WorldWideScience

Sample records for regulated commodity markets

  1. COMMODITY MARKET REGULATION: EXPORTING COUNTRIES VERSUS IMPORTING COUNTRIES

    OpenAIRE

    Souza, Leonardo Silveira

    2012-01-01

    The high in commodity prices in the international market in the last decade, tensions escalated between exporting and importing commodities countries, the extent of having their demands and pressures discussed in the main international organizations, especially in the G20. As altas nas cotações das commodities no mercado internacional na última década acirraram as tensões entre países exportadores e importadores de commodities, a ponto de terem suas reivindicações e pressões debatidas no...

  2. COMMODITY MARKET MATH MODELS

    Directory of Open Access Journals (Sweden)

    Boris V. Mednikov

    2015-01-01

    Full Text Available The article describes enterprise mathmodels, its interactions with environment in commodity market and quantitativeconditions for its success and the crisis in such kind of interaction. Showed: the number of commodity market successfulparticipants should be certain, regardless of market size; any size commodity market, including monopolistic, is assuccessful as producers’ average activity dynamics is balanced with consumers’average activity dynamics.

  3. Guide to a Strategic Procurement Planning Approach on Regulated Commodity Markets

    Science.gov (United States)

    Seifert, Marcus; Wüst, Thorsten

    The access of Virtual Organizations to raw materials normally requires external resources. In many cases, the market for raw materials is regulated and the VO principles of trust, customer orientation etc. are not applicable. In consequence, the VO needs to provide reliable solutions for the customer while being dependent on the access to the required raw materials. The objective of the proposed paper is to present a guide to a strategic procurement planning for the manufacturing industry on regulated commodity markets. This guide can be used to evaluate specific sourcing options. The main goal of this guide is to identify the negative effects of market regulation at an early stage and reduce them by developing strategic alternatives. The successful application of this guide is demonstrated by the practical example of the refractory industry and one of their commodities, refractory grade bauxite.

  4. Outlook '98 - Commodity markets

    International Nuclear Information System (INIS)

    Simard, T.

    1998-01-01

    Canadian oil and natural gas producers'' participation in commodity and foreign exchange markets to alter the pricing characteristics of their commodity portfolios was reviewed. It was concluded that through the various risk management structures available from financial and physical market participants, Canadian oil and gas producers retain the ongoing ability to design, pro-actively, their desired exposure to oil and gas prices. Various industry-wide re-examination of risk management programs have taken place during the past two years. Based on these studies, the industry anticipates material volatility in West Texas Intermediate (WTI) oil and Alberta natural gas prices throughout 1998. Furthermore, there is considerable uncertainty surrounding the price differentials between WTI crude and Canadian oil streams, and between Alberta gas prices and other North American regional gas markets. Against this background of uncertainty, it is reasonable to predict that companies will use risk management strategies in an effort to outperform industry average prices, thereby ensuring that pro-active risk management activity will continue throughout 1998

  5. Energy and commodities market

    International Nuclear Information System (INIS)

    Bokermann, Marcus; Prass, Markus

    2015-01-01

    The electricity markets in Central and Western Europe and in the nordic countries have further shown weak in 2014 with falling prices. The key factors were the declining quotations for coal and natural gas and the warm weather. Another driver was the growth of renewable energy. In the power markets conditions remained mostly an oversupply. The upward trending prices on the CO 2 emissions market were not formative enough to turn the market sentiment. They only caused for volatility during the year. [de

  6. Managing commodity markets: the case of OPEC

    International Nuclear Information System (INIS)

    Salman, R.; Ferroukhi, R.

    1993-01-01

    Since primary commodity producers first took control of their natural resources, they have attempted to utilize production/price management with varying degrees of success. As a tool aimed at regulating, rather than controlling, commodity markets, this type of resource management is an essential means of achieving realistic economic returns, which, in the long run, serves the interests of the producer of the commodity in question, as well as its consumer. By regulating commodity markets in times of stable prices producing countries would benefit from a steady and constant level of export earnings, thus allowing them to achieve a sustainable level of economic development. As far as the oil market is concerned, stable prices, set in a range favourable to both producers and consumers, would give investors the confidence needed for long-term exploration. This is particularly important for a commodity such as oil, at a time when the lead time between exploration starting and actual production getting under way is increasing. Not only would producers benefit from stable export earnings, which are an essential requirement for the planning of their development process, but consuming countries would at the same time benefit in two ways: first, they would gain security of supply; and second, as fluctuations in their expenditure for this commodity are reduced, they would be a position to manage their economies more efficiently. (author)

  7. Commodity futures and market efficiency

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2014-01-01

    Roč. 42, č. 1 (2014), s. 50-57 ISSN 0140-9883 R&D Projects: GA ČR GA402/09/0965 Grant - others:GA ČR(CZ) GAP402/11/0948 Program:GA Institutional support: RVO:67985556 Keywords : commodities * efficiency * entropy * long-term memory * fractal dimension Subject RIV: AH - Economics Impact factor: 2.708, year: 2014 http://library.utia.cas.cz/separaty/2013/E/kristoufek-0420811.pdf

  8. How market structure drives commodity prices

    Science.gov (United States)

    Li, Bin; Wong, K. Y. Michael; Chan, Amos H. M.; So, Tsz Yan; Heimonen, Hermanni; Wei, Junyi; Saad, David

    2017-11-01

    We introduce an agent-based model, in which agents set their prices to maximize profit. At steady state the market self-organizes into three groups: excess producers, consumers and balanced agents, with prices determined by their own resource level and a couple of macroscopic parameters that emerge naturally from the analysis, akin to mean-field parameters in statistical mechanics. When resources are scarce prices rise sharply below a turning point that marks the disappearance of excess producers. To compare the model with real empirical data, we study the relationship between commodity prices and stock-to-use ratios in a range of commodities such as agricultural products and metals. By introducing an elasticity parameter to mitigate noise and long-term changes in commodities data, we confirm the trend of rising prices, provide evidence for turning points, and indicate yield points for less essential commodities.

  9. The Price of Commodity Risk in Stock and Futures Markets

    NARCIS (Netherlands)

    M. Boons (Martijn); F.A. de Roon (Frans); M.K. Szymanowska (Marta)

    2014-01-01

    textabstractWe find that commodity risk is priced in the cross-section of US stock returns. Following the financialization of commodities, investors hedge commodity price risk directly in the futures market, primarily via commodity index investments, whereas before they gained commodity exposure

  10. Market, Regulation, Market, Regulation

    DEFF Research Database (Denmark)

    Frankel, Christian; Galland, Jean-Pierre

    2015-01-01

    barriers to trade in Europe, realized the free movement of products by organizing progressively several orders of markets and regulation. Based on historical and institutional documents, on technical publications, and on interviews, this article relates how the European Commission and the Member States had......This paper focuses on the European Regulatory system which was settled both for opening the Single Market for products and ensuring the consumers' safety. It claims that the New Approach and Standardization, and the Global Approach to conformity assessment, which suppressed the last technical...... alternatively recourse to markets and to regulations, at the three main levels of the New Approach Directives implementation. The article focuses also more specifically on the Medical Devices sector, not only because this New Approach sector has long been controversial in Europe, and has recently been concerned...

  11. Multiple commodities in statistical microeconomics: Model and market

    Science.gov (United States)

    Baaquie, Belal E.; Yu, Miao; Du, Xin

    2016-11-01

    A statistical generalization of microeconomics has been made in Baaquie (2013). In Baaquie et al. (2015), the market behavior of single commodities was analyzed and it was shown that market data provides strong support for the statistical microeconomic description of commodity prices. The case of multiple commodities is studied and a parsimonious generalization of the single commodity model is made for the multiple commodities case. Market data shows that the generalization can accurately model the simultaneous correlation functions of up to four commodities. To accurately model five or more commodities, further terms have to be included in the model. This study shows that the statistical microeconomics approach is a comprehensive and complete formulation of microeconomics, and which is independent to the mainstream formulation of microeconomics.

  12. Market risk in commodity markets. A VaR approach

    Energy Technology Data Exchange (ETDEWEB)

    Giot, Pierre [Department of Business Administration and CEREFIM at University of Namur, Rempart de la Vierge, 8, 5000 Namur (Belgium); Laurent, Sebastien [Center for Operations Research and Econometrics (CORE) at Universite Catholique de Louvain, Louvain (Belgium)

    2003-09-01

    We put forward Value-at-Risk models relevant for commodity traders who have long and short trading positions in commodity markets. In a 5-year out-of-sample study on aluminium, copper, nickel, Brent crude oil and WTI crude oil daily cash prices and cocoa nearby futures contracts, we assess the performance of the RiskMetrics, skewed Student APARCH and skewed student ARCH models. While the skewed Student APARCH model performs best in all cases, the skewed Student ARCH model delivers good results and its estimation does not require non-linear optimization procedures. As such this new model could be relatively easily integrated in a spreadsheet-like environment and used by market practitioners.

  13. Market risk in commodity markets. A VaR approach

    International Nuclear Information System (INIS)

    Giot, Pierre; Laurent, Sebastien

    2003-01-01

    We put forward Value-at-Risk models relevant for commodity traders who have long and short trading positions in commodity markets. In a 5-year out-of-sample study on aluminium, copper, nickel, Brent crude oil and WTI crude oil daily cash prices and cocoa nearby futures contracts, we assess the performance of the RiskMetrics, skewed Student APARCH and skewed student ARCH models. While the skewed Student APARCH model performs best in all cases, the skewed Student ARCH model delivers good results and its estimation does not require non-linear optimization procedures. As such this new model could be relatively easily integrated in a spreadsheet-like environment and used by market practitioners

  14. Market risk in commodity markets: a VaR approach

    International Nuclear Information System (INIS)

    Giot, P.

    2003-01-01

    We put forward Value-at-Risk models relevant for commodity traders who have long and short trading positions in commodity markets. In a 5-year out-of-sample study on aluminium, copper, nickel, Brent crude oil and WTI crude oil daily cash prices and cocoa nearby futures contracts, we assess the performance of the RiskMetrics, skewed Student APARCH and skewed student ARCH models. While the skewed Student APARCH model performs best in all cases, the skewed Student ARCH model delivers good results and its estimation does not require non-linear optimization procedures. As such this new model could be relatively easily integrated in a spreadsheet-like environment and used by market practitioners. (author)

  15. Toward Improved Market Access for ASEAN Agricultural Commodities

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... technical report, November 2009 - May 2013. Études. Towards improved market access for ASEAN agricultural commodities : donor partnerships strategy and plan. Rapports. Towards improved market access for ASEAN agricultural commodities : project inception meeting report, Palm Garden Hotel, Putrajaya, Malaysia, ...

  16. Dynamic analysis of policy drivers for bioenergy commodity markets

    International Nuclear Information System (INIS)

    Jeffers, Robert F.; Jacobson, Jacob J.; Searcy, Erin M.

    2013-01-01

    Biomass is increasingly being considered as a feedstock to provide a clean and renewable source of energy in the form of both liquid fuels and electric power. In the United States, the biofuels and biopower industries are regulated by different policies and have different drivers, which impact the maximum price the industries are willing to pay for biomass. This article describes a dynamic computer simulation model that analyzes future behavior of bioenergy feedstock markets given policy and technical options. The model simulates the long-term dynamics of these markets by treating advanced biomass feedstocks as a commodity and projecting the total demand of each industry, as well as the market price over time. The model is used for an analysis of the United States bioenergy feedstock market that projects supply, demand, and market price given three independent buyers: domestic biopower, domestic biofuels, and foreign exports. With base-case assumptions, the biofuels industry is able to dominate the market and meet the federal Renewable Fuel Standard (RFS) targets for advanced biofuels. Further analyses suggest that United States bioenergy studies should include estimates of export demand in their projections, and that GHG-limiting policy would partially shield both industries from export dominance. - Highlights: ► We model a United States bioenergy feedstock commodity market. ► Three buyers compete for biomass: biopower, biofuels, and foreign exports. ► The presented methodology improves on dynamic economic equilibrium theory. ► With current policy incentives and ignoring exports, biofuels dominates the market. ► Overseas biomass demand could dominate unless a CO 2 -limiting policy is enacted.

  17. Limits to Arbitrage and Hedging: Evidence from Commodity Markets

    OpenAIRE

    Acharya, Viral V; Lochstoer, Lars; Ramadorai, Tarun

    2009-01-01

    Motivated by the literature on limits-to-arbitrage, we build an equilibrium model of commodity markets in which speculators are capital constrained, and commodity producers have hedging demands for commodity futures. Increases (decreases) in producers' hedging demand (speculators' risk-capacity) increase hedging costs via price-pressure on futures, reduce producers' inventory holdings, and thus spot prices. Consistent with our model, producers' default risk forecasts futures returns, spot pri...

  18. Towards microalgal triglycerides in the commodity markets.

    Science.gov (United States)

    Benvenuti, Giulia; Ruiz, Jesús; Lamers, Packo P; Bosma, Rouke; Wijffels, René H; Barbosa, Maria J

    2017-01-01

    Microalgal triglycerides (TAGs) hold great promise as sustainable feedstock for commodity industries. However, to determine research priorities and support business decisions, solid techno-economic studies are essential. Here, we present a techno-economic analysis of two-step TAG production (growth reactors are operated in continuous mode such that multiple batch-operated stress reactors are inoculated and harvested sequentially) for a 100-ha plant in southern Spain using vertically stacked tubular photobioreactors. The base case is established with outdoor pilot-scale data and based on current process technology. For the base case, production costs of 6.7 € per kg of biomass containing 24% TAG (w/w) were found. Several scenarios with reduced production costs were then presented based on the latest biological and technological advances. For instance, much effort should focus on increasing the photosynthetic efficiency during the stress and growth phases, as this is the most influential parameter on production costs (30 and 14% cost reduction from base case). Next, biological and technological solutions should be implemented for a reduction in cooling requirements (10 and 4.5% cost reduction from base case when active cooling is avoided and cooling setpoint is increased, respectively). When implementing all the suggested improvements, production costs can be decreased to 3.3 € per kg of biomass containing 60% TAG (w/w) within the next 8 years. With our techno-economic analysis, we indicated a roadmap for a substantial cost reduction. However, microalgal TAGs are not yet cost efficient when compared to their present market value. Cost-competiveness strictly relies on the valorization of the whole biomass components and on cheaper PBR designs (e.g. plastic film flat panels). In particular, further research should focus on the development and commercialization of PBRs where active cooling is avoided and stable operating temperatures are maintained by the water

  19. A dataset on tail risk of commodities markets.

    Science.gov (United States)

    Powell, Robert J; Vo, Duc H; Pham, Thach N; Singh, Abhay K

    2017-12-01

    This article contains the datasets related to the research article "The long and short of commodity tails and their relationship to Asian equity markets"(Powell et al., 2017) [1]. The datasets contain the daily prices (and price movements) of 24 different commodities decomposed from the S&P GSCI index and the daily prices (and price movements) of three share market indices including World, Asia, and South East Asia for the period 2004-2015. Then, the dataset is divided into annual periods, showing the worst 5% of price movements for each year. The datasets are convenient to examine the tail risk of different commodities as measured by Conditional Value at Risk (CVaR) as well as their changes over periods. The datasets can also be used to investigate the association between commodity markets and share markets.

  20. Towards microalgal triglycerides in the commodity markets

    NARCIS (Netherlands)

    Benvenuti, Giulia; Ruiz, Jesús; Lamers, Packo P.; Bosma, Rouke; Wijffels, René H.; Barbosa, Maria J.

    2017-01-01

    Background: Microalgal triglycerides (TAGs) hold great promise as sustainable feedstock for commodity industries. However, to determine research priorities and support business decisions, solid techno-economic studies are essential. Here, we present a techno-economic analysis of two-step TAG

  1. Speculation on commodities futures markets and destabilization of global food prices: exploring the connections.

    Science.gov (United States)

    Ghosh, Jayati; Heintz, James; Pollin, Robert

    2012-01-01

    In December 2010, the United Nations Food and Agriculture Organization's Food Price Index surpassed its previous peak of June 2008, and prices remained at this level through September 2011. This pattern is creating justified fears of a renewal or intensification of the global food crisis. This paper reviews arguments and evidence to inform debates on how to regulate commodity futures markets in the face of such price volatility and sustained high prices. We focus on the relationship between market liquidity and price patterns in asset markets in general and in commodities futures markets in particular, as well as the relationship between spot and futures market prices for food. We find strong evidence supporting the need to limit huge increases in trading volume on futures markets through regulations. We find that arguments opposing regulation are not supported. We find no support for the claim that liquidity in futures markets stabilizes prices at "fundamental" values or that spot market prices are free of any significant influence from futures markets. Given these results, the most appropriate position for regulators is precautionary: they should enact and enforce policies capable of effectively dampening excessive speculative trading on the commodities markets for food.

