{"title":"Is There a New Swing Producer in the Oil Markets? A Brief Answer","authors":"H. Till","doi":"10.2139/SSRN.2773746","DOIUrl":"https://doi.org/10.2139/SSRN.2773746","url":null,"abstract":"Can U.S. shale producers be regarded as the new swing producers in the crude oil markets? This brief paper will address this question from both a physical-oil-market standpoint and from an energy-financing standpoint. The article will conclude that basically the answer is no unless one adopts a very flexible definition of “swing producer.”","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86268797","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Global Supply Chain Dynamics and Labour Governance: Implications for Social Upgrading","authors":"Joonkoo Lee","doi":"10.2139/ssrn.2780512","DOIUrl":"https://doi.org/10.2139/ssrn.2780512","url":null,"abstract":"Global supply chains (GSCs) have become an integral part of the global economy, changing the patterns of trade, investment, and production in global industries. While the rise of GSCs poses new opportunities and challenges to workers, its impacts have yet to be fully understood. Building on a growing body of literature on GSCs and labour standards, this paper examines how the emergence and change of the fragmented cross-national production system affects social upgrading in developing countries, focusing on the impact of private governance on labour conditions and workers’ rights. It discusses emerging trends in GSCs during the post-crisis period and their impacts on social upgrading, highlighting the unevenness of social upgrading and the role of global buyers in the differentiation of labour conditions among workers. The paper discusses the role of private voluntary standards in governing labour relations in GSCs, and their limitations and tensions with buyers’ purchasing practices. It concludes with a discussion of the future of labour governance in GSCs in terms of improving the effectiveness of private governance and building a complementary and synergistic relationship across private, public and social governance for sustainable economic and social upgrading in GSCs.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88226706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Crop Price Comovements During Extreme Market Downturns","authors":"David M. Zimmer","doi":"10.1111/1467-8489.12119","DOIUrl":"https://doi.org/10.1111/1467-8489.12119","url":null,"abstract":"type=\"main\" xml:id=\"ajar12119-abs-0001\"> This study develops and estimates mixture models of crop price comovements using copula functions, which allow for departures from normality during extreme market circumstances. The models also account for unique time-series patterns inherent in crop price data. The results point to two main conclusions. First, mixture models appear to provide an easy-to-estimate approach for capturing real-life crop price movements. Second, mixture models find that, during extreme market downswings, correlations in price movements strengthen by several orders of magnitude. These results suggest that structured securities assembled from different crops tend to lose diversified protection during extreme market downswings, the exact times when such protection is needed most.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76866267","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cyclical Properties of Supply-Side and Demand-Side Shocks in Oil-Based Commodity Markets","authors":"Tomas Krehlik, Jozef Baruník","doi":"10.2139/ssrn.2753339","DOIUrl":"https://doi.org/10.2139/ssrn.2753339","url":null,"abstract":"Oil markets profoundly influence world economies through determination of prices of energy and transports. Using novel methodology devised in frequency domain, we study the information transmission mechanisms in oil-based commodity markets. Taking crude oil as a supply-side benchmark and heating oil and gasoline as demand-side benchmarks, we document new stylized facts about cyclical properties of the transmission mechanism generated by volatility shocks with heterogeneous frequency responses. Our first key finding is that shocks to volatility with response shorter than one week are increasingly important to the transmission mechanism over the studied period. Second, demand-side shocks to volatility are becoming increasingly important in creating short-run connectedness. Third, the supply-side shocks to volatility resonating in both the long run and short run are important sources of connectedness.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87262292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Business as UNusual: The Implications of Fossil Divestment and Green Bonds for Financial Flows, Economic Growth and Energy Market","authors":"S. Glomsrød, T. Wei","doi":"10.2139/ssrn.2733423","DOIUrl":"https://doi.org/10.2139/ssrn.2733423","url":null,"abstract":"Green bonds and fossil divestment has emerged as a bottom-up approach to climate action within the business community. Recent pledges by large banks and institutional investors have reached levels that have the potential to contribute markedly to a low carbon transition. This paper traces the impact of green finance in a multiregional global general equilibrium model with non-fossil and non-coal segments of financial flows in addition to the usual unconstrained market for funding. Our high green finance scenario reflects a reasonable upscaling of current level of pledges towards 2030. The study shows that green finance shifts the investments towards industries generating more value added and increasing GDP, future savings and investments. The green finance leads to a lower return on investments and a transfer of income from investors to wage income. Russia and China see the largest cost increase in coal investments due to constraints on finance for fossil industries. The green finance reduces coal consumption by 2.5 per cent below BAU in 2030 and raises the share of non-fossil electricity from 42 to 46 per cent at the global level. Over the whole period towards 2030, the green finance avoids global CO2 emissions corresponding to the total emissions of European Union and Japan in a recent year.