisis estadístico de entrevistas y encuestas a operadores del mercado de derivados, se logró identificar que los vacíos conceptuales en la negociación de estos contratos, la desunión de las instituciones y actores del sector, y el relativo aislamiento del sector agrícola de la estructura financiera del país, constituyen los principales motivos por los cuales este mercado no se ha hecho realidad en Colombia.application/pdfMoreno-Alemay, P., & Pereira-Villa, C. (2015). Why does Colombia lack agricultural commodity futures? Revista Finanzas y Política Económica, 7(2), 325-339. Retrieved from https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/1058/11022248-6046https://hdl.handle.net/10983/17533spaUniversidad Católica de Colombia. Facultad de Ciencias Económicas y AdministrativasRevista Finanzas y Política Económica, Vol. 7, no. 2 (jul. – dic. 2015); p. 325 - 339 http://dx.doi.org/10.14718/revfinanzpolitecon.2015.7.2.6Act 1450 (2011). Congreso de la República de ColombiaArias, 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 PricesArias, 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, ColombiaArias, J. (1998). Colombia's National Agricultural Exchange, New strategies for a changing commodity economy: the use of modern financial instruments. UNCTAD. Geneva, SwitzerlandArroyave, 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, ColombiaBeck, Demirgüç-Kunt, Levine (2009). Financial institutions and markets across countries and over time - data and analysis. World Bank Policy Research, Working Paper No. 4943.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), 77-92Dana, J. & Gilbert, C. L. (2008), Discussion Paper No. 19, Managing Agricultural Price Risk in Developing Countries. Dipartimento di Economia, Università degli Studi di TrentoDe Brauw, A., Huang, J. and Rozelle, S. (2004). The sequencing of reform policies in China's agricultural transition. Economics on Transition, 12(3), 427-465Estefan, C. (1995). Por un modelo de comercialización. Mercado de Futuros Agrícolas en Colombia. Bogotá: Bolsa Nacional AgropecuariaEstupiñán, 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, ColombiaFutures Industry Association (2012). Annual Volume Survey. Washington D.C.: Futures Industry Association, 10 p.13. Futures Industry Association (2012). Annual Volume Survey. Washington D.C.: Futures Industry Association, 26 p.Gilbert, C. L. (2001), The International Task Force on Commodity Risk management: Background and Preliminary Lessons, Washington DC, World BankGilbert, C.L. (2010). How to understand high food prices. Journal of Agricultural Economics, 61(2), 398-425Hernandez, 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. 39Hull, 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.King, R.; Levine, R. (1993). Finance and Growth: Schumpeter Might be Right. The Quarterly Journal of Economics,108(3), 717-737Oliver, 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 AgropecuariaPower,G.J.a. ; Robinson, J.R.C.b, (2013). Commodity futures price volatility, convenience yield and economic fundamentals. Applied Economics Letters, 20(11),1089-1095Shim, 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,Sendeniz-Yüncü, I. ,Akdeniz, L. & Aydogan, K. (2007). Futures Market Development and Economic Growth. Working paper Series, Bilkent University, Ankara, Turkey.UNCTAD (2009). Chapter II. The financialization of commodity markets. Trade and Development Report. Geneva: UNCTAD, 53-84UNCTAD secretariat on Emerging Commodity Exchanges (2009). Development Impacts of Commodity Exchanges in Emerging Markets. Geneva: UNCTAD, p. 219UNCTAD (2007). Overview of the world's commodity exchanges 2007. Geneva: UNCTAD, p.39Derechos Reservados - Universidad Católica de Colombia, 2015info:eu-repo/semantics/openAccessAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)https://creativecommons.org/licenses/by-nc-nd/4.0/http://purl.org/coar/access_right/c_abf2https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/1058/1102MATERIAS PRIMAS AGRÍCOLASMERCADO DE FUTUROSDERIVADOSCOBERTURA DE RIESGOWhy does Colombia lack agricultural commodity futures?¿Por qué carece Colombia de futuros de productos básicos agrícolas?Artículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85PublicationORIGINAL5 Por qué Colombia carece de futuros de productos básicos agrícolas ingles.pdf5 Por qué Colombia carece de futuros de productos básicos agrícolas ingles.pdfapplication/pdf962042https://repository.ucatolica.edu.co/bitstreams/0362315c-dc9e-4e67-8050-f433adcdd5b0/download9fe3fba0ba25d3414963941ba567e97fMD51THUMBNAIL5 Por qué Colombia carece de futuros de productos básicos agrícolas ingles.pdf.jpg5 Por qué Colombia carece de futuros de productos básicos agrícolas ingles.pdf.jpgRIUCACimage/jpeg23701https://repository.ucatolica.edu.co/bitstreams/dbc49ab9-ee18-4480-afcf-562bd3febbe6/download503e61babd62458df8e5eda3b2ed07c1MD52TEXT5 Por qué Colombia carece de futuros de productos básicos agrícolas ingles.pdf.txt5 Por qué Colombia carece de futuros de productos básicos agrícolas ingles.pdf.txtExtracted texttext/plain49195https://repository.ucatolica.edu.co/bitstreams/1f722ffc-4e7e-482d-9aa6-0550619db093/downloadd86f74de56b8e0448f0a3526c530f24bMD5310983/17533oai:repository.ucatolica.edu.co:10983/175332023-03-24 16:31:03.354https://creativecommons.org/licenses/by-nc-nd/4.0/Derechos Reservados - Universidad Católica de Colombia, 2015https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com |