  2. The Role of Incompleteness in Commodity Futures Markets

    Directory of Open Access Journals (Sweden)

    Takashi eKanamura

    2015-10-01

    Full Text Available This paper proposes a convenience yield-based pricing for commodity futures, which embeds incompleteness of commodity futures markets in convenience yields. By using the pricing method, we conduct empirical analyses of the prices of WTI crude oil, heating oil, and natural gas futures traded on the NYMEX in order to assess the incompleteness of energy futures markets. We show that the fluctuation from the incompleteness is partly driven by the fluctuation from convenience yields. In addition, it is shown that the incompleteness of natural gas futures market is more highlighted than the incompleteness of WTI crude oil and heating oil futures markets. We apply the implied market price of risk from the NYMEX data to pricing an Asian call option written on WTI crude oil futures. Finally, we try to apply the market incompleteness analysis to the post-crisis periods after 2009.

  3. The Economics of the Commodity Market Operations.

    Science.gov (United States)

    1986-06-01

    32 D. HEDGING ........................................................................ 33 E. SPECULATING...Result of Chernobyl’s Nuclear Accident ........................................... 49 It. e -Mr i7s0 I LIST OF FIGURES *4. 1. Example of a Perfect Hedge ...briefly. The reason for this is the power of arbitrage . Arbitrage is the simultaneous purchase of a futures contract in one market against the sale

  4. Energy and commodities market; Energie- und Rohstoffmaerkte

    Energy Technology Data Exchange (ETDEWEB)

    Bokermann, Marcus; Prass, Markus [Vattenfall Markets, Berlin (Germany)

    2015-07-01

    The electricity markets in Central and Western Europe and in the nordic countries have further shown weak in 2014 with falling prices. The key factors were the declining quotations for coal and natural gas and the warm weather. Another driver was the growth of renewable energy. In the power markets conditions remained mostly an oversupply. The upward trending prices on the CO{sub 2} emissions market were not formative enough to turn the market sentiment. They only caused for volatility during the year. [German] Die Strommaerkte in Mittel- und Westeuropa sowie in den nordischen Laendern haben sich auch im Jahr 2014 weiterhin schwach bei fallenden Preisen gezeigt. Die wesentlichen Einflussfaktoren waren die sinkenden Notierungen fuer Steinkohle und Erdgas sowie das warme Wetter. Ein weiterer Treiber war das Wachstum der erneuerbaren Energien. Auf den Strommaerkten herrschte weiterhin ueberwiegend ein Ueberangebot. Die aufwaerts tendierenden Preise auf dem CO{sub 2}-Emissionsmarkt waren nicht praegend genug, um die Marktstimmung zu drehen. Sie sorgten lediglich fuer Volatilitaet im Jahresverlauf.

  5. Marketing of irradiated commodities in South Africa

    Science.gov (United States)

    Du Plessis, TA; Stevens, RCB

    Although the industrial exploitation of radiation processing in the medical and allied fields has been successfully marketed and applied for the past two decades in South Africa, the introduction of food radurisation on an industrial level adds a completely new dimension to the marketing of this processing technique. Extensive research into the use of radiation for the treatment of various foodstuffs has been carried out by the Nuclear Development Corporation of South Africa for more than a decade, resulting in South Africa being one of the first countries where a commercial irradiator dedicated to this branch of radiation processing, was established. The marketing of this process is especially difficult due to the emotive aspects associated with radiation and man's sensitive reaction to anything pertaining to his food. This situation was made even more difficult by the general public's apprehension towards nuclear activities throughout the world. In an attempt to transform the unfavourable public image associated with this process, an important first step was to form a National Steering Committee for the Marketing of Radurised Food, the members of which were drawn from various agricultural controlling bodies, the Department of Health, and other controlling bodies held in high esteem by the public, such as the Consumer Council and representatives from commerce and industry. This approach proved to be very successful and greatly assisted in creating a climate whereby the public in South Africa today generally has a favourable attitude towards the radurisation of foodstuffs. The development of this marketing strategy for food radurisation in South Africa is discussed in detail.

  6. Dynamics of a durable commodity market involving trade at disequilibrium

    Science.gov (United States)

    Panchuk, A.; Puu, T.

    2018-05-01

    The present work considers a simple model of a durable commodity market involving two agents who trade stocks of two different types. Stock commodities, in contrast to flow commodities, remain on the market from period to period and, consequently, there is neither unique demand function nor unique supply function exists. We also set up exact conditions for trade at disequilibrium, the issue being usually neglected, though a fact of reality. The induced iterative system has infinite number of fixed points and path dependent dynamics. We show that a typical orbit is either attracted to one of the fixed points or eventually sticks at a no-trade point. For the latter the stock distribution always remains the same while the price displays periodic or chaotic oscillations.

  7. GLOBAL COMMODITY CHAINS NA PERSPECTIVA DE MARKETING

    Directory of Open Access Journals (Sweden)

    Flávio Régio Brambilla

    2014-01-01

    Full Text Available O presente estudo visa a estabelecer uma relação entre as estratégias de canais globais com aspectos do marketing, como a força da marca. Trata-se de conciliar atributos de Estratégia e Marketing. As mudanças econômicas globais levaram a transformações na competição das empresas, obrigando-as a ingressar numa discussão aprimorada acerca das estratégias e competências. Com base na ideia da detenção do conhecimento e das habilidades como verdadeiros diferenciais competitivos, muitos players passam a atuar na gestão do design e da marca como elementos centrais das políticas de negócios, onde a proposição de valor pode ser mais bem definida aos mercados consumidores.

  8. Marketing of irradiated commodities in South Africa

    International Nuclear Information System (INIS)

    Du Plessis, T.A.; Stevens, R.C.B.

    1985-01-01

    Although the industrial exploitation of radiation processing in the medical and allied fields has been successfully marketed and applied for the past two decades in South Africa, the introduction of food radurisation on an industrial level adds a completely new dimension to the marketing of this processing technique. Extensive research into the use of radiation for the treatment of various foodstuffs has been carried out by the Nuclear Development Corporation of South Africa for more than a decade, resulting in South Africa being one of the first countries where a commercial irradiator dedicated to this branch of radiation processing, was established. The marketing of this process is especially difficult due to the emotive aspects associated with radiation and man's sensitive reaction to anything pertaining to his food. This situation was made even more difficult by the general public's apprehension towards nuclear activities throughout the world. Details are given of the steps taken in South Africa to transform the unfavourable public image associated with the process. The approach proved to be very successful and greatly assisted in creating a climate whereby the public in South Africa today generally has a favourable attitude towards the radurisation of foodstuffs. (author)

  9. Marketing of irradiated commodities in South Africa

    Energy Technology Data Exchange (ETDEWEB)

    Du Plessis, T A; Stevens, R C.B.

    1985-01-01

    Although the industrial exploitation of radiation processing in the medical and allied fields has been successfully marketed and applied for the past two decades in South Africa, the introduction of food radurisation on an industrial level adds a completely new dimension to the marketing of this processing technique. Extensive research into the use of radiation for the treatment of various foodstuffs has been carried out by the Nuclear Development Corporation of South Africa for more than a decade, resulting in South Africa being one of the first countries where a commercial irradiator dedicated to this branch of radiation processing, was established. The marketing of this process is especially difficult due to the emotive aspects associated with radiation and man's sensitive reaction to anything pertaining to his food. This situation was made even more difficult by the general public's apprehension towards nuclear activities throughout the world. Details are given of the steps taken in South Africa to transform the unfavourable public image associated with the process. The approach proved to be very successful and greatly assisted in creating a climate whereby the public in South Africa today generally has a favourable attitude towards the radurisation of foodstuffs.

  10. A Marketing Approach to Commodity Futures Exchanges : A Case Study of the Dutch Hog Industry

    NARCIS (Netherlands)

    Meulenberg, M.T.G.; Pennings, J.M.E.

    2002-01-01

    This paper proposes a marketing strategic approach to commodity futures exchanges to optimise the (hedging) services offered. First, the environment of commodity futures exchanges is examined. Second, the threats and opportunities of commodity futures exchanges are analysed. Our analysis

  11. Regulating deregulated energy markets

    International Nuclear Information System (INIS)

    Jackson, M.

    2002-01-01

    The North American gas and electricity markets are fast evolving, and regulators are currently faced with a host of issues such as market-based rates, unbundling, stranded costs, open access, and incentive regulation are surfacing as a result of deregulation. The regulatory environment in Ontario was reviewed by the author. Deregulated markets rule, from commodities to gas and electricity. Additionally, there is an evolution of traditional utility regulation. A look at deregulated markets revealed that there are regulations on boundary conditions on the deregulated market. Under the Ontario Energy Board (OEB), all generators, transmitters, distributors, and retailers of electricity must be licensed. The standard supply service (SSS) offered by electricity distributors and system gas which is still being sold by natural gas distributors continues to be regulated by OEB. One issue that was addressed was separation for revenues and costs of the utility's purchase and sale of gas business, at least for accounting purposes. The next issue discussed was cost of system gas and SSS, followed by timely signals and prudent incurred costs. Historical benefits were reviewed, such as historical commitments to low-cost electricity. Pooling transportation costs, transmission pricing continued, market-based rates, unbundling, stranded costs, open access, incentive regulation/ performance based regulation (PBR) were all discussed. Price cap on PBR, both partial and comprehensive were looked at. A requirement to review guidelines on cost of capital and an application to extend blanket approval provisions for gas storage were discussed, as they are amongst some of the challenges of the future. Other challenges include revised rules and practice and procedure; practice directions for cost awards, appeals, and other functions; confidentiality guidelines; and refinements to the role of and approaches to alternative dispute resolution. The future role of regulators was examined in light

  12. Market Structure and Price Transmission of Eggs Commodity

    Directory of Open Access Journals (Sweden)

    Abdul Aziz Ahmad

    2016-10-01

    Full Text Available Purposes of this research are to determine some characteristics of distribution channel, market structure, and price maker transmission in purebred chicken egg commodity in Banyumas District, Central Java Province. Primary data applied on this research is from all channel distribution levels; from producers to final consumers. Meanwhile secondary data is collected from government official sources, such as BPS-Statistic of Banyumas Disrict, Banyumas Department of Industry, Trading and Cooperation, and previous researches which has been made by researcher team. Sample determining is directed by proportional random sampling methods. Some measurements are applied to this research, including to; Herfindahl Index (HI, Concentration Ratio (CF, and Minimum Efficiency Scale (MES to investigate market structure; and Asymmetric Price Transmission (APT to determine price transmission mechanism model. This research finds that (1 the distribution channel of egg commodity is spitted to different channel, the first channel: egg producer – retail traders – final consumers, and second channel: egg producers – whole seller – retail traders – final consumers; (2 market structure which is created to this farming specific commodity is perfect market; (3 price transmission mechanism analysis statistically shows that there is almost no existence of dominant power in price formation.

  13. DYNAMICS AND NEW CHALLENGES IN THE GLOBAL COMMODITY MARKET

    Directory of Open Access Journals (Sweden)

    MARIA CARTAS

    2015-12-01

    Full Text Available Global economy and particularly the world production of goods depends to a large extent on the supply of raw materials, of resource inputs extracted from the environment as well as an easy access to them. Commodities play an important part in the growth of global production and in the world trade in goods and services. The access to raw materials is vital for sustaining the productive capacity of the economy and also for satisfying domestic demand for industrial goods. On the other side, increasing demand for commodities and the need for assuring a sustainable supply pose great challenges on the world economy. The issue of raw materials supply represents a high - priority theme in the political agenda of the European Union. The Raw Materials Initiative launched in 2008 by the European Commission is based on three main pillars: - to ensure the access to raw materials on world market at undistorted conditions; - to foster sustainable supply of raw materials from European sources; - to reduce the EU's consumption of primary raw materials. (EC, 2008. To this end, EC has started to take action in order to ensure access to resources and avoid supply shortages. A great deal of attention is being paid to the study of recent developments in the global and particular commodity markets, taking into consideration fundamental aspects as supply concentration, governance of producing countries, the pressure of demand and its impact on prices, material's substitutability, stressing the role of resource consumption efficiency, recycling and substitution of vital raw materials and thus providing policy makers and industry with reliable information on how to efficiently manage resource inputs. This paper is dealing with the main developments which occurred during the past decade or so in the global commodity market, a major driver of the world economy, with particular reference to selected key -markets - as: aluminium, copper, nickel; cotton; corn, meat - swine

  14. Regulations in the commodity trading sector: should the commodity trading industry in Switzerland be more regulated and, if so, how ?

    OpenAIRE

    Volchkov, Nikola; Lewis, Brian

    2017-01-01

    Commodity trading is a sector which is essential to our development and prosperity as well as economic growth. It is relatively unknown and perceived differently depending on the viewpoint of the observer. Many think of the exploitation of resources in resource rich countries, others only of the transport of goods from producers to consumers and others focus on “speculation” and its association with financial markets which can create risk. Given the importance of commodity trading across the ...

  15. Estimating the commodity market price of risk for energy prices

    International Nuclear Information System (INIS)

    Kolos, Sergey P.; Ronn, Ehud I.

    2008-01-01

    The purpose of this paper is to estimate the ''market price of risk'' (MPR) for energy commodities, the ratio of expected return to standard deviation. The MPR sign determines whether energy forward prices are upward- or downward-biased predictors of expected spot prices. We estimate MPRs using spot and futures prices, while accounting for the Samuelson effect. We find long-term MPRs generally positive and short-term negative, consistent with positive energy betas and hedging, respectively. In spot electricity markets, MPRs in Day-Ahead Prices agree with short-dated futures. Our results relate risk premia to informed hedging decisions, and futures prices to forecast/expected prices. (author)

  16. Medieval market institutions : the organisation of commodity markets in Holland, c. 1200 - c. 1450

    NARCIS (Netherlands)

    Dijkman, J.E.C.

    2010-01-01

    According to neo-institutional economics, markets are shaped by man-made rules and practices that determine market efficiency. Departing from this hypothesis, the dissertation examines how the organisation of commodity markets contributed to the rapid commercialisation of the county of Holland in

  17. Emergence of Commodity Derivatives as Defensive Instrument in Portfolio Risk Hedging: A Case of Indian Commodity Markets

    Directory of Open Access Journals (Sweden)

    Singhal Shelly

    2017-04-01

    Full Text Available This paper empirically examines whether commodity derivatives can be used as an alternative investment asset in India where commodity markets are at emerging state and provides the same diversification benefit as they provide in developed commodity markets. In India only commodity futures are prevalent so various commodity indices representing various sectors has been used in the study. Diversification aspect of commodity derivatives has been tested initially by using correlation analysis. Compounded Daily Growth rate and Relative Standard deviation has been used as a measure of calculating risk and return of daily data of SENSEX, BOND and four Commodity Indices (MCX Comdex, MCX AGRI, MCX Metal, MCX Energy. Markowitz Efficient Frontier theory has been used to calculate portfolio risk return and Sharpe risk adjusted ratio has been used to evaluate the various portfolios. Optimal portfolio has been obtained for the combination of equity, bond and commodity and overall results of the study indicate that an investor who is risk averse will prefer to invest in combination of SENSEX, BOND & MCX Energy whereas an investor who gets utility by taking more risk for more returns will prefer to invest in combination of SENSEX, BOND & MCX Metal. Investor having inclination towards moderate risk return would tend to invest in MCX AGRI along with SENSEX and BOND.

  18. PRICE GENERATING PROCESS AND VOLATILITY IN NIGERIAN AGRICULTURAL COMMODITIES MARKET

    Directory of Open Access Journals (Sweden)

    Osaihiomwan Ojogho

    2015-10-01

    Full Text Available The literature on agricultural commodity price volatility in Nigeria has constantly reflected that an excessive price movement is harmful for both producers and consumers, particularly for those who are not able to cope with that new source of economic uncertainty. It has also raised an extensive debate on the main determinants behind the large agricultural commodity price swings observed in the last years without recourse for the price generating process. To narrow this gap, the study examined the price generating process and volatility in the Nigerian agricultural commodities market using secondary data for price series on meat, cereals, sugar, dairy and aggregate food for the period of January 1990 to February 2014. The data were analysed using the linear Gaussian State-Space (SS model. The results of the descriptive statistics showed that the coefficients of variation for cereals (39.88%, food (32.65% and dairy price (43.08% were respectively higher during the overall time period (January 1990 to February 2014 than during the first (January 1990 to January 2002 and second (February 2002 to February 2014 sub-time periods. The results of the inferential statistics showed that authoregressive moving average (ARMA model is the most selected Nigeria agricultural commodity price generating model for the time periods, that a unit increase in the past price state of cereals, dairy, sugar, meat and aggregate food would increase the future price of sugar, meat and aggregate food by N0.14, N0.28 and N0.15 respectively but decrease future price of cereals and dairy by about N1.00 and N0.21 respectively, and that the one-step ahead predicted value for the first out-ofsample period for cereals, meat, dairy and sugar price were 6317.86, 10.24 and 2.06 respectively. The Nigerian agricultural commodity prices have experienced high variability over the period, and such volatility, price-generating process and the determinants of the Nigerian food commodities

  19. The changing dynamics between biofuels and commodity markets

    International Nuclear Information System (INIS)

    Bole, T.; Londo, H.M.