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89505677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Direction of Crude Oil Prices: The Role of Market Structure","authors":"M. Arak, Sheila L. Tschinkel","doi":"10.2139/ssrn.2732918","DOIUrl":"https://doi.org/10.2139/ssrn.2732918","url":null,"abstract":"This article focuses on the price inelasticity of demand for crude oil in the short run and its implications. We show that any producer with a share greater than the elasticity of demand, weighted by its profit margin, could benefit by curbing supply to increase profits. This means high cost producers have a lower threshold to meet before they can profit from a reduction in output. It also implies that high cost producers without major shares may benefit, albeit not as much as those who free ride on cuts by others. We note that the increased competitiveness of the global oil market and differing national preferences may be preventing cooperation that would benefit many producers.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85624262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Sustainable Supply Chain Management Practices: An Environmental Perspective in Indian Manufacturing Companies","authors":"Kottala Sriyogi","doi":"10.2139/ssrn.2753437","DOIUrl":"https://doi.org/10.2139/ssrn.2753437","url":null,"abstract":"The study investigated sustainable supply chain management (SSCM) practices pertaining to environmental perspective of manufacturing companies in India. Using factor analysis, the study identified three dimensions under environmental. It included companies from distinct sectors. Sample was collected from executives working in the area of supply chain, and a total of one hundred and one responses from 96 manufacturing companies were analyzed for environmental issues that are being practiced in supply chain management. The results exposed environmental sustainable practices being practiced by Indian manufacturing companies. The study also investigated the relationship among different issues like waste management, scarcity of raw materials, liquid waste discharge, ground water level, environmental friendly transportation system, production process, of gaseous emissions, core manufacturing activities of supply chain and impact of product usage on environment in relation to manufacturing companies participated in the survey. Lastly, it proposed framework to implement the SSCM practice of environmental prospective among Indian manufacturing companies.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82164796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Pork Barrel as a Signaling Tool: The Case of US Environmental Policy","authors":"Hélia Costa","doi":"10.2139/ssrn.2777575","DOIUrl":"https://doi.org/10.2139/ssrn.2777575","url":null,"abstract":"Are environmental policies affected by the political cycle? This paper investigates if environmental spending is used as pork barrel with signaling purposes. It develops a two-period model of electoral competition where politicians use current policies to signal their preferences to rational, forward-looking voters. There exists an equilibrium where incumbents use pork barrel spending for signaling in majoritarian systems. Results show that it is directed towards ideologically homogeneous groups, and is mitigated if the incumbent is a 'lame duck' or has a high discount rate. The predictions of the model are tested using data on US state level environmental expenditures. The empirical results show support for the signaling motive as a central mechanism in generating pork barrel towards the environment.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73381558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A Dynamic Conditional Correlation between Commodities and the Islamic Stock Market","authors":"Chebbi Tarek, Abdelkader Mohamed Sghaier Derbali","doi":"10.21314/JEM.2016.137","DOIUrl":"https://doi.org/10.21314/JEM.2016.137","url":null,"abstract":"Following the outbreak of the financial crisis and falling prices in the financial markets, we noticed the existence of several recent studies on the relationships between commodity and stock markets. More specifically, our paper is most closely related to those documenting the importance of the links between Islamic capital markets and commodities. To this end, we focus on the dynamics of the correlations between commodities and Islamic indexes. From a methodological viewpoint, we start this paper by examining the approaches of EC-GARCH and DCC-GARCH, which allow us to assess, respectively, the causality and how the correlations between commodity and stock returns evolve over time. To test our models empirically, we build a daily data set, consisting of commodity and stock prices. The sample period used in this paper is May 19, 2010 – February 14, 2014. Our empirical evidence supports the view that volatilities of commodity returns are strongly correlated to those of Islamic indexes. In fact, correlations between commodity and Islamic stock markets are time-varying and highly volatile. Our paper contributes importantly to the empirical literature dealing with the links between commodity and stock markets and the literature supporting the financialization of commodity markets.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88546988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Assessing the Value Chain of Guinea Fowl in the Upper East Region of Ghana","authors":"Martin Akogti","doi":"10.2139/SSRN.2718712","DOIUrl":"https://doi.org/10.2139/SSRN.2718712","url":null,"abstract":"This study was carried out to assess the value chain of the dwindling local guinea fowl sub-sector in the Upper East Region. The study adopted the mixed-method-approach using qualitative and quantitative data collection and analysis techniques. The qualitative research comprised of focus group discussions and interviews conducted whilst the quantitative research made use of a survey questionnaire administered to a sample size of one hundred and fifteen(115) respondents. The Pearson correlation coefficients showed that correlations exist among the paired variables whereas controlling one variable (actor) had little or no effect on the strength of the relationships. Majority of respondents believed that it is the farmers who decide what is to be produced whilst a few respondents believed that it is the consumers who determine what is to be produced in the guinea fowl value chain. A narrow majority of the respondents strongly agreed with the assertion that guinea fowl production is a very lucrative business. The findings established that NGOs played supporting roles along the value chain. The study recommended a holistic and proactive approach to designing support programmes to salvage the guinea fowl value chain in the Upper East Region.","PeriodicalId":12584,"journal":{"name":"Global Commodity Issues eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78705318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}