Commodities最新文献_第3页

A Game-Theoretic Analysis of Canada’s Entry for LNG Exports in the Asia-Pacific Market 加拿大LNG出口进入亚太市场的博弈分析

Commodities Pub Date : 2023-06-12 DOI: 10.3390/commodities2020011

Subhadip Ghosh, S. Islam

{"title":"A Game-Theoretic Analysis of Canada’s Entry for LNG Exports in the Asia-Pacific Market","authors":"Subhadip Ghosh, S. Islam","doi":"10.3390/commodities2020011","DOIUrl":"https://doi.org/10.3390/commodities2020011","url":null,"abstract":"The import demand for energy resources, including liquefied natural gas (LNG), has been steadily increasing in the Asia-Pacific region. Australia, the Middle East (Qatar), the Russian Federation, and the U.S. are the major players who compete strategically to capture this ever-growing market for LNG. The objective of this paper is to examine the potential for Canada’s entry into this market as another LNG exporter and what impact that can have on the existing suppliers. Using a game-theoretic LNG export competition model, we explore the conditions under which Canada can make a profitable entry. We also investigate the effect of Canada’s entry on the profitability of the four incumbent exporters. Employing a multi-leader Stackelberg model, we found that Canada’s entry could be a Pareto superior outcome under certain conditions because it benefits all competing firms and consumers. Further, Canada’s entry into the LNG export market always helps the low-cost incumbent firms by increasing their output and profit. However, the high-cost incumbent firms’ output falls, while their profit may increase or decrease depending on the unit cost and market size parameters. With differential export costs between Canada and the U.S., the latter has an incentive to act strategically to affect the entrance of the former.","PeriodicalId":377639,"journal":{"name":"Commodities","volume":"46 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120998675","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}

引用次数: 0

The Future of Commodities 商品的未来

Commodities Pub Date : 2023-05-31 DOI: 10.3390/commodities2020010

Julien Chevallier

引用次数: 0

Longitudinal Principal Component and Cluster Analysis of Azerbaijan’s Agricultural Productivity in Crop Commodities 阿塞拜疆作物商品农业生产力的纵向主成分和聚类分析

Commodities Pub Date : 2023-05-08 DOI: 10.3390/commodities2020009

I. Niftiyev, G. Ibadoghlu

{"title":"Longitudinal Principal Component and Cluster Analysis of Azerbaijan’s Agricultural Productivity in Crop Commodities","authors":"I. Niftiyev, G. Ibadoghlu","doi":"10.3390/commodities2020009","DOIUrl":"https://doi.org/10.3390/commodities2020009","url":null,"abstract":"Understanding long-term agricultural productivity is essential for designing agricultural policies, planning and targeting other economic policies (e.g., industrial policy), and managing agricultural business models. In a developing and oil-rich country such as Azerbaijan, agriculture is among the limited opportunities to diversify oil-based value added and address broad welfare issues, as farmers and agricultural workers account for a large share of total employment and the labor force. However, previous studies have not focused on an empirical assessment of the long-term and subsectoral productivity of crop commodities. Rather, they have used a highly aggregated and short-run perspective, focusing mainly on the impact of the oil sector on agricultural sectors. Here, we applied principal component analysis and hierarchical cluster analysis to identify similarities and differences in the productivity of specific crop commodities (e.g., cotton, tea, grains, tobacco, hay, fruits, and vegetables) between 1950 and 2021. We show that some crops are similar in terms of their variation, growth rates, and transition from the Soviet era to the post-Soviet period. Although the dynamics of change are different for food and non-food crops and for high- and low-productive commodities, it is still possible to narrow down specific subsectors that could reach the same productivity levels. This helps map out the productivity levels of crop commodities over time and across different subsectors, allowing for better policy decisions and resource allocation in the agricultural sector. In addition, we argue about some outlier commodities and their backward status despite extensive government support. Our results provide a common basis for policymakers and businesses to focus specifically on productivity and profitability from an economic standpoint.","PeriodicalId":377639,"journal":{"name":"Commodities","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115349035","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}

引用次数: 0

The Liquidity Effect of the U.S. QE on Sovereign Yield Spreads of Commodity-Exporting Countries 美国量化宽松对大宗商品出口国主权债券收益率息差的流动性影响

Commodities Pub Date : 2023-04-25 DOI: 10.3390/commodities2020008

P. Yip, Wee‐Yeap Lau, R. Brooks

引用次数: 0

Non-Performing Loans as a Driver of Banking Distress: A Systematic Literature Review 不良贷款是银行危机的驱动因素:系统文献综述