    2008-06-01

    The recent development of the biofuel industries coincides with significant increases in prices of basic commodities such as food and feed. Against popular perception, it appears that there is not a straightforward causal relationship between the two; there are a number of factors that determine the level and strength of the impact of the biofuels sector on other commodities. For the case of markets of agricultural raw material these factors include the amount of feedstock claimed by the biofuels industry, its relative purchasing power, the responsiveness of the agricultural sector to price incentives and availability of substitutes. For consumer food markets we must additionally consider the relative share of agricultural input costs in the retail food price and the demand elasticity. Based on the analysis of these factors and estimates of other studies that attempted to quantify the price impacts of biofuels on crop prices, we conclude that the impact of biofuels is relatively small, especially when compared with other causes that triggered the recent price increases. We end the paper with a recommendation for future efforts in curbing food price inflations while keeping ambitious biofuel targets and suggest a shift in focus of the debate around the social costs of biofuels

  20. Agricultural and oil commodities: price transmission and market integration between US and Italy

    Directory of Open Access Journals (Sweden)

    Franco Rosa

    2014-08-01

    Full Text Available Purpose of this article it to get some evidences of market interaction between United States and Italy using the time series analysis of spot prices spanning from January 1999 to May 2012 for crude oil and three ag-commodities: wheat, corn and soybean. These crops have been selected for their relevance in ag-commodity exchanges between US and Italy markets. The integration between US and Italy agricultural markets is hypothesized for the consistent volume of crop traded between these two countries while the price transmission is related to the leading price signals of the CBT (Chicago Board of Trade. The integration between oil and ag-commodity markets is suggested both by the large use of energy intensive inputs, (fertilizer, seed, machinery in production of these ag-commodities, and their use in biofuel production. The results suggest: a for US market the evidence of market integration between crude oil and US ag-commodities; b for Italy the integration with US ag-commodity markets and less evidence of integration with the oil market. These results are valuable information both for the agents and policy makers contributing to improve the information accuracy to predict the price movements used by marketing operators for their strategies and policy makers to set up policies to re-establish conditions of market efficiency and allocate these ag-commodities in alternative market channels.

  1. A Study on Market Efficiency of Selected Commodity Derivatives Traded on NCDEX During 2011

    Science.gov (United States)

    Sajipriya, N.

    2012-10-01

    The study aims at testing the weak form of Efficient Market Hypothesis in the context of an emerging commodity market - National Commodity Derivatives Exchange (NCDEX), which is considered as the prime commodity derivatives market in India. The study considered daily spot and futures prices of five selected commodities traded on NCDEX over 12 month period (the futures contracts originating and expiring during the period January 2011 to December 2011) The five commodities chosen are Pepper, Crude palm Oil, steel silver and Chana as they account for almost two-thirds of the value of agricultural commodity derivatives traded on NCDEX. The results of Run test indicate that both spot and futures prices are weak form efficient

  2. Future markets and the two dimensions of instability in commodity markets: The oil experience

    International Nuclear Information System (INIS)

    Calabre, S.

    1991-01-01

    Public opinion and the media often suggest that futures markets have made the price of oil more unstable than it otherwise should be. It is argued that short-term price instability, associated with the functioning commodity futures markets, must be distinguished from medium-term instability, associated with the processes that adjust supply and consumption. Futures markets appear to be price destabilizing at times, although they also facilitate the management of trade in oil. In the medium term, however, stability and instability are determined by the mechanisms that adjust production and consumption. 39 refs., 4 figs

  3. Commodity Market Inefficiencies and Inflationary Pressures - India’s Economic Policy Dilemma

    Directory of Open Access Journals (Sweden)

    Pankaj Kumar GUPTA

    2012-11-01

    Full Text Available With the current pace of growth, India would emerge as a major player in the international market in terms of commodity consumption, production and trade. Going by trade volume and also the possibly as an identifiable influence on the price making process on the essential commodities, the futures and spot markets have shown major variations. Increased volatility in asset prices has been a major reason behind the integration of domestic financial markets with the international financial sector accentuating the demand for the trading in the derivative market. Though organized commodity trading has been in from the nineteenth century in India, the commodity derivative markets in the new form with nationwide electronic trading and access have opened the gates for speculators, hedgers and other market participants to capitalize on the development. The robust growth of the commodity markets can be observed in terms of number of commodities trade volumes and growing number of both the market participants and the commodity exchanges. Liquidity booms reflected by loose monetary policy are responsible for major surge in commodity prices globally in addition to direct tangible impacts of oil prices especially in developing countries with heavy oil imports like India. Futures markets are created to fulfill genuine desires economic functions of hedging and price discovery. But, enormous futures trading observed on the commodity exchanges have raised a host of issues like inflation guided by the fuelling principle implying the direct relationship between volatility and inflation. Huge price volatility in futures segment on the commodity exchanges has therefore raised concerns relating to the market efficiencies, infrastructure and knowledge and also their consequential impact on cash markets. The demand and supply side of the commodity price mechanism is traditionally governed by numerous factors including the climatic conditions, availability of critical

  4. Techniques for Analyzing the Attractiveness of International Commodity Markets Under Conditions of Economic Globalization

    Directory of Open Access Journals (Sweden)

    Olha Pryhara

    2006-03-01

    Full Text Available This article examines existing techniques and proposes its own for analyzing the attractiveness of international commodity markets in light of the globalization of world economic processes. Taking into account the supranational nature of the world economic environment when examining categories in the attractiveness of international commodity markets, the author introduces a multilevel system of indicators: market attractiveness at the mega-level – global level; market attractiveness at the macro-level national level; market attractiveness at the mezo-level – level of an individual sector. The attractiveness of international commodity markets is considered to be the degree of conformity between market environment factors and the mega-, macro- and mezo-levels of the economic interests of enterprises concerning the entry into and strategies for their activity on the international commodity markets in the short-, medium- and long-term. The author designs a stage-by-stage technique for strategically analyzing the attractiveness of international commodity markets in order to frame efficient market strategies of enterprises. Relying on the proposed techniques, she rates the integrated indicators of market accessibility and the possibility of realizing the economic interests of enterprises in target markets, bringing the index data into a matrix of «market accessibility – opportunity for realizing the economic interests of enterprises.» The analysis of a country’s position in the matrix makes it possible to frame efficient market strategies for enterprises.

  5. The Effects of Digital Marketing of Unhealthy Commodities on Young People: A Systematic Review

    OpenAIRE

    Limin Buchanan; Bridget Kelly; Heather Yeatman; Kishan Kariippanon

    2018-01-01

    The marketing of unhealthy commodities through traditional media is known to impact consumers’ product attitudes and behaviors. Less is known about the impacts of digital marketing (online promotional activities), especially among young people who have a strong online presence. This review systematically assesses the relationship between digital marketing and young people’s attitudes and behaviors towards unhealthy commodities. Literature was identified in June 2017 by searches in six electro...

  6. Market interdependence among commodity prices based on information transmission on the Internet

    Science.gov (United States)

    Ji, Qiang; Guo, Jian-Feng

    2015-05-01

    Human behaviour on the Internet has become a synchro-projection of real society. In this paper, we introduce the public concern derived from query volumes on the Web to empirically analyse the influence of information on commodity markets (e.g., crude oil, heating oil, corn and gold) using multivariate GARCH models based on dynamic conditional correlations. The analysis found that the changes of public concern on the Internet can well depict the changes of market prices, as the former has significant Granger causality effects on market prices. The findings indicate that the information of external shocks to commodity markets could be transmitted quickly, and commodity markets easily absorb the public concern of the information-sensitive traders. Finally, the conditional correlation among commodity prices varies dramatically over time.

  7. Mortgage market regulation: Europe

    NARCIS (Netherlands)

    Aalbers, M.B.; Smith, S.J.

    2012-01-01

    Despite several European Union (EU) initiatives, there is only limited pan-European mortgage market regulation. The EU strategy can be characterised as one of parallel liberalisation and consolidation. This article highlights the key differences in regulation among European mortgage markets.

  8. COST ANALYSIS OF ALTERNATIVE COMPUTERIZED SYSTEMS FOR THE MARKETING AND DISTRIBUTION OF MULTIPLE FOOD COMMODITIES

    OpenAIRE

    Epperson, James E.; Helmreich, D.P.; Moon, Leonard C.; Carley, Dale H.; Huang, Chung L.; Fletcher, Stanley M.

    1981-01-01

    The authors make cost comparisons among alternative computerized marketing systems. The systems described could encompass any number of commodities and stages of distribution involving cash and/or futures transactions.

  9. The Effects of Digital Marketing of Unhealthy Commodities on Young People: A Systematic Review

    Science.gov (United States)

    Buchanan, Limin; Kelly, Bridget; Kariippanon, Kishan

    2018-01-01

    The marketing of unhealthy commodities through traditional media is known to impact consumers’ product attitudes and behaviors. Less is known about the impacts of digital marketing (online promotional activities), especially among young people who have a strong online presence. This review systematically assesses the relationship between digital marketing and young people’s attitudes and behaviors towards unhealthy commodities. Literature was identified in June 2017 by searches in six electronic databases. Primary studies (both qualitative and quantitative) that examined the effect of digital marketing of unhealthy food or beverages, alcohol and tobacco products on young people’s (12 to 30 years) attitudes, intended and actual consumption were reviewed. 28 relevant studies were identified. Significant detrimental effects of digital marketing on the intended use and actual consumption of unhealthy commodities were revealed in the majority of the included studies. Findings from the qualitative studies were summarized and these findings provided insights on how digital marketing exerts effects on young people. One of the key findings was that marketers used peer-to-peer transmission of messages on social networking sites (e.g., friends’ likes and comments on Facebook) to blur the boundary between marketing contents and online peer activities. Digital marketing of unhealthy commodities is associated with young people’s use and beliefs of these products. The effects of digital marketing varied between product types and peer endorsed marketing (earned media) may exert greater negative impacts than owned or paid media marketing. PMID:29382140

  10. The Effects of Digital Marketing of Unhealthy Commodities on Young People: A Systematic Review.

    Science.gov (United States)

    Buchanan, Limin; Kelly, Bridget; Yeatman, Heather; Kariippanon, Kishan

    2018-01-29

    The marketing of unhealthy commodities through traditional media is known to impact consumers' product attitudes and behaviors. Less is known about the impacts of digital marketing (online promotional activities), especially among young people who have a strong online presence. This review systematically assesses the relationship between digital marketing and young people's attitudes and behaviors towards unhealthy commodities. Literature was identified in June 2017 by searches in six electronic databases. Primary studies (both qualitative and quantitative) that examined the effect of digital marketing of unhealthy food or beverages, alcohol and tobacco products on young people's (12 to 30 years) attitudes, intended and actual consumption were reviewed. 28 relevant studies were identified. Significant detrimental effects of digital marketing on the intended use and actual consumption of unhealthy commodities were revealed in the majority of the included studies. Findings from the qualitative studies were summarized and these findings provided insights on how digital marketing exerts effects on young people. One of the key findings was that marketers used peer-to-peer transmission of messages on social networking sites (e.g., friends' likes and comments on Facebook) to blur the boundary between marketing contents and online peer activities. Digital marketing of unhealthy commodities is associated with young people's use and beliefs of these products. The effects of digital marketing varied between product types and peer endorsed marketing (earned media) may exert greater negative impacts than owned or paid media marketing.

  11. The Effects of Digital Marketing of Unhealthy Commodities on Young People: A Systematic Review

    Directory of Open Access Journals (Sweden)

    Limin Buchanan

    2018-01-01

    Full Text Available The marketing of unhealthy commodities through traditional media is known to impact consumers’ product attitudes and behaviors. Less is known about the impacts of digital marketing (online promotional activities, especially among young people who have a strong online presence. This review systematically assesses the relationship between digital marketing and young people’s attitudes and behaviors towards unhealthy commodities. Literature was identified in June 2017 by searches in six electronic databases. Primary studies (both qualitative and quantitative that examined the effect of digital marketing of unhealthy food or beverages, alcohol and tobacco products on young people’s (12 to 30 years attitudes, intended and actual consumption were reviewed. 28 relevant studies were identified. Significant detrimental effects of digital marketing on the intended use and actual consumption of unhealthy commodities were revealed in the majority of the included studies. Findings from the qualitative studies were summarized and these findings provided insights on how digital marketing exerts effects on young people. One of the key findings was that marketers used peer-to-peer transmission of messages on social networking sites (e.g., friends’ likes and comments on Facebook to blur the boundary between marketing contents and online peer activities. Digital marketing of unhealthy commodities is associated with young people’s use and beliefs of these products. The effects of digital marketing varied between product types and peer endorsed marketing (earned media may exert greater negative impacts than owned or paid media marketing.

  12. The crucial relationship among energy commodity prices: Evidence from the Spanish electricity market

    International Nuclear Information System (INIS)

    Moutinho, Victor; Vieira, Joel; Carrizo Moreira, Antonio

    2011-01-01

    The main purpose of this article is twofold to analyze: (a) the long-term relation among the commodities prices and between spot electricity market price and commodity prices, and (b) the short-term dynamics among commodity prices and between electricity prices and commodity prices. Data between 2002 and 2005 from the Spanish electricity market was used. Econometric methods were used in the analysis of the commodity spot price, namely the vector autoregression model, the vector error correction model and the granger causality test. The co-integration approach was used to analyze the long-term relationship between the common stochastic trends of four fossil fuel prices. One of the findings in the long-term relation is that the prices of fuel and the prices of Brent are intertwined, though the prices of Brent ten to 'move' to reestablish the price equilibrium. Another finding is that the price of electricity is explained by the evolution of the natural gas series. - Highlights: → We model energy commodity prices in the Spanish electricity market. → We examine the short and long-term relationships among commodities prices. → We examine short and long-term relationships using co-integration techniques. → We found that in the long run the prices of fuel and Brent are intertwined. → The evolution of price of electricity is explained by the evolution of price of gas.

  13. Using Empirical Data to Estimate Potential Functions in Commodity Markets: Some Initial Results

    Science.gov (United States)

    Shen, C.; Haven, E.

    2017-12-01

    This paper focuses on estimating real and quantum potentials from financial commodities. The log returns of six common commodities are considered. We find that some phenomena, such as the vertical potential walls and the time scale issue of the variation on returns, also exists in commodity markets. By comparing the quantum and classical potentials, we attempt to demonstrate that the information within these two types of potentials is different. We believe this empirical result is consistent with the theoretical assumption that quantum potentials (when embedded into social science contexts) may contain some social cognitive or market psychological information, while classical potentials mainly reflect `hard' market conditions. We also compare the two potential forces and explore their relationship by simply estimating the Pearson correlation between them. The Medium or weak interaction effect may indicate that the cognitive system among traders may be affected by those `hard' market conditions.

  14. Markets, religion, regulation

    DEFF Research Database (Denmark)

    Fischer, Johan

    2016-01-01

    Most recent scholarship on moral economies or religious markets argues for the compatibility of economies/markets and religious practices in particular national or regional contexts. However, over the last couple of decades or so religious markets have entered a new phase characterized by new forms...... of regulation, certification and standardization on a global scale. Building on research on global kosher (a Hebrew term meaning “fit” or “proper”), halal (an Arabic word that literally means “permissible” or “lawful”) and Hindu vegetarianism this paper argues that these economies or markets to a large extent...... are conditioned by and themselves condition forms of transnational governmentality, that is, new and often overlapping practices of government and grassroots politics. I explore religious economies and markets at three interrelated levels of the social scale: state and non-state regulation, the marketplace...

