纸牛排活牛期货市场与 1964 年的金融革命

IF 0.7 2区 历史学 Q4 BUSINESS
Tim Paulson
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引用次数: 0

摘要

本文认为,1964 年在芝加哥推出的活牛期货对专业经济学、衍生品行业和肉牛行业来说都是革命性的,因为牛是第一个成功的 "非存储 "衍生品。自 19 世纪末以来,衍生品为规避风险的农场主提供金融服务的能力一直建立在期货与储存中的实物商品可以互换的假设之上。活牛期货打破了理论和规范,使越来越抽象的投机形式得以尝试,也使衍生品行业得到了巨大发展。经济学家、交易所领导者和商品生产者通力合作,使活牛期货得以运作,但他们对其影响的理解和感受各不相同。文章运用市场表演性理论来更好地理解金融工具和市场是如何随着时间的推移先是变得不那么抽象,后来变得更加抽象的。文章揭示了金融衍生品物质性的变化也导致了投机性金融的社会目的的变化。资料来源包括已发表的经济学文章、会议记录、国会听证会、历史性报纸以及衍生品和养牛业的档案记录。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Paper Steaks: Live Cattle Futures Markets and the Financial Revolution of 1964

This article argues that live cattle futures, launched in 1964 in Chicago, were revolutionary for professional economics, the derivatives industry, and the beef cattle industry because cattle were the first successful “non-storable” derivatives. Since the late nineteenth century, the ability of derivatives to provide financial services to risk-averse farmers rested on the assumption that futures were interchangeable with physical commodities in storage. Live cattle futures upset theories and norms, which enabled experiments in increasingly abstract forms of speculation and tremendous growth in the derivatives industry. Economists, exchange leaders, and commodity producers cooperated to make live cattle futures work, but they all understood and felt their impacts differently. The article applies market performativity theory to better understand how financial instruments and markets became first less and later more physically abstract over time. The article reveals that the changing materiality of derivatives also led to changes in the social purpose of speculative finance. Sources include published economics articles, conference proceedings, congressional hearings, historical newspapers, and archival records from the derivatives and cattle industries.

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来源期刊
CiteScore
1.20
自引率
30.00%
发文量
37
期刊介绍: Enterprise & Society offers a forum for research on the historical relations between businesses and their larger political, cultural, institutional, social, and economic contexts. The journal aims to be truly international in scope. Studies focused on individual firms and industries and grounded in a broad historical framework are welcome, as are innovative applications of economic or management theories to business and its context.
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