Commodities Pub Date : 2023-04-07 DOI: 10.3390/commodities2020007

Khalil Alnabulsi, E. Kozarević, A. Hakimi

引用次数: 0

A Note on the Asymmetry of Oil Price Shocks 论油价冲击的不对称性

Commodities Pub Date : 2023-03-21 DOI: 10.3390/commodities2010005

Jungho Baek

引用次数: 0

Price Transmission: The Case of the UK Dairy Market 价格传导:以英国乳制品市场为例

Commodities Pub Date : 2023-03-20 DOI: 10.3390/commodities2010004

Rachel Rose, Dimitrios Paparas

{"title":"Price Transmission: The Case of the UK Dairy Market","authors":"Rachel Rose, Dimitrios Paparas","doi":"10.3390/commodities2010004","DOIUrl":"https://doi.org/10.3390/commodities2010004","url":null,"abstract":"The UK milk market has faced major economic difficulties over the last 20 years, seeing the smallest milk producers exit the industry. The key objective of this study is to examine price transmission within the UK milk market to understand the market’s efficiency and influences. An Augmented Dickey–Fuller unit root test identified all the examined series were stationary at the first difference. A modified Dickey–Fuller test allows for levels and trends that differ across a single break date and Bai–Perron test identified multiple structural breaks, including January 2012, July 2015, and November 2017. The Johansen cointegration test identified one cointegrating factor. The Error Correction Model results identified that prices would regain equilibrium at 14%, roughly 7 months after a price shock. Granger Causality identified the producer to granger cause retailer prices. The Threshold Autoregressive model suggests the dataset is symmetric. Econometric research into the UK’s liquid milk market is limited. As such, this study will provide an understanding as to whether current econometric policies are working, alongside the potential to aid the improvement or development of new policies while the UK exits the EU. Additionally, this study includes structural breaks as previous studies have failed to do so, which has led to a mixture of results.","PeriodicalId":377639,"journal":{"name":"Commodities","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114344612","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}

引用次数: 0

Price Dynamics and Integration in India’s Staple Food Commodities—Evidence from Wholesale and Retail Rice and Wheat Markets 印度主要粮食商品的价格动态和一体化——来自大米和小麦批发和零售市场的证据

Commodities Pub Date : 2023-02-28 DOI: 10.3390/commodities2010003

R. Sendhil, K. Arora, Sunny Kumar, P. Lal, A. Roy, Ramalingam Jayakumara Varadan, Sivasankar Vedi, A. Pouchepparadjou

{"title":"Price Dynamics and Integration in India’s Staple Food Commodities—Evidence from Wholesale and Retail Rice and Wheat Markets","authors":"R. Sendhil, K. Arora, Sunny Kumar, P. Lal, A. Roy, Ramalingam Jayakumara Varadan, Sivasankar Vedi, A. Pouchepparadjou","doi":"10.3390/commodities2010003","DOIUrl":"https://doi.org/10.3390/commodities2010003","url":null,"abstract":"Uncertain price movement in staple food commodities puts agrarian economies at risk if not monitored and managed consistently. Hence, an attempt has been made to analyze the price behavior and integration across major wholesale and retail markets for rice and wheat in India. Monthly data (July 2000 to June 2022) on prices viz. wholesale and retail were sourced from the Food and Agriculture Organization and analyzed using growth rate, instability index, seasonal price index, Bai-Perron’s test for structural breaks, Johansen’s test on cointegration, Granger causality test, and impulse response function. Findings indicated strong evidence of price dynamics in the selected markets in terms of spatial and temporal variation, clear-cut seasonality linking to production, and price divergence between wholesale and retail markets. Johansen’s test indicated a strong cointegration between wholesale and retail prices after accounting for structural breaks, exhibiting unidirectional-, bidirectional- and no causality. Impulse response analysis revealed that the selected wheat and rice markets are efficient in terms of ‘price discovery’ which takes place initially in the wholesale market, and is then transmitted to the retail market. The study advocates decision-making information to the producers, traders, and consumers who are interested in taking advantage of the price movement. It is concluded that strengthening the market intelligence and reducing the distortion in markets will improve the existing overall performance.","PeriodicalId":377639,"journal":{"name":"Commodities","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125172027","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}

引用次数: 2

‘Safe Assets’ during COVID-19: A Portfolio Management Perspective 2019冠状病毒病期间的“安全资产”:投资组合管理视角

Commodities Pub Date : 2023-01-31 DOI: 10.3390/commodities2010002

Julien Chevallier

{"title":"‘Safe Assets’ during COVID-19: A Portfolio Management Perspective","authors":"Julien Chevallier","doi":"10.3390/commodities2010002","DOIUrl":"https://doi.org/10.3390/commodities2010002","url":null,"abstract":"The pandemic crisis of COVID-19 hit the financial markets like a shockwave on 16 March 2020. This paper attempts to capture which ‘safe assets’ asset managers could have fled during the first wave of the pandemic. From an investment manager’s perspective, candidate assets are stocks, bonds, exchange rates, commodities, gold, and (gold-backed) cryptocurrencies. Empirical tests of the ‘Safe-Haven’ hypothesis are conducted, upon which the selection of assets is performed. The methodological framework hinges on the Global Minimum Variance Portfolio with Monte Carlo simulations, and the routine is performed under Python. Other optimization techniques, such as risk parity and equal weighting, are added for robustness checks. The benchmark portfolio hits a yearly profitability of 7.2% during such a stressful event (with 3.6% downside risk). The profitability can be enhanced to 8.4% (even 14.4% during sub-periods) with a careful selection of ‘Safe assets’. Besides short- to long-term U.S. bonds, we document that investors’ exposure to Chinese, Argentinian, and Mexican stocks during COVID-19 could have been complemented with Swiss and Japanese currencies, grains, physical gold mine ETFs, or gold-backed tokens for defensive purposes.","PeriodicalId":377639,"journal":{"name":"Commodities","volume":"91 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126997061","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}

引用次数: 0

A Note on Oil Price Shocks 关于油价冲击的说明

Commodities Pub Date : 2022-12-18 DOI: 10.3390/commodities1020012

Jungho Baek

引用次数: 0