  15. Segmentation of the industrial market for food commodities

    DEFF Research Database (Denmark)

    Bech-Larsen, Tino

    2001-01-01

    by the appearance of changing demands and technological opportunities, which potentially can lead to differentiation possibilities. The article describes a framework for the study of industrial buying of food commodities and the results of a conjoint study based on interviews with oil purchasers in the margarine...... and mayonnaise industries in Denmark, Sweden, Germany, the United Kingdom and Switzerland. The main result of the study is that the price is an omnipotent decision criterion, when vegetable fats and mayonnaise producers buy vegetable oil, but also that product and supplier criteria can be used to segment...

  16. How Macroecomic Factors Influence the Commodity Market in the Financialization Period: The Case of S & P GSCI Commodity Index

    Directory of Open Access Journals (Sweden)

    Kamil Smolík

    2014-01-01

    Full Text Available In connection to the process of financialization of commodity markets which is caused by the sharp increase of money flowing into the commodity markets, the question of which factors affect commodity and commodity indices prices is discussed. In this article, the importance of chosen macroeconomic determinants to the price variability of one of the most important commodity indexes S & P GSCI by using the Boosted Trees method is quantified. The results obtained in the research show that changes in the monthly values of macroeconomic determinants reflect and can, according to the model used, explain the volatility of the monthly average index S & P GSCI Total Return to more than 75%. The most important macroeconomic determinants proved to be Nominal Effective Exchange Rate of USD or US – Short-term interest rates.

  17. Managing gas plant margins through the financial commodities market

    International Nuclear Information System (INIS)

    Peters, D.; Lafferty, L.

    1995-01-01

    Gas processors invest capital in gas plants to condition raw natural gas for market. They also attempt to upgrade the value of natural gas streams by removing gas liquids contained in these streams and selling them for a profit. Unfortunately, this is not always possible. Gas processing profit margins swing up and down in line with the volatility of the natural gas and gas liquids markets. Consequently the return on gas processors invested capital also swings up and down through ''good years'' and ''bad years''. Until recently, gas processors have had to bear the risk associated with these swings in margins. While an efficient market exists for products like crude oil on the New York Mercantile Exchange, no similar market has been available for gas liquids. The NYMEX propane contract has not developed sufficient liquidity for year round hedging of propane, much less the other gas liquids. Processors in regions without access to the Belvieu market encounter an even more difficult task attempting to use the NYMEX contract to hedge. Today this inability to manage risk is beginning to change. The natural gas markets have led the way since their deregulation with an actively traded over-the-counter forwards market firmly established. An over-the-counter forwards market for gas liquids has also started to emerge. It is through these new and emerging markets that a gas plant's profitability can be hedged

  18. AN OVERVIEW OF MAJOR SOURCES OF DATA AND ANALYSES RELATING TO PHYSICAL FUNDAMENTALS IN INTERNATIONAL COMMODITY MARKETS

    OpenAIRE

    Pilar Fajarnes

    2011-01-01

    The debate on whether price movements in commodity markets are determined by changes in physical supply and demand fundamentals or by the speculative effects of financial investors seems to find some element of agreement on one particular point: the need for increased transparency and improved information on futures markets and physical commodity markets. This discussion paper provides an assessment of the current situation with regard to availability of information on physical commodity mark...

  19. Manipulation of the Commodity Futures Market Delivery Process.

    OpenAIRE

    Pirrong, Stephen Craig

    1993-01-01

    An analysis of the futures market delivery 'end game' specifies necessary and sufficient conditions for long and short traders to manipulate futures prices at contract expiration. The empirical and welfare implications of manipulation are derived as well. Manipulation is most likely to occur in markets where economic frictions (such as transportation and transactions costs) make it inefficient to return excessive deliveries to their original owners. These consumption distortions induce price ...

  20. Brokers and brokerage in the process of trading in commodity futures markets

    Directory of Open Access Journals (Sweden)

    Eremić Milan B.

    2003-01-01

    Full Text Available This paper mainly deals with the analysis of a very complex process of brokerage in commodity futures markets. Unlike a classical commodity market in which brokers are not a necessity, sales and purchases in commodity futures markets cannot be carried out without brokers. Brokers who act as agents of buyers and sellers of futures are a necessary condition for trading in organized markets, such as commodity futures markets. The structure of brokers in futures trading is multilayer and involves participants in futures trading from floor brokers, immediate futures traders and the members of clearing and the clearing house itself, on the one hand, to numerous other necessary actors whose activities out of the stock exchange and the clearing house contribute to the efficient functioning of futures market. The fact that transactions between buyers and sellers in futures markets are not carried out directly but through brokers means that the obligations of buyers and sellers are formally conveyed to brokers, providing at the same time the guarantee by the broker that the actual buyer and the actual seller will fulfill their contractual obligations. At the very beginning of futures trading, the relationship between the seller and the buyer is transformed into a relationship between two brokers. Since that moment on, the original relationship is conveyed to higher levels of brokerage reaching the level of the clearing house. In the process of transformation of the buyer-seller relationship and transmitting obligations and guaranteeing their fulfillment, the clearing house itself becomes the buyer relative to all sellers and the seller relative to all buyers. In this way, it guarantees that obligations regarding all transactions in futures market will be fulfilled. The whole process is carried out in accordance with the prescribed procedures conducted on the floor of commodity exchange, in its administrative departments and in the clearing house itself.

  1. Toward Improved Market Access for ASEAN Agricultural Commodities

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... of Southeast Asian Nations (ASEAN) is highly dependent on the agricultural sector, and on exports to overseas markets. This trade in turn depends on compliance with strict plant health and safety standards established by the World Trade Organization (WTO). ... Asian outlook: New growth dependent on new productivity.

  2. Financialization of commodities

    Directory of Open Access Journals (Sweden)

    Michał Falkowski

    2011-12-01

    Full Text Available The basic theory of price formation tells us how the price of a particular asset will change based on the adjustment to its supply and demand. However, values of assets are also determined by other business fundamentals, company’s and world events, human psychology, and investors’ belief about the possible future profit. In recent history that lead to an increase of individual and institutional investors’ interest in allocating their resources in commodity markets. With a large inflow of capital commodities’ prices started to rise making them attractive components to effective investment portfolios. The presented paper addresses the issue of so called commodities ‘financialization’ process. It looks at the main factors standing behind commodities’ price movements and to what extent financial market participants contributed to commodities price volatility in recent years. Based on the data examined it distinguishes the involvement of both commercial and non-commercial traders in short and long term periods of time. As well as explaining the impact of growing investors’ interest in commodity markets it defines other market forces - like currency appreciations and emerging markets - as being part of increased volatility in raw and soft commodity markets. Along with market examination the paper focuses on possible future outcomes in attempts to regulate commodities derivatives markets and potential effects of those efforts.

  3. Cross-correlations between RMB exchange rate and international commodity markets

    Science.gov (United States)

    Lu, Xinsheng; Li, Jianfeng; Zhou, Ying; Qian, Yubo

    2017-11-01

    This paper employs multifractal detrended analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) to study cross-correlation behaviors between China's RMB exchange rate market and four international commodity markets, using a comprehensive set of data covering the period from 22 July 2005 to 15 March 2016. Our empirical results from MF-DFA indicate that the RMB exchange rate is the most inefficient among the 4 selected markets. The results from quantitative analysis have testified the existence of cross-correlations and the result from MF-DCCA have further confirmed a strong multifractal behavior between RMB exchange rate and international commodity markets. We also demonstrate that the recent financial crisis has significant impact on the cross-correlated behavior. Through the rolling window analysis, we find that the RMB exchange rates and international commodity prices are anti-persistent cross-correlated. The main sources of multifractality in the cross-correlations are long-range correlations between RMB exchange rate and the aggregate commodity, energy and metals index.

  4. Testing Commodities as Safe Haven and Hedging Instrument on ASEAN's Five Stock Markets

    OpenAIRE

    Robiyanto, Robiyanto

    2017-01-01

    This study attempts to analyze commodity market instruments such as gold, silver, platinum, palladium, and West Texas Intermediate (WTI) crude oil’s potential as hedge and safe haven toward some stock markets in South East Asia such as in Indonesia, Singapore, Malaysia, Philippines, and Thailand. To analyze the data, GARCH (1,1) was applied. The research findings showed that gold, silver, platinum, palladium, and WTI could not play their role as hedging instrument for five South East Asi...

  5. 75 FR 16453 - Nasdaq OMX Commodities Clearing-Finance, LLC; Supplemental Notice That Initial Market-Based Rate...

    Science.gov (United States)

    2010-04-01

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-914-000] Nasdaq OMX Commodities Clearing--Finance, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request...-referenced proceeding of Nasdaq OMX Commodities Clearing--Finance, LLC's application for market- based rate...

  6. Pairs Trading to the Commodities Futures Market Using Cointegration Method

    Directory of Open Access Journals (Sweden)

    Cüneyt Ungever

    2015-10-01

    Full Text Available This paper investigates pairs trading strategy by using the cointegration method among the 10 most popular agricultural future markets. It is found that only in 2 pairs shows trading signal. The pairs trading strategy is performed in two stages that are the formation period and the trading period with daily futures data from 2004 to 2015. After the formation period was constructed, it is assumed that the cointegration error continues to hold the trading period same as it does for the formation period. The pairs trading strategy is created by the long position cotton and the short position coffee and also long position cotton and short position the livecattle. It is found that the profitability of this strategy worked well in both formation period and trading period.

  7. Research on the Risk Measurement for the Futures Market of Bulk Commodity – Taking the silver futures as the example

    Directory of Open Access Journals (Sweden)

    Du Yating

    2015-01-01

    Full Text Available The futures transaction of bulk commodity has played an important role since China became the global manufacturing center. Taking the commodity futures market in Shanghai as the research objective, this article selects the price of silver futures, uses GARCH-VaR and Stress Testing to measure the risk tolerance of the market. The research result shows the silver price is fluctuated within the scope specified by the market and won't influence the stable operation of futures market.

  8. Application of Derivatives Market for Controlling Risks of Commodity Prices

    Directory of Open Access Journals (Sweden)

    Rasuolė Drazdauskienė

    2015-05-01

    Full Text Available The issue of raw milk procurement cost level and fluctuation which inhibits strengthening negotiating positions of dairy product fabricants and probability of them staying competitive in the European Union, is examined. Scientific literature that analyzes risks of staple prices is overviewed in the article. The paper provides statistical data representing the situation of Lithuania in contrast with European Union rates. Global usage of prospective transactions and their possible influence on price regulation are analyzed. After examining statistical data and academic literature, conclusions are provided.

  9. Speculation and volatility spillover in the crude oil and agricultural commodity markets: A Bayesian analysis

    International Nuclear Information System (INIS)

    Du Xiaodong; Yu, Cindy L.; Hayes, Dermot J.

    2011-01-01

    This paper assesses factors that potentially influence the volatility of crude oil prices and the possible linkage between this volatility and agricultural commodity markets. Stochastic volatility models are applied to weekly crude oil, corn, and wheat futures prices from November 1998 to January 2009. Model parameters are estimated using Bayesian Markov Chain Monte Carlo methods. Speculation, scalping, and petroleum inventories are found to be important in explaining the volatility of crude oil prices. Several properties of crude oil price dynamics are established, including mean-reversion, an asymmetry between returns and volatility, volatility clustering, and infrequent compound jumps. We find evidence of volatility spillover among crude oil, corn, and wheat markets after the fall of 2006. This can be largely explained by tightened interdependence between crude oil and these commodity markets induced by ethanol production.

  10. Dependence structure of the commodity and stock markets, and relevant multi-spread strategy

    Science.gov (United States)

    Kim, Min Jae; Kim, Sehyun; Jo, Yong Hwan; Kim, Soo Yong

    2011-10-01

    Understanding the dependence structure between the commodity and stock markets is a crucial issue in constructing a portfolio. It can also help us to discover new opportunities to implement spread trading using multiple assets classified in the two different markets. This study analyzed the dependence structure of the commodity and stock markets using the random matrix theory technique and network analysis. Our results show that the stock and commodity markets must be handled as completely separated asset classes except for the oil and gold markets, so the performance enhancement of the mean-variance portfolio is significant as expected. In light of the fact that WTI 1 month futures and four oil-related stocks are strongly correlated, they were selected as basic ingredients to complement the multi-spread convergence trading strategy using a machine learning technique called the AdaBoost algorithm. The performance of this strategy for non-myopic investors, who can endure short-term loss, can be enhanced significantly on a risk measurement basis.

  11. Exchange Market Pressure, Stock Prices, and Commodity Prices East of the Euro

    Directory of Open Access Journals (Sweden)

    Scott W. Hegerty

    2018-03-01

    Full Text Available Aim/purpose - This paper aims to examine connections between the exchange, equity, commodity and commodity markets of a set of Central and Eastern European (CEE economies using monthly time-series data. In particular, we examine whether stock - or commodity - price changes might put pressure on these currencies to depreciate, and whether these pressures are transmitted within the region or from larger neighbors. Design/methodology/approach - This paper creates monthly indices of Ex-change Market Pressure (EMP from 1998 to 2017 using a combination of currency depreciation, reserve losses, and changes in interest-rate differentials for the Czech Republic, Hungary, Poland, and Ukraine, Bulgaria, and Romania. After examining these indices for evidence of currency 'crises', and their components for evidence of changes in currency policy, Vector Autoregressive (VAR methods such as Granger causality and impulse-response functions are used to examine connections between EMP, domestic and foreign stock returns, and changes in commodity prices in the first four countries listed. Findings - While EMP increased in 2008, and the degree of central banks' currency- -market interventions decreased afterward, this paper uncovers key differences among countries. In particular, the Czech Republic is relatively insulated from international transmissions, while Hungary is more susceptible to global spillovers and Poland is exposed to events originating elsewhere in the CEE region. Ukraine shows bidirectional causality between its EMP and stock indices, and finds that pressure on the hryvnia increases if commodity or oil prices decline. Research implications/limitations - This study adds to the relatively limited literature regarding this region, and highlights particular vulnerabilities for both individual countries and specific neighbors; further research is necessary to uncover the channels of transmission using economic modeling. Originality

  12. Banking regulation and market making

    OpenAIRE

    Cimon, David A.; Garriott, Corey

    2017-01-01

    We present a model of market makers subject to recent banking regulations: liquidity and capital constraints in the style of Basel III and a position limit in the style of the Volcker Rule. Regulation causes market makers to reduce their intermediation by refusing principal positions. However, it can improve the bid-ask spread because it induces new market makers to enter. Since market makers intermediate less, asset prices exhibit a liquidity premium. Costs of regulation can be assessed by m...

  13. Pick by click. Online-markets for commodities; Zuschlag per Mausklick. Elektronische Marktplaetze in der Energiewirtschaft

    Energy Technology Data Exchange (ETDEWEB)

    Haug, M.; Schreiber, M. [EUtech Energie- und Umweltberatung GbR, Aachen (Germany); Aixergy AG, Aachen (Germany)

    2000-07-01

    The deregulation of the German energy market has led to growing competition (among the utilities), causing prices to crumble. Consumers must intensify their search efforts considerably in order to identify the most suitable utility. Internet-based 'B2B' market-places for commodities such as electricity, gas and water help to optimise the match between demand and supply. (orig.) [German] Mit dem Wegfall der Gebietsmonopole herrscht Wettbewerb auf dem Energiemarkt. Sinkende Preise sind die Folge. Fuer die Energieverbraucher wird es immer aufwendiger, den fuer sie guenstigsten Anbieter zu ermitteln. Hier sehen internetbasierte Handelsplattformen ihre Chance. Ueber B2B-Plattformen lassen sich Strom, Gas, Heizoel oder andere Commodities vertreiben. (orig.)

  14. Can market forces and competition supplant regulation?

    International Nuclear Information System (INIS)

    Graham, D.

    1998-01-01

    The challenges facing regulators and governments as utilities and pipelines transform from regulated monopolies into competitive businesses were discussed. In the past, the absence of competition required that utility and pipeline companies be regulated by governments to ensure fair pricing and good performance. The question of whether or not competition can entirely replace regulation was examined. Although the focus was on the natural gas industry, the regulatory trends in other industries were also briefly considered. In 1985, the federal government agreed to allow the commodity price of natural gas to fluctuate in response to market forces. This began the process of deregulation in the Canadian natural gas industry. Direct purchasing introduced competition and ended the monopolies of local distribution companies in purchasing gas. The main benefits of the competitive market structure were that consumers could choose products and services from a range of competing companies at competitive prices. This was critical to the success of the Canadian economy since Canada is the third largest exporter of energy and the eighth largest consumer of energy. It was suggested that even in a competitive market abuse of market power is possible, therefore, there is an important role for government in ensuring the existence of a level playing field. A variety of issues involved in an effective transition to a competitive market were also discussed. 2 figs

  15. Hedging Price Risks of Farmers by Commodity Boards: A Simulation Applied to the Indian Natural Rubber Market

    NARCIS (Netherlands)

    Zant, W.

    2001-01-01

    This paper investigates a hypothetical hedging scheme in a domestic commodity market under which a commodity board offers a forward contract to domestic producers and local traders and covers its commitments on an international futures exchange. It is aimed to quantify welfare gains to agents in the

  16. Dynamic of consumer groups and response of commodity markets by principal component analysis

    Science.gov (United States)

    Nobi, Ashadun; Alam, Shafiqul; Lee, Jae Woo

    2017-09-01

    This study investigates financial states and group dynamics by applying principal component analysis to the cross-correlation coefficients of the daily returns of commodity futures. The eigenvalues of the cross-correlation matrix in the 6-month timeframe displays similar values during 2010-2011, but decline following 2012. A sharp drop in eigenvalue implies the significant change of the market state. Three commodity sectors, energy, metals and agriculture, are projected into two dimensional spaces consisting of two principal components (PC). We observe that they form three distinct clusters in relation to various sectors. However, commodities with distinct features have intermingled with one another and scattered during severe crises, such as the European sovereign debt crises. We observe the notable change of the position of two dimensional spaces of groups during financial crises. By considering the first principal component (PC1) within the 6-month moving timeframe, we observe that commodities of the same group change states in a similar pattern, and the change of states of one group can be used as a warning for other group.

  17. Fair Trade: Social Regulation in Global Food Markets

    Science.gov (United States)

    Raynolds, Laura T.

    2012-01-01

    This article analyzes the theoretical and empirical parameters of social regulation in contemporary global food markets, focusing on the rapidly expanding Fair Trade initiative. Fair Trade seeks to transform North/South relations by fostering ethical consumption, producer empowerment, and certified commodity sales. This initiative joins an array…

  18. Marketing patterns of agricultural commodities in an upland area of Central Java

    Directory of Open Access Journals (Sweden)

    Caroline M. van Ommeren

    2013-07-01

    Full Text Available In the uplands of Central Java a wide variety of dry cultivated crops are produced for subsistence as well as for cash. The marketing channels for these crops are also diverse. The producers can choose between selling at the market place or at their farms; either to consumers or traders; or they can sell their products to wholesalers in the towns. However, this freedom of choice is not absolute and is determined by the quantity of the merchandise. Farmers/who can sell large amounts of produce are able to bypass some steps in the hierarchical order of market places or traders. Thus, producers with relatively large farmlands can sell their commodities in more profitable ways compared to those with /smaller farms. Moreover, the latter are often forced to sell their produce below market value to traders who provided them with advance or who bought the crop before harvest (tebasan, because of their need for cash

  19. Testing Commodities as Safe Haven and Hedging Instrument on ASEAN's Five Stock Markets

    Directory of Open Access Journals (Sweden)

    Robiyanto Robiyanto

    2017-08-01

    Full Text Available This study attempts to analyze commodity market instruments such as gold, silver, platinum, palladium, and West Texas Intermediate (WTI crude oil’s potential as hedge and safe haven toward some stock markets in South East Asia such as in Indonesia, Singapore, Malaysia, Philippines, and Thailand. To analyze the data, GARCH (1,1 was applied. The research findings showed that gold, silver, platinum, palladium, and WTI could not play their role as hedging instrument for five South East Asian capital markets. WTI could act as a robust safe haven for most South East Asian capital markets. Gold could do the role as a robust safe haven in Singapore and Malaysia, whereas, platinum and silver consistently could be safe haven only for Singapore Stock Exchange. Palladium could only be safe haven for Philippines Stock Exchange.

  20. Implications of Climate Volatility for Agricultural Commodity Markets in the Presence of Biofuel Mandates

    Science.gov (United States)

    Verma, M.; Diffenbaugh, N. S.; Hertel, T. W.; Beckman, J.

    2011-12-01

    In presence of bio-fuels, link between energy and agricultural commodity markets has become more complex. An increase in ethanol production to minimum 15bn gallons a year - Renewable Fuel Standard (RFS) and current technically permissible maximum 10% blending limit - Blend Wall (BW); make the link even stronger. If oil prices in future do not rise significantly from their current levels, this minimum production requirement would likely be binding. In such a scenario any fluctuation in crop production will have to be absorbed by the non-ethanol usage of the crop and would translate into crop prices adjusting to clear the markets and therefore the commodity prices will be more volatile. At high oil prices it is possible that the BW may become binding, severing the link between oil prices and commodity prices as well, potentially leading to higher price volatility. Hertel and Beckman (2010) find that, with both RFS and BW simultaneously binding, corn price volatility due to supply side shocks (which could arise from extreme climate events) could be more than 50% as large as in the absence of bio-fuel policies. So energy markets are important determinants of agricultural commodity price volatility. This proposal intends to introduce the increased supply side volatility on account of climate change and volatility, in the framework. Global warming on account of increased GHG concentrations is expected to increase the intensity and frequency of hot extremes in US (Diffenbaugh et al. 2008) and therefore affect corn yields. With supply shocks expected to increase, binding RFS and BW will exacerbate the volatility, while if they are non-binding then the price changes could be cushioned. We propose to model the impacts of climate changes and volatility on commodity prices by linking three main components - a. Projections for change in temperature and precipitation using climate model b. A statistical model to predict impacts of change in climate variable on corn yields in US

  1. Will Commodity Properties Affect Seller's Creditworthy: Evidence in C2C E-commerce Market in China

    Science.gov (United States)

    Peng, Hui; Ling, Min

    This paper finds out that the credit rating level shows significant difference among different sub-commodity markets in E-commerce, which provides room for sellers to get higher credit rating by entering businesses with higher average credit level before fraud. In order to study the influence of commodity properties on credit rating, this paper analyzes how commodity properties affect average crediting rating through the degree of information asymmetry, returns and costs of fraud, credibility perception and fraud tolerance. Empirical study shows that Delivery, average trading volume, average price and complaint possibility have decisive impacts on credit performance; brand market share, the degree of standardization and the degree of imitation also have a relatively less significant effect on credit rating. Finally, this paper suggests that important commodity properties should be introduced to modify reputation system, for preventing credit rating arbitrage behavior where sellers move into low-rating commodity after being assigned high credit rating.

  2. The Efficiency of the Chinese Commodity Futures Markets: Development and Empirical Evidence

    Institute of Scientific and Technical Information of China (English)

    Yu Xin; Gongmeng Chen; Michael Firth

    2006-01-01

    This study investigates the efficiency of the Chinese metal futures (i.e. copper and aluminum) traded on China's Shanghai Futures Exchange. First, we thoroughly analyze the development of China's commodity futures markets, which provides a fundamental background. Then we examine the random walk and unbiasedness hypotheses for two metal futures during 1999-2004. Based on the empirical evidence, we argue that China's copper and aluminum futures markets are efficient, and that they aid the process of price discovery because futures prices can be considered as unbiased predictors of future spot prices. We attribute this efficiency to the regulatory changes made in 1999 and the increased financial skills and acumen of the participants in the market.

  3. Agency Theory, Futures Markets and Risk Shifting in Commodity Marketing Channels

    NARCIS (Netherlands)

    Kuwornu, J.K.M.; Kuiper, W.E.; Pennings, J.M.E.; Meulenberg, M.T.G.

    2004-01-01

    This paper applies agency theory to access risk shifting between the principal (marketing firms) and the agent (farmers) in a food marketing channel. It compares the case in which there is a futures market available for the risk-averse agents with the case in which there is no futures trading. The

  4. The impact of global oil price shocks on China’s bulk commodity markets and fundamental industries

    International Nuclear Information System (INIS)

    Zhang, Chuanguo; Chen, Xiaoqing

    2014-01-01

    This paper investigated the reaction of aggregate commodity market to oil price shocks and also explored the effects of oil price shocks on China's fundamental industries: metals, petrochemicals, grains and oilfats. We separated the volatilities of oil price into expected, unexpected and negatively expected categories to identify how oil prices influence bulk commodity markets. We contrasted the results between different periods and among classified indices, in order to discover the significant changes in recent years and the differences at an industry level. Our results indicate that the aggregate commodity market was affected by both expected and unexpected oil price volatilities in China. The impact of unexpected oil price volatilities became more complex after 2007. The metals and grains indices did not significantly respond to the expected volatility in oil prices, in contrast to the petrochemicals and oilfats indices. These results not only contribute to advancing the existing literature, but also merit particular attention from policy makers and market investors in China. - Highlights: • We investigated the impact of global oil price shocks on China’s bulk commodity markets and fundamental industries. • The aggregate commodity market was affected by both expected and unexpected oil price volatilities. • The impact of unexpected oil price volatilities became more complex after 2007. • The metals and grains indices did not significantly respond to the expected volatility in oil prices

  5. Driving factors of interactions between the exchange rate market and the commodity market: A wavelet-based complex network perspective

    Science.gov (United States)

    Wen, Shaobo; An, Haizhong; Chen, Zhihua; Liu, Xueyong

    2017-08-01

    In traditional econometrics, a time series must be in a stationary sequence. However, it usually shows time-varying fluctuations, and it remains a challenge to execute a multiscale analysis of the data and discover the topological characteristics of conduction in different scales. Wavelet analysis and complex networks in physical statistics have special advantages in solving these problems. We select the exchange rate variable from the Chinese market and the commodity price index variable from the world market as the time series of our study. We explore the driving factors behind the behavior of the two markets and their topological characteristics in three steps. First, we use the Kalman filter to find the optimal estimation of the relationship between the two markets. Second, wavelet analysis is used to extract the scales of the relationship that are driven by different frequency wavelets. Meanwhile, we search for the actual economic variables corresponding to different frequency wavelets. Finally, a complex network is used to search for the transfer characteristics of the combination of states driven by different frequency wavelets. The results show that statistical physics have a unique advantage over traditional econometrics. The Chinese market has time-varying impacts on the world market: it has greater influence when the world economy is stable and less influence in times of turmoil. The process of forming the state combination is random. Transitions between state combinations have a clustering feature. Based on these characteristics, we can effectively reduce the information burden on investors and correctly respond to the government's policy mix.

  6. Kisah Sukses Inovasi Marketing from Commodity Becomes Solution (Studi Kasus Tentang PT Holcim Indonesia Tbk

    Directory of Open Access Journals (Sweden)

    Handy Martinus

    2012-10-01

    Full Text Available Cement is a strategic commodity. Indonesia as a developing country continues, cement becomes something absolute. Particularly, in the next few years, infrastructure development continues announced. To it, we need to anticipate the occurrence of scarcity (shortage of cement to meet the needs in the country in the next couple years. Fears of a shortage of cement in the country are quite groundless. Currently installed production capacity of the national cement industry around 47.5 million tons per year, spreads over nine locations in Indonesia. Meanwhile, the average utilization rate of production capacity cement plant reaches between 80% -85% or about 38-40 million per year. Meanwhile, the current level of cement consumption reached about 33 million tons (still a surplus of about 5-7 million tons. The problem is, if the shortage is met from imports, it could damage the domestic cement industry. Therefore, to meet the interests of industry and consumers, the best way is the expansion of the new plant. And to support the expansion of the factory in the country, clearly requires a major investment. Based on the assumptions above, Holcim as a newbie in the national cement market, which previously bought cement Cibinong also takes part in the national market. Now, Holcim is not half-hearted continuously expanding its new factory in Tuban to increase the strength of its two plants that are already running. A series of innovations in marketing activities are carried out, ie not just treating cement as a commodity but rather providing a range of service solutions to users via the outlet solution that provides aid earthquake resistant building design, material supply multi-brand, as well as a series of cooperation in the process of financing by establishing cooperation to the bank.  

  7. Carbon-dioxide emissions trading and hierarchical structure in worldwide finance and commodities markets.

    Science.gov (United States)

    Zheng, Zeyu; Yamasaki, Kazuko; Tenenbaum, Joel N; Stanley, H Eugene

    2013-01-01

    In a highly interdependent economic world, the nature of relationships between financial entities is becoming an increasingly important area of study. Recently, many studies have shown the usefulness of minimal spanning trees (MST) in extracting interactions between financial entities. Here, we propose a modified MST network whose metric distance is defined in terms of cross-correlation coefficient absolute values, enabling the connections between anticorrelated entities to manifest properly. We investigate 69 daily time series, comprising three types of financial assets: 28 stock market indicators, 21 currency futures, and 20 commodity futures. We show that though the resulting MST network evolves over time, the financial assets of similar type tend to have connections which are stable over time. In addition, we find a characteristic time lag between the volatility time series of the stock market indicators and those of the EU CO(2) emission allowance (EUA) and crude oil futures (WTI). This time lag is given by the peak of the cross-correlation function of the volatility time series EUA (or WTI) with that of the stock market indicators, and is markedly different (>20 days) from 0, showing that the volatility of stock market indicators today can predict the volatility of EU emissions allowances and of crude oil in the near future.

  8. Exchange markets for regulating power; ''Boersliche'' Regelenergiemaerkte

    Energy Technology Data Exchange (ETDEWEB)

    Moser, A. [European Energy Exchange AG, Leipzig (Germany). Abt. Produktentwicklung

    2004-07-01

    Free markets for the commodity power are an organic component of a deregulated energy industry. This applies also for the procurement of regulating power by the transmission system operators (TSO). The foundation of exchanges makes perfect sense, when the price of the commodity has an impact beyond the exchange transaction. Exchange structures can help to solve the existing problems for the minute reserve markets in Germany. (orig.)

  9. The Impact of Trade Policies on Spiraling Prices in International Agricultural Commodity Markets

    Directory of Open Access Journals (Sweden)

    Agnes Ghibuțiu

    2011-07-01

    Full Text Available Since the mid-2000s food prices have been on an upward trend. In the first months of 2011, agricultural commodity prices reached an all-time high, fuelling fears about the imminent outbreak of a new food crisis, similar to the 1973/74 and 2006/08 ones. Behind concerns about increased price levels and volatility in international agricultural commodity markets lie concerns about food security. Hence, the international community is now under pressure to urgently find solutions for tempering strong upward fluctuations in prices for many major food commodities. Trade policy changes are increasingly discussed as a major contributing factor to food price surges. This paper addresses some issues related to the recurrent global food crises from the perspective of trade policy, specifically export restrictions. After a brief review of the fundamental drivers of the upward trend in real food prices (rising global population and income, climate change, high oil prices, increasing cereal use for biofuel production, and financial speculation, it examines the upsurge in agricultural export restrictions over the recent years. Relying on WTO's trade policy monitoring exercise, it highlights typology, motivations and effects of the newly introduced export restrictions, and finds that a major factor behind their recent proliferation is the lack of effective and binding multilateral rules concerning these trade policy instruments. The paper argues that strenghtening and improving WTO's rules and disciplines is essential for mitigating increased price pressure and volatility as well as the associated food security risks. While the issue of export restrictions is currently the topic of discussions under the Doha Round, trade negotiations are in impasse since 2008. Hence, urgent and successful conclusion of the round would be an essential step. In the meanwhile, a closer regular monitoring of all forms of export restrictions would help to provide at least more

  10. Competitiveness of Slovak agri-food commodities in third country markets

    Directory of Open Access Journals (Sweden)

    Iveta Ubrežiová

    2012-01-01

    Full Text Available The impression of a single “European” market is gradually generated mainly due to action of the Common Agricultural Policy. Most of the agro-food complex enterprises see opportunities especially in the internationalization, globalization and regionalization in the agri-food sector, in pursuance of this, they are gradually smouldering innovative activities and trying to work on their competitive advantages. Based on the written we can say, that the issue of the competitiveness of enterprises, as well as of various commodities is in the current period highly current and adequate. The importance of the trade with so-called third countries is still increasing. This increase is mainly caused by the enlargement of the European Union in the term of foreign trade and it can be also confirmed from the results of the research. As the results of the research shows, the most important customers of the Slovak agri-food commodities are the Commonwealth of Independent States, where in the followed four-year period went within third countries at the average of 32.9% of the total Slovak agriculture export, also countries of EUROMED, where this proportion was 18.4%, and Croatia, with the proportion of 19.1%. These countries are the largest buyers of such Slovak agri-food commodities as are for example malt, chocolate and live cattle. On the other hand, Slovak republic is in agri-food import mostly dependent on such countries as are for example MERCOSUR countries, Mediterranean countries EUROMED, the African, Caribbean and Pacific (ACP, China, ASEAN and the U.S., which are the major suppliers of so-called „irreplaceable“ items, which Slovak republic can not produce.Results of the research also shows that while the importance of the trade with those countries (note- third countries is still increasing, Slovak export to third countries, in the contrast to its import, is still decreasing and that the most competitive agri-food commodities are for example live

  11. Cross-correlations between agricultural commodity futures markets in the US and China

    Science.gov (United States)

    Li, Zhihui; Lu, Xinsheng

    2012-08-01

    This paper examines the cross-correlation properties of agricultural futures markets between the US and China using a cross-correlation statistic test and multifractal detrended cross-correlation analysis (MF-DCCA). The results show that the cross-correlations between the two geographically distant markets for four pairs of important agricultural commodities futures are significantly multifractal. By introducing the concept of a “crossover”, we find that the multifractality of cross-correlations between the two markets is not long lasting. The cross-correlations in the short term are more strongly multifractal, but they are weakly so in the long term. Moreover, cross-correlations of small fluctuations are persistent and those of large fluctuations are anti-persistent in the short term while cross-correlations of all kinds of fluctuations for soy bean and soy meal futures are persistent and for corn and wheat futures are anti-persistent in the long term. We also find that cross-correlation exponents are less than the averaged generalized Hurst exponent when q0 in the short term, while in the long term they are almost the same.

  12. A rapid assessment and response approach for socially marketed nutrition commodities in Viet Nam.

    Science.gov (United States)

    Turk, Tahir; Quang, Nguyen Dinh; Nga, Tran Thuy; Phuong, Huynh; Tung, Le Van Anh; Trang, Vu Hoang

    2017-01-01

    The leading cause of death in children in developing countries is protein-energy malnutrition. In Viet Nam, 25.9% of children under 5 experience stunted growth and 6.6% are moderately wasted. Iron deficiency anaemia and vitamin A deficiency contribute to these and other malnutrition conditions. Given these factors, more evidence based approaches are required to improve understanding of current attitudes, opinions and behaviours of mothers with young children, in order to operationalise social marketing of nutrition commodities in Viet Nam. A literature review supported a rapid assessment and response method involving semi-structured interviews with 77 stakeholders and focus group discussions with 80 program beneficiaries from four geographic locations in the north and south of Viet Nam. Discussion agendas were developed to address key program issues with grounded theory utilized for data analysis. Data analysis highlighted challenges and opportunities within the six Ps of social marketing: Supply and demand side issues included: cost and the quality of products, the limited scale of interventions and promotional activities. Policy issues identified related to current policies that inhibited the broader promotion and distribution of micronutrient products, and opportunities for improved dialogue with policy partners. Partnerships further emphasized the need for public private partnerships to support the social change process. Implications for theory, policy, and practice indicates that rapid assessment and response is a cost-effective, pragmatic method of public health research, in resource constrained settings, to explore policies and behaviours amenable to change and build stakeholder engagement in the program.

  13. General Equilibrium in a Segmented Market Economy with Convex Transaction Cost: Existence, Efficiency, Commodity and Fiat Money

    OpenAIRE

    Starr, Ross M.

    2002-01-01

    This study derives the monetary structure of transactions, the use of commodity or fiat money, endogenously from transaction costs in a segmented market general equilibrium model. Market segmentation means there are separate budget constraints for each transaction: budgets balance in each transaction separately. Transaction costs imply differing bid and ask (selling and buying) prices. The most liquid instruments are those with the lowest proportionate bid/ask spread in equilibrium. Exist...

  14. Marketing, Management and Performance: Multilingualism as Commodity in a Tourism Call Centre

    Science.gov (United States)

    Duchene, Alexandre

    2009-01-01

    This paper focuses on the ways an institution of the new economy--a tourism call centre in Switzerland--markets, manages and performs multilingual services. In particular, it explores the ways multilingualism operates as a strategic and managerial tool within tourism call centres and how the institutional regulation of language practices…

  15. 17 CFR 33.4 - Designation as a contract market for the trading of commodity options.

    Science.gov (United States)

    2010-04-01

    ... capable of being transferred, assigned or otherwise disposed of other than on or subject to the rules of... regulations: (A) The cash market for the underlying physical exhibits sufficient liquidity such that the... the board of trade. (b) Such board of trade adopts rules which: (1) Prescribe in regard to strike...

  16. Commodity futures markets: are they an effective price risk management tool for the European wheat supply chain?

    Directory of Open Access Journals (Sweden)

    Cesar Revoredo-Giha

    2013-12-01

    Full Text Available The instability of commodity prices and the hypothesis that speculative behaviour was one of its causes has brought renewed interest in futures markets. The paper analyses the European wheat futures markets (feed and milling and the Chicago Board of Trade’s wheat contract as a comparison. Although the main purpose of the paper is to analyse whether futures markets are still useful for hedging (considering the demands from different market participants, implicitly this can be seen as testing whether the increasing presence of speculation has made futures markets divorced from physical markets. The results indicate that hedging with futures markets is still a viable alternative for dealing with price risk. This is particularly true in short period hedges (e.g. merchants and processors, where the basis seems to have been affected by the observed price instability.

  17. Modernisation picks up in commodities exchange market%中国商品交易市场现代化步伐提速

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    @@ With changes in the market circulation environment and the end of a theree-year protection after its accession to the World Trade Organisation, China's commodities trade aggregate has been growing steadily and the size of individual markets has been increasing gradually.In 2004, the number of commodity markets with annual turnover exceeding RMB 100 million jumped to 3,365,100 more than in the previous year; their turnover, at RMB2.61027 trillion, surged. 21.3%. The pace of modernisation of the country's commodity markets has picked up, with their business operations becoming more international, more information-based, larger in scale and functioning as groups.

  18. Volatility behavior of oil, industrial commodity and stock markets in a regime-switching environment

    International Nuclear Information System (INIS)

    Choi, Kyongwook; Hammoudeh, Shawkat

    2010-01-01

    This study supplements previous regime-switching studies on WTI crude oil and finds two possible volatility regimes for the strategic commodity prices of Brent oil, WTI oil, copper, gold and silver, and the S and P 500 index, but with varying high-to-low volatility ratios. The dynamic conditional correlations (DCCs) indicate increasing correlations among all the commodities since the 2003 Iraq war but decreasing correlations with the S and P 500 index. The commodities also show different volatility persistence responses to financial and geopolitical crises, while the S and P 500 index responds to both financial and geopolitical crises. Implications are discussed.

  19. The Dutch pork chain: a commodity system resisting threats from the market and society

    NARCIS (Netherlands)

    Greef, de K.H.; Casabianca, F.

    2009-01-01

    The Dutch pork sector can be characterized as one massive, homogeneous commodity system, resisting diversification. A closer look at innovation strategies and initiatives leads to the conclusion that efforts are being made to enhance sustainability (including economic viability) through

  20. Segmentation of the industrial market for food commodities: A conjoint study of purchase of vegetable oils in the mayonnaise and margarine industries

    DEFF Research Database (Denmark)

    Bech-Larsen, Tino; Skytte, Hans

    Executive summary The purpose of this working paper is to study whether current market and technological developments in the vegetable oil industry can be used as the outset for a price and/or quality based segmentation of the major industrial markets for this product. More specifically we want...... that the application of concepts from ind buying behaviour to the study of commodity buying, such as the procurement of vegetable oil, is an appropriate outset, when trying to segment the market for such commodities. The article begins with a brief discussion of why food commodity markets should be segmented......, then follows current developments in the demand and technology conditions on the market for vegetable oil. Later we discuss how concepts from industrial buying behaviour can add to the understanding of commodity buying and segmentati Following this a conjoint model of vegetable oil procurement in the vegetable...

  1. Self-regulation in securities markets

    OpenAIRE

    Carson, John

    2011-01-01

    This paper canvasses the trends in self-regulation and the role of self-regulation in securities markets in different parts of the world. The paper also describes the conditions in which self-regulation might be an effective element of securities markets regulation, particularly in emerging markets. Use of self-regulation and self-regulatory organizations is often recommended in emerging m...

  2. Supplement: Commodity Index Report

    Data.gov (United States)

    Commodity Futures Trading Commission — Shows index traders in selected agricultural markets. These traders are drawn from the noncommercial and commercial categories. The noncommercial category includes...

  3. Pollution Under Environmental Regulation in Energy Markets

    CERN Document Server

    Gullì, Francesco

    2013-01-01

    Pollution Under Environmental Regulation in Energy Markets provides a study of environmental regulation when energy markets are imperfectly competitive. This theoretical treatment focuses on three relevant cases of energy markets. First, the residential space heating sector where hybrid regulation such as taxation and emissions trading together are possible. Second, the electricity market where transactions are organized in the form of multi-period auctions. Third, namely natural gas (input) and electricity (output) markets where there is combined imperfect competition in vertical related energy markets.   The development of free or low carbon technologies supported by energy policies, aiming at increasing security of supply, is also explored whilst considering competition policies that reduce market power in energy markets thus improving market efficiency. Pollution Under Environmental Regulation in Energy Markets discusses the key issues of whether imperfect competition can lessen the ability of environmen...

  4. Estimates of immediate effects on world markets of a hypothetical disruption to Russia’s supply of six mineral commodities

    Science.gov (United States)

    Safirova, Elena; Barry, James J.; Hastorun, Sinan; Matos, Grecia R.; Perez, Alberto Alexander; Bedinger, George M.; Bray, E. Lee; Jasinski, Stephen M.; Kuck, Peter H.; Loferski, Patricia J.

    2017-05-18

    The potential immediate effects of a hypothetical shock to Russia’s supply of selected mineral commodities on the world market and on individual countries were determined and monetized (in 2014 U.S. dollars). The mineral commodities considered were aluminum (refined primary), nickel (refined primary), palladium (refined) and platinum (refined), potash, and titanium (mill products), and the regions and countries of primary interest were the United States, the European Union (EU–28), and China. The shock is assumed to have infinite duration, but only the immediate effects, those limited by a 1-year period, are considered.A methodology for computing and monetizing the potential impacts was developed. Then the data pertaining to all six mineral commodities were collected and the most likely effects were computed. Because of the uncertainties associated with some of the data, sensitivity analyses were conducted to confirm the validity of the results.Results indicate that the impact on the United States arising from a shock to Russia’s supply, in terms of the value of net exports, would range from a gain of \\$336 million for titanium mill products to a loss of \\$237 million for potash; thus, the overall effect of a supply shock is likely to be quite modest. The study also demonstrates that, taken alone, Russia’s share in the world production of a particular commodity is not necessarily indicative of the size of potential impacts resulting from a supply shock; other factors, such as prices, domestic production, and the structure of international commodity flows were found to be important as well.

  5. Financial states of world financial and commodities markets around sovereign debt crisis

    Science.gov (United States)

    Nobi, Ashadun; Lee, Jae Woo

    2017-11-01

    We applied a threshold method to construct a complex network from cross-correlations coefficients of 46 daily time series comprised of 23 global indices and 23 commodity futures from 2010 - 2014. We identify financial states of both global indices and commodity futures based on the change of the network structure. The trend of the average correlation is decreasing except sharp peak during crises during the study period. The threshold networks are generated at a threshold value of θ = 0.1 and the change of degrees of each node over time is used to identify the financial state for each index. We observe that commodity futures, such as EU CO2 emission, live cattle, natural gas as well as the financial indices of Jakarta and Indonesia stock exchange (JKSE) and Kuala Lumpur stock exchange (KLSE) change states frequently. By the average change in links we identify the indices which are more reactive to crises.

  6. Volatility Modeling, Seasonality and Risk-Return Relationship in GARCH-in-Mean Framework: The Case of Indian Stock and Commodity Markets

    OpenAIRE

    Brajesh Kumar; Singh, Priyanka

    2008-01-01

    This paper is based on an empirical study of volatility, risk premium and seasonality in risk-return relation of the Indian stock and commodity markets. This investigation is conducted by means of the General Autoregressive Conditional Heteroscedasticity in the mean model (GARCH-in-Mean) introduced by Engle et al. (1987). A systematic approach to model volatility in returns is presented. Volatility clustering and asymmetric nature is examined for Indian stock and commodity markets. The risk-r...

  7. Understanding international commodity price fluctuations

    NARCIS (Netherlands)

    Arezki, Rabah; Loungani, Prakash; van der Ploeg, Rick; Venables, Anthony J.

    An overview is provided of recent work on commodity prices, focusing on three themes: (i) "financialization" of commodity markets--commodities being considered by financial investors as a distinct asset class, (ii) trends and forecasts of commodity prices, and (iii) fracking-a shorthand for the

  8. Market reaction to bank liquidity regulation

    OpenAIRE

    Bruno, Brunella; Onali, Enrico; Schaeck, Klaus

    2018-01-01

    We measure market reactions to announcements concerning liquidity regulation, a key innovation in the Basel framework. Our initial results show that liquidity regulation attracts negative abnormal returns. However, the price responses are less pronounced when coinciding announcements concerning capital regulation are backed out, suggesting that markets do not consider liquidity regulation to be binding. Bank- and country-specific characteristics also matter. Liquid balance sheets and high cha...

  9. Outsourcing Market Research in Department of Defense Commodity Acquisition: The Issues, Concerns, and Private Industry Capabilities

    National Research Council Canada - National Science Library

    Skubic, Michelle

    2001-01-01

    .... It examines the feasibility of outsourcing market research functions in this acquisition arena, focusing on which elements of market research would be most practicable to outsource, and what capacity...

  10. What can price volatility tell us about market efficiency? Conditional heteroscedasticity in historical commodity price series

    NARCIS (Netherlands)

    Földvári, P.; van Leeuwen, B.

    2011-01-01

    The development in the working of markets has been an important topic in economic history for decades. The volatility of market prices is often used as an indicator of market efficiency in the broadest sense. Yet, the way in which volatility is estimated often makes it difficult to compare price

  11. Regulation of Banking and Financial Markets

    NARCIS (Netherlands)

    A.M. Pacces (Alessio); D. Heremans (Dirk)

    2011-01-01

    textabstractAbstract: This paper is one chapter of the volume “Regulation and Economics” of the second edition of the Encyclopedia of Law and Economics. The authors review the economics of banking and financial markets and the regulatory response to market failure. Market failure in finance depends

  12. Linkages among U.S. Treasury Bond Yields, Commodity Futures and Stock Market Implied Volatility: New Nonparametric Evidence

    Directory of Open Access Journals (Sweden)

    Vychytilova Jana

    2015-09-01

    Full Text Available This paper aims to explore specific cross-asset market correlations over the past fifteen- yearperiod-from January 04, 1999 till April 01, 2015, and within four sub-phases covering both the crisis and the non-crisis periods. On the basis of multivariate statistical methods, we focus on investigating relations between selected well-known market indices- U.S. treasury bond yields- the 30-year treasury yield index (TYX and the 10-year treasury yield (TNX; commodity futures the TR/J CRB; and implied volatility of S&P 500 index- the VIX. We estimate relative logarithmic returns by using monthly close prices adjusted for dividends and splits and run normality and correlation analyses. This paper indicates that the TR/J CRB can be adequately modeled by a normal distribution, whereas the rest of benchmarks do not come from a normal distribution. This paper, inter alia, points out some evidence of a statistically significant negative relationship between bond yields and the VIX in the past fifteen years and a statistically significant negative linkage between the TR/J CRB and the VIX since 2009. In rather general terms, this paper thereafter supports the a priori idea- financial markets are interconnected. Such knowledge can be beneficial for building and testing accurate financial market models, and particularly for the understanding and recognizing market cycles.

  13. Legal status and organizational structure of commodities excange in Slovakia

    Directory of Open Access Journals (Sweden)

    Nada Petričević

    2011-07-01

    Full Text Available Commodities exchange is an important element of market economy of a country. Being an organized commodities and capital market, it goes beyond the trade in a trade fair and particular trade in real commodities. It includes trading in exchangeable goods by standard label. As foundation of commodities exchange is expected in Croatia, the paper will explicate its status and operation in Slovakia, an EU member state that is similar to our country. The paper will focus on the legal status and organizational structure of consumer goods market in Bratislava. Although it has existed for just over 15 years, it is important to note that it actually goes back to the pre-Second World War Czechoslovakia. Also, to provide better understanding of its functioning, regulations defining the foundation and functioning of the commodities market will also be presented as well as the profile, method and types of operations, together with its positive effects.

  14. Integrating gas and electric markets and regulation

    International Nuclear Information System (INIS)

    Whitmore, C.S.

    1998-01-01

    The issues determining what energy companies must do to compete in an increasingly competitive energy market and what regulators must do to ensure fairness in competition were discussed. The similarities of gas and electric markets, and the factors driving their integration were highlighted. The importance of communications and customer service in the energy market and the nature of market power in the gas and electric industries was described. Three reasons were given why gas/electric mergers will be beneficial: (1) operating efficiency, (2) applying gas experience to electric markets, and (3) opportunity to exercise market power. Potential regulatory problems were also reviewed

  15. The use of importance and performance analysis (IPA) to evaluate effectiveness of the forward auction market agro commodities: A case study

    Science.gov (United States)

    Wulansari, Dwi Ratna; Sutopo, Wahyudi; Hisjam, Muh.

    2018-02-01

    The empowering auction market for commodities in East Java Province is one of five auction market revitalization programs conducted by the Republic of Indonesia c.q. Ministry of Trading started in 2014. One of the districts in East Java Province, namely Magetan District utilizes the commodity auction market to improve the competitiveness of their agricultural industry by shortening the supply chain. The Magetan District needs to evaluate their support for farmers or farmer groups to participate in the forward auction market (FAM). Implementation of the FAM commodities is divided into three main processes, namely pre-auction, auction, and post-auction. The auction market is organized to shorten the trading chain. Implementation of the FAM requires good planning, among Seller (namely Farmer or Farmer Group), organizer of Auction (namely Commodity Auction Company), Buyer, and Local Government (namely the farmer facilitator). This article is aimed to develop the instrument of a Performance Measurement Model Using Important and Performance Analysis (IPA) for Improving the FAM Effectiveness of Agro Commodity from Magetan District with Supply Chain Management approach. IPA is implemented at pre-auction, auction, and post-auction. The IPA model results in the diagram to decide the strategies in improving the FAM effectiveness, and then it can encourage farmers to improve welfare and realize the competitiveness of the auctioneer.

  16. From commodity to customer value : the transition from a production-oriented to a market-oriented European dairy industry

    NARCIS (Netherlands)

    Everwand, W.C.; Ingenbleek, P.T.M.; Backus, G.B.C.

    2007-01-01

    The European food industry has been regulated for a long time. Since the 1960s, the European market has been protected from imports by relatively high taxes. Companies in Europe therefore never had to fear real competition from outside the Union in their domestic markets. This changed, when, due to

  17. Evaluating cash benefits as real options for a commodity producer in an emerging market

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2009-07-01

    Full Text Available The amount of cash a firm should maintain is an old problem tackled by finance literature. The recent advances in finance, mainly in the derivatives area, has opened the opportunity to revisit this subject. Cossin and Hricko (2004 studied the benefits of cash holdings using the Real Options approach. We follow their ideas extending the problem to a specific commodity producer firm in an emerging economy. We evaluate the benefits considering that raising capital takes time (timing benefit and also the benefit of avoiding the issue of securities at unfavorable moments (underpricing benefit. We use numerical procedures to solve the problem. Despite the fact that the results are not totally intuitive, we verify that the timing benefit is much more relevant than that of avoiding the underpricing benefit and that firms in emerging economies have greater advantage holding cash than those in developed economies. There is empirical evidence of this last result in the literature.

  18. A fractionally cointegrated VAR analysis of price discovery in commodity futures markets

    DEFF Research Database (Denmark)

    Dolatabadi, Sepideh; Nielsen, Morten Ørregaard; Xu, Ke

    straightforward examination of the adjustment coefficients. In our empirical analysis we use the data from Figuerola-Ferretti and Gonzalo (2010), who conduct a similar analysis using the usual (non-fractional) CVAR model. Our first finding is that, for all markets except copper, the fractional integration......In this paper we apply the recently developed fractionally cointegrated vector autoregressive (FCVAR) model to analyze price discovery in the spot and futures markets for five non-ferrous metals (aluminium, copper, lead, nickel, and zinc). The FCVAR model allows for long memory (fractional...... to the results from the non-fractional model, we find slightly more evidence of price discovery in the spot market. Specifically, using standard likelihood ratio tests, we do not reject the hypothesis that price discovery takes place exclusively in the spot (futures) market for copper, lead, and zinc (aluminium...

  19. Resource externalities and the persistence of heterogeneous pricing behavior in an energy commodity market

    International Nuclear Information System (INIS)

    Bunn, Derek; Koc, Veli; Sapio, Alessandro

    2015-01-01

    In competitive product markets, repeated interaction among producers with similar economic characteristics would be expected to result in convergence of their behaviors. If convergence does not occur, it raises fundamental questions related to the sustainability of heterogeneous competitive strategies. This paper examines the prices submitted to the British wholesale electricity market by four coal-fired plants, separately owned, approximately of the same age, size and efficiency, and located in the same transmission network zone. Due to the repetitive nature of the spot market, one would expect convergence in strategies. Yet, we find evidence of persistent price dispersion and heterogeneous strategies. We consider several propositions for these effects including market power, company size, forward commitments, vertical integration and the management of interrelated assets. - Highlights: • Time series models of offer prices from 4 companies, UK electricity spot market • Focus on coal-fired plants of similar size, efficiency, age, same network zone • Low, less volatile offers by small, not vertically integrated, only-coal company • Operational risks of nuclear plants in a portfolio imply finer tracking of PX prices • Market leadership from private information on the Anglo-French interconnector flows

  20. The role of regulators in competitive markets

    International Nuclear Information System (INIS)

    Singer, J.

    2002-01-01

    Some of the key features of restructuring the electric power industry in Ontario were presented, with reference to Ontario Power Generation, a successor company to emerge from Ontario Hydro. Restructuring has resulted in a pool-based model with financial bilateral contracts, corporate separation instead of functional unbundling, and a market power mitigation framework based on decontrol of assets and revenue cap/rebate. The regulators in the Ontario model are the Ontario Energy Board, the Independent Electricity Market Operator, and the Federal Energy Regulators. Regulators are pressured to keep prices low while recognizing that price signals are essential for market functioning. The paper discussed the historical practice of system operators working under the assumption of 'reliability at any price', and examined if it is compatible with a market structure. It was noted that independent system operators hold significant power over market design and functioning, but have little oversight. 2 figs

  1. Price development evaluation of chosen plant commodities in agra­rian market in the Slovak Republic

    Directory of Open Access Journals (Sweden)

    Patrik Rovný

    2010-01-01

    Full Text Available The objective of the paper is to evaluate the price development of the chosen commodities in plant production in Slovakia and to focus on the factors influencing the increase or decrease in the price of commodities on the domestic and foreign markets. In 2008 the prices of the products in a year–on–year plant production increased by 1.6 %. The price of the plant products, including fruits and ve­ge­tab­les recorded the biggest increase since January 2008 until October 2008. The biggest increase in prices was recorded in June (increase of 52.7%. The high prices of oil plants and legume were one of the causes in a year–on–year price increase (oil plants increase by 23.3% and legume −15.7%. Price development on the domestic market of cereals and oil plants was influenced in the first three terms by growing stock–exchange value and the high demand from the side of foreign buyers connected with the increasing production of biofuels. On the other hand, in the last term of the year 2008, there can be seen the rapid decrease of the prices of cereals and oil plants because of the high production and the development of the world prices. The prices of fruits, evaluated in 2004–2008, recorded the biggest increase in January and February 2008 (in January 2008 – increase by 22.1% and February 2008 – increase by 23.2%. Prices of vegetables slightly grew in the monitored period. The biggest increase was recorded in December 2006 and in January and February 2007 (more than 15%.

  2. COMPETITIVENESS OF METAL PRODUCTION OF RUP ‘BMZ» ON THE INTERNATIONAL COMMODITY MARKETS

    Directory of Open Access Journals (Sweden)

    M. V. Kuzmich

    2011-01-01

    Full Text Available It is shown that the received integral indices of competitiveness testify to the fact that production is on the high level of competitiveness on world markets of sales and is approximately on one position with the best goods-analogues.

  3. Price volatility, trading volume, and market depth in Asian commodity futures exchanges

    Directory of Open Access Journals (Sweden)

    Tanachote Boonvorachote

    2016-01-01

    Full Text Available This paper empirically investigates the impact of trading activity including trading volume and open interest on price volatility in Asian futures exchanges. Trading volume and open interest represent market information for investors. This study uses three different definitions of volatility: (1 daily volatility measured by close-to-close returns, (2 non-trading volatility measured by close-to-open returns, and (3 trading volatility measured by open-to-close returns. The impact of trading volume and open interest on price volatility is investigated. Following Bessembinder and Seguin (1993, volume and open interest are divided into expected and unexpected components. The GARCH (1,1 model is employed using expected and unexpected components of trading activity (volume and open interest as explanatory variables. The results show a positive contemporaneous relationship between expected and unexpected trading volume and volatility, while open interest mitigates volatility. Policy makers can use these findings to suggest to investors that trading activity (volume and open interest is a proxy of market information flowing to exchanges, especially unexpected trading activity. New information flowing to exchanges can mostly be noticed in unexpected trading volumes and open interests.

  4. 77 FR 35944 - Renewal of the Global Markets Advisory Committee

    Science.gov (United States)

    2012-06-15

    ... international standards for regulating futures, swaps, options, and derivatives markets, as well as..., competitive, and financially sound futures and options markets. Meetings of the Global Markets Advisory... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

  5. The trading game : emissions trading schemes offer pollution as a market commodity

    Energy Technology Data Exchange (ETDEWEB)

    Bradbury, D.

    2005-07-01

    This paper discussed the market mechanisms for emissions trading. The concept emerged in signatory countries to the Kyoto Protocol in response to their commitment to reduce greenhouse gas (GHG) emissions. Emissions trading systems allow large polluters to buy and sell pollution credits in order to meet emission reduction targets. While member states in the European Union (EU) started trading in February 2005, Canada is still developing its own proposal that will be introduced in 2008 to correspond with the first phase of the Kyoto Protocol. In contrast to the European model that places absolute limits on GHG emissions, the Canadian system is intensity-based. Heavy polluters, known as large final emitters, will have to cut emissions of the 6 GHGs covered under the Kyoto Protocol as a percentage of their total industrial output. Companies that reduce their emissions more than their defined targets can trade the surplus as credits on the open domestic market. It was argued that this allows businesses to meet their own emissions targets while failing to contribute effectively to Canada's overall Kyoto target. In addition, in order to lessen the burden to industry, Canada has imposed a $15 cap on the price of credits, which is in contrast to the European system. It was argued that businesses in Europe will be more motivated to meet their targets because of the higher value on European pollution credits. With less onus on business in Canada to reduce absolute targets, the burden of reducing GHG emissions has shifted to federal taxpayers. The paper addressed some of the factors that led to Canada's decision to use an intensity-based system. One main factor was the refusal of the United States to ratify the Kyoto Protocol and the cost disadvantage this would create for Canadian firms. However, some argue that by paying more attention to energy use, companies can reduce emissions and increase shareholder value by achieving cost savings that are greater than the

  6. Gaz de France and market regulation

    International Nuclear Information System (INIS)

    Carriere, J.F.; Balard, Th.

    2004-01-01

    Following an overview of the specific features of the European gas sector (characterised by highly concentrated production and increasing levels of production outside Europe and over long distances), the article describes the lead up to the opening of the market place in France. Following the application of the first directive in 2000, Gaz de France has carried out various measures, the aim of which was to achieve immediate efficiency (with the organizational separation of the transport and trading divisions, the separation of activities from an accounting viewpoint and the publication of a transparent TPA tariff as opposed to a discriminatory one). This opening of the gas sector has seen the start of a gradual process based on this experience. In addition to these initial measures, the opening of the gas markets has been subject to a regulatory framework as from January 2003, and the task of regulating the French gas sector has been given to the CRE (Commission de regulation de l'electricite). Thanks to the ongoing dialogue initiated by the latter with all key players in the market, progress has been achieved in various fields related to regulation. Even if this process is not complete, the French example demonstrates that the combined actions of the regulator and the market operators working together in a constructive manner and in stages, makes it possible to successfully introduce a genuinely open market. (authors)

  7. Commodities, energy and environmental finance

    CERN Document Server

    Ludkovski, Michael; Sircar, Ronnie

    2015-01-01

    This volume is a collection of chapters covering the latest developments in applications of financial mathematics and statistics to topics in energy, commodity financial markets and environmental economics. The research presented is based on the presentations and discussions that took place during the Fields Institute Focus Program on Commodities, Energy and Environmental Finance in August 2013. The authors include applied mathematicians, economists and industry practitioners, providing for a multi-disciplinary spectrum of perspectives on the subject. The volume consists of four sections: Electricity Markets; Real Options; Trading in Commodity Markets; and Oligopolistic Models for Energy Production. Taken together, the chapters give a comprehensive summary of the current state of the art in quantitative analysis of commodities and energy finance. The topics covered include structural models of electricity markets, financialization of commodities, valuation of commodity real options, game-theory analysis of ...

  8. Markets, prices and regulation in energetic activities

    International Nuclear Information System (INIS)

    Percebois, Jacques

    2015-09-01

    The author first outlines some fundamental characteristics of the different energy world markets (oil, natural gas, coal, electricity). He outlines their availability, locations, and different main geographical areas. Then, he discusses the relationships between costs and prices in which intervene external costs, taxes, feed-in tariffs, national regulations, incentives for consumers. He discusses the issue of regulation of some energy activities, i.e. how State may or may not intervene on the markets, how competition may influence the market, how activities can thus be divided (production, transport, distribution) with implications and consequences for prices. He finally outlines concerns about the future financing of investments required to face tomorrow's needs

  9. Bootstrap Score Tests for Fractional Integration in Heteroskedastic ARFIMA Models, with an Application to Price Dynamics in Commodity Spot and Futures Markets

    DEFF Research Database (Denmark)

    Cavaliere, Giuseppe; Nielsen, Morten Ørregaard; Taylor, A.M. Robert

    Empirical evidence from time series methods which assume the usual I(0)/I(1) paradigm suggests that the efficient market hypothesis, stating that spot and futures prices of a commodity should cointegrate with a unit slope on futures prices, does not hold. However, these statistical methods...... fractionally integrated model we are able to find a body of evidence in support of the efficient market hypothesis for a number of commodities. Our new tests are wild bootstrap implementations of score-based tests for the order of integration of a fractionally integrated time series. These tests are designed...... principle do. A Monte Carlo simulation study demonstrates that very significant improvements infinite sample behaviour can be obtained by the bootstrap vis-à-vis the corresponding asymptotic tests in both heteroskedastic and homoskedastic environments....

  10. Modeling global and local dependence in a pair of commodity forward curves with an application to the US natural gas and heating oil markets

    International Nuclear Information System (INIS)

    Ohana, Steve

    2010-01-01

    The goal of this paper is to present a model for the joint evolution of correlated commodity forward curves. Each forward curve is directed by two state variables, namely slope and level, and the model is meant to capture both the local and global dependence structures between slopes and levels. Our framework can be interpreted as an extension of the concept of cointegration to forward curves. The model is applied to a US database of heating oil and natural gas futures prices over the period February 2000-February 2009. We find the long-run slope and level relationships between natural gas and heating oil markets, analyze the lead and lag properties between the two energy commodities, the volatilities and correlations between their daily co-movements and evaluate the robustness of these observations to the turmoil experienced by energy markets since 2003. (author)

  11. Improved (ERTS) information and its impact on U.S. markets for agricultural commodities: A quantitiative economic investigation of production, distribution and net export effects

    Science.gov (United States)

    1974-01-01

    An econometric investigation into the markets for agricultural commodities is summarized. An overview of the effort including the objectives, scope, and architecture of the analysis and the estimation strategy employed is presented. The major empirical results and policy conclusions are set forth. These results and conclusions focus on the economic importance of improved crop forecasts, U.S. exports, and government policy operations. A number of promising avenues of further investigation are suggested.

  12. State regulation of the coming competitive market

    International Nuclear Information System (INIS)

    Lively, M.B.

    1997-01-01

    Utilities and state commissions can have retail competition without a federal presence by integrating economics and reliability through a concept called Wide Open Load Following, or WOLF. Under WOLF, the transaction between the utility and the consumer would continue to be a sale that is subject to regulation by the state commission. As a retail sale, the transaction requires no FERC involvement. This article shows how WOLF combines economics and physics for pricing retail electric sales in a competitive market so that the sales remain under the jurisdiction of a state authority, even while third parties participate in the market

  13. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

    Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

  14. Essays on market discipline, banking and regulation

    OpenAIRE

    Cabrera, Matías Daniel

    2016-01-01

    Mención Internacional en el título de doctor This Dissertation presents three studies on market discipline, implicit guarantees, sovereign risk and bank regulation. Chapter one analyzes whether larger banks are deemed as Too Big to Save by analyzing their stock returns' reaction to a set of announcements regarding governments' bailout capacity. In order to assess if there has been a risk transfer from banks to sovereigns (due to implicit guarantees), chapter two analyzes the...

  15. Regulations and monitoring of the financial part of the electricity market

    International Nuclear Information System (INIS)

    Eriksson, Svante; Eliasson, Torben; Jenssen Aasmund

    2001-11-01

    The electricity derivatives market has grown significantly during the last few years. It refers to all commodity derivatives (options, futures and forwards) based on electricity and traded either on the Nord Pool Exchange or bilaterally between single parties. The growth of the derivatives market has also led to an increasing need for relevant regulation and monitoring. In this report ECON describes how the common financial regulations (e.g. Sweden's Securities Operations Act) affect power sector companies and how the electricity derivatives market is being monitored by the Swedish and the Norwegian financial supervisory authorities. The aim of the report is to give ideas about possible future research projects about the electricity derivatives market. In Sweden commodity derivatives based on electricity are generally considered to be 'financial instruments' according to The Trading in Financial Instruments Act. At least this seems to be the case with contracts traded on Nord Pool and bilateral contracts that can be subject to clearing by Nord Pool. In some cases, companies wanting to offer services regarding financial instruments in the Swedish market need a special licence and it comes from the Swedish Financial Supervisory Authority. The services that require a special permit are: trading financial instruments, in one's own name, on behalf of another party, brokering of contacts between purchasers and sellers, trading in financial instruments on one's own account, management of another party's financial instruments, and underwriting or other participation in issuances of securities or offers to purchase or sell financial instruments directly to the public. A licence to conduct a securities operation brings with it, among other things, certain mandatory capital requirements. Securities operations should also be conducted in such a manner that public confidence is maintained in the securities markets. Regulation should insure that for example, insider trading is

  16. Essays on environmental regulations in electricity markets

    Science.gov (United States)

    Sun, Yanming

    Reducing the Greenhouse Gas pollution and promoting energy efficiency among consumers' energy use have been major public policy issues recently. Currently, both the United States and the European Union have set up explicit percentage requirements that require energy generators or consumers to undertake a certain percentage of their energy production or consumption from renewable sources. To achieve their renewable targets, the Tradable Green Certificates (TGC) system has been introduced in their electricity markets. Moreover, in order to promote energy conservation and achieve energy efficiency targets, price policies and price changes derived from environmental regulations have played a more important role in reducing electricity consumption. My research studies problems associated with these policy implementations. In Chapter 1, I analyze a competitive electricity market with two countries operated under a common TGC system. By using geometric illustrations, I compare the two countries' welfare when the renewable quota is chosen optimally under the common certificate market with three different situations. The policy recommendation is that when the value of damage parameter is sufficiently small, full integration with a TGC market is welfare superior to full integration of an all fossil-fuel based market with an optimal emissions standard. In Chapter 2, by analyzing a stylized theoretical model and numerical examples, I investigate the performance of the optimal renewables policy under full separation and full integration scenarios for two countries' electricity markets operated under TGC systems. In my third chapter, I look at residential electricity consumption responsiveness to increases of electricity price in the U.S. and the different effect of a price increase on electricity use for states of different income levels. My analysis reveals that raising the energy price in the short run will not give consumers much incentive to adjust their appliances and make

  17. 29 CFR 780.114 - Wild commodities.

    Science.gov (United States)

    2010-07-01

    ... Agricultural Or Horticultural Commodities § 780.114 Wild commodities. Employees engaged in the gathering or harvesting of wild commodities such as mosses, wild rice, burls and laurel plants, the trapping of wild... 29 Labor 3 2010-07-01 2010-07-01 false Wild commodities. 780.114 Section 780.114 Labor Regulations...

  18. Commodity Price Volatility in the Biofuel Era: An Examination of the Linkage Between Energy and Agricultural Markets

    OpenAIRE

    Thomas W. Hertel; Jayson Beckman

    2011-01-01

    Agricultural and energy commodity prices have traditionally exhibited relatively low – even negative correlation. However, the recent increases in biofuel production have altered the agriculture-energy relationship in a fundamental way. The amount of corn utilized for ethanol production in the US has increased from 5% in 2001 to over one-third by the end of the decade. This increase has drawn corn previously sold to other uses (exports, food, feed), as well as acreage devoted to other crops (...

  19. Evaluating the Value of Flexibility in Energy Regulation Markets

    DEFF Research Database (Denmark)

    Neupane, Bijay; Pedersen, Torben Bach; Thiesson, Bo

    2015-01-01

    In this paper, we perform an econometric analysis on the benefits of introducing flexibility in the Danish/Nordic regulating power market. The paper investigates the relationships between market power prices and regulation volumes, in order to quantify the effects of flexibility on regulating power...... prices. Further, we analyze the benefit for various types of flexibility and market objectives, to detect the type of energy flexibility that maximizes the benefits. Results show that if 3.87% of total demand is flexible, market can reduce the regulation cost by 49% and the regulation volume by 29.4%....

  20. EFICIÊNCIA DOS MERCADOS FUTUROS DE COMMODITIES AGRÍCOLAS APLICANDO-SE O TESTE DE COINTEGRAÇÃO./ EFFICIENCY OF THE AGRICULTURAL COMMODITY FUTURES MARKET BY APPLYING THE COINTEGRATION TEST.

    Directory of Open Access Journals (Sweden)

    Jorge Harry Harzer

    2012-08-01

    Full Text Available Este artigo tem o objetivo de testar a forma fraca de eficiência do mercado futuro brasileiro dacommoditie agrícola café arábica, usando a técnica de cointegração a fim de verificar se os preços futuroscorrentes são estimadores não viesados dos preços à vista esperados para o futuro. Para isso, utiliza asséries históricas de janeiro de 2005 a maio de 2011 dos preços futuros, que foram coletados na Bolsa deMercadorias e Futuros – BM&F, e os preços à vista calculados pelo CEPEA/ESALQ/USP. As métricas utilizadassão os testes ADF de Dickey e Fuller para detectar a presença de raiz unitária e o teste de cointegraçãode Johansen para verificar a existência de um relacionamento de longo prazo. Os resultados indicaram anão estacionariedade das séries de preços e a presença de cointegração. Porém, o teste dos parâmetrosα = 0 e β = 1 da regressão que comprovam a eficiência fraca e não viés encontraram indícios estatísticosde não eficiência de mercado, bem como da presença de um viés indicando a existência de um prêmioassociado ao risco./ This article aims at testing the weak form of efficiency of the commodity futures market in Arabicacoffee farming using the cointegration technique in order to check if the current futures prices arebiased estimators of spot prices expected for the future. Thereto it uses the futures prices time seriesfrom January 2005 to May 2011, which were collected in the Commodities and Futures Exchange - BM &F and spot prices, calculated by CEPEA / ESALQ / USP. Dickey and Fuller’s ADF tests are the metrics usedto detect the presence of unit root and Johansen’s cointegration test is used to verify the existence ofa long term relationship. The results indicated the non-stationarity of price series besides the presenceof cointegration. However, regression parameters testing α = 0 e β = 1 proves that weak efficiency andnon-biased found statistical evidence of non-market efficiency

  1. Electric power market regulations in UK

    International Nuclear Information System (INIS)

    Federico, G.; Napolano, L.

    2000-01-01

    The wholesale electricity market in UK is being radically reformed, with the abolition of a centralised market (the Pool) and the introduction of a system based around bilateral trading and real-time balancing (NETA), with the aim of increasing competition in the sector. This article analyses the English experience to draw some implications on the relationship between market design, market structure and market power, and to provide some insights for the design of the future Italian market [it

  2. UNCTAD commodity yearbook 1990

    International Nuclear Information System (INIS)

    1990-01-01

    The Commodity Yearbook is intended to provide disaggregated data at the world, regional and country levels for trade and consumption in selected agricultural primary commodities and minerals, ores and metals. Production series have been included for the latter group of commodities, since comprehensive diaggregated data are unavailable elsewhere. Basic tables have been designed, from both the commodity and the country point of view, to serve as background material to international commodity discussions and negotiations in the United Nations Conference on Trade and Development. The classification of countries and territories by region has been adopted for statistical convenience only, and follows that employed by the Statistical Office of the United Nations. Four main regions are defined: Developed market economy countries, Countries of Eastern Europe, Socialist countries of Asia and Developing countries and territories. For developed and developing countries and territories, the main regions have been further subdivided (e.g., EEC, EFTA, Africa, etc.) to provide additional information. The exact composition of each region is shown in section V of the general notes

  3. Coal marketability: Effects of deregulation and regulation

    International Nuclear Information System (INIS)

    Attanasi, E.

    2000-01-01

    Electrical utility deregulation will force power plants to compete for sales because they will not longer have captive markets. Market uncertainty and uncertainty about future environmental regulations have encouraged power plants to shift to low sulfur coal and/or to use emissions allowances to comply with Phase 2 of the 1990 Clean Air Act Amendments. Mines in Northern and Central Appalachia and the Illinois Basin shipped 240 million tons of non-compliance coal to power plants without scrubbers in 1997. Under Phase 2, this coal will be replaced by low sulfur coal and/or be used with emission permits. It is possible that Powder River Basin coal production will have to increase by over 200 million tons/year to meet new demand. The prices of emissions permits will impose penalties on non-compliance coal that will probably drive out marginal coal producers. For example, if the cost of an emission permit is $200, coal from the Pittsburgh bed could bear a sulfur penalty of $6.55 per ton and similarly, coal from the Herrinbed could bear a penalty of $8.64 per ton

  4. The role of regulation in Europe's energy markets

    International Nuclear Information System (INIS)

    Jones, Ch.

    2005-01-01

    In this paper, the author emphasizes the two main issues of the role of a regulation authority in the de-regulated European internal energy markets: regulation and competition and regulation and security of supply. He explains the manner in which the European Commission will organize the preparation of new or revised guidelines under the regulation. (J.S.)

  5. Implications of Carbon Regulation for Green Power Markets

    Energy Technology Data Exchange (ETDEWEB)

    Bird, Lori [National Renewable Energy Lab. (NREL), Golden, CO (United States); Holt, Ed [Ed Holt & Associates Inc., Harpeswell, ME (United States); Carroll, Ghita [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2007-04-01

    This paper examines the potential effects that emerging mandatory carbon markets have for voluntary markets for renewable energy, or green power markets. In an era of carbon regulation, green power markets will continue to play an important role because many consumers may be interested in supporting renewable energy development beyond what is supported through mandates or other types of policy support. The paper examines the extent to which GHG benefits motivate consumers to make voluntary renewable energy purchases and summarizes key issues emerging as a result of these overlapping markets, such as the implications of carbon regulation for renewable energy marketing claims, the demand for and price of renewable energy certificates (RECs), and the use of RECs in multiple markets (disaggregation of attributes). It describes carbon regulation programs under development in the Northeast and California, and how these might affect renewable energy markets in these regions, as well as the potential interaction between voluntary renewable energy markets and voluntary carbon markets, such as the Chicago Climate Exchange (CCX). It also briefly summarizes the experience in the European Union, where carbon is already regulated. Finally, the paper presents policy options for policymakers and regulators to consider in designing carbon policies to enable carbon markets and voluntary renewable energy markets to work together.

  6. 75 FR 77048 - Fair Credit Reporting Affiliate Marketing Regulations

    Science.gov (United States)

    2010-12-10

    ... received from an affiliate to make a solicitation for marketing purposes to the consumer, unless the... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Fair Credit Reporting Affiliate Marketing... Proposal: Fair Credit Reporting Affiliate Marketing Regulations. OMB Number: 1550-0112. Form Number: N/A...

  7. 7 CFR 982.40 - Marketing policy and volume regulation.

    Science.gov (United States)

    2010-01-01

    ... the declared policy of the act, it shall compute and announce an inshell trade demand for that year... 7 Agriculture 8 2010-01-01 2010-01-01 false Marketing policy and volume regulation. 982.40 Section 982.40 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING...

  8. 17 CFR 33.3 - Unlawful commodity option transactions.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Unlawful commodity option... REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.3 Unlawful commodity option... of, or maintain a position in, any commodity option transaction subject to the provisions of this...

  9. 17 CFR 32.11 - Suspension of commodity option transactions.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Suspension of commodity option... REGULATION OF COMMODITY OPTION TRANSACTIONS § 32.11 Suspension of commodity option transactions. (a... accept money, securities or property in connection with, the purchase or sale of any commodity option, or...

  10. Factor Structure in Commodity Futures Return and Volatility

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Lunde, Asger; Olesen, Kasper Vinther

    -2010 but have since returned to the pre-crisis level close to zero. The common factor in commodity volatility is nevertheless clearly related to stock market volatility. We conclude that, while commodity markets appear to again be segmented from the equity market when only returns are considered, commodity...

  11. Regulation of alcohol marketing: a global view.

    Science.gov (United States)

    Casswell, Sally; Maxwell, Anna

    2005-09-01

    The marketing of alcohol produces a new challenge for policy development internationally, in part because of the increase in the use of new, unmeasured technologies. Many of these new developments are, as yet, relatively invisible in the policy arena. New approaches in branding, the utilization of marketing opportunities via branded events and new products provide additional complexity to attempts to monitor and to restrict the impact of marketing on young people and other vulnerable groups. Current attempts to restrict marketing globally, which rely primarily on voluntary codes and focus on traditional media, are inadequate to these challenges. A new statutory framework is required to enable the monitoring and control of the full marketing mix in ways which match the sophistication of the marketing efforts themselves.

  12. Stochastic price modeling of high volatility, mean-reverting, spike-prone commodities: The Australian wholesale spot electricity market

    International Nuclear Information System (INIS)

    Higgs, Helen; Worthington, Andrew

    2008-01-01

    It is commonly known that wholesale spot electricity markets exhibit high price volatility, strong mean-reversion and frequent extreme price spikes. This paper employs a basic stochastic model, a mean-reverting model and a regime-switching model to capture these features in the Australian national electricity market (NEM), comprising the interconnected markets of New South Wales, Queensland, South Australia and Victoria. Daily spot prices from 1 January 1999 to 31 December 2004 are employed. The results show that the regime-switching model outperforms the basic stochastic and mean-reverting models. Electricity prices are also found to exhibit stronger mean-reversion after a price spike than in the normal period, and price volatility is more than fourteen times higher in spike periods than in normal periods. The probability of a spike on any given day ranges between 5.16% in NSW and 9.44% in Victoria

  13. Modelling of hydro and wind power in the regulation market

    International Nuclear Information System (INIS)

    Kiviluoma, J.; Holttinen, H.; Meibom, P.

    2006-01-01

    The amount of required regulation capacity in the power system is affected by the wind power prediction errors. A model has been developed which can evaluate the monetary effects of prediction errors. The model can be used to evaluate (1) the regulation costs of wind power, (2) regulation market prices including effects related to the participation of power producers in the regulating power market, (3) value of accurate wind forecasts and (4) the effect of decreasing the length of the spot market clearance. This article discusses the problems related to developing a realistic model of the regulating power market including the interaction between the spot market and the regulating power market. There are several issues that make things complicated. (1) How to calculate the minimum amount of needed secondary (minute) reserves. Traditionally the Nordic TSOs have used an N-1 criteria in each country to determine the required amounts of positive secondary reserve, but as installed wind power capacity grows, it will become relevant to include the wind power prediction errors in the estimation of secondary reserves. (2) Consumption forecast errors and plant outages also contribute to activation of regulating power and should have stochastic input series besides wind power. (3) Risk premiums and transaction costs in the regulating power market are difficult to estimate as well as the effects of the possible use of market power. This is especially true in the Nordic system with the high share of hydro power, since the water value and hydrological limitations make things more complex than in a thermal system. (4) The available regulation capacity is not necessarily equal to the truly available capacity. All producers don't participate in the regulation market although in principle they could. (orig.)

  14. THE BASIS OF THE MARKET REGULATION OF PAYMENT CARDS

    Directory of Open Access Journals (Sweden)

    Khetagurov G. V.

    2017-06-01

    Full Text Available The article is devoted to basics and the regulation problems of the modern payment cards market. In particular, it addresses the key participants in a payment system, which include the Central Bank, credit organizations, settlement and clearing centers. The paper explores the basic functions of the participants. The author analyzes approaches of card payment systems to development and implementation monitoring of standards and regulations relative to the technology: hardware and software, communication channels, etc. The article contains analysis of information exchange in the framework of payment cards market and specific features of the design and development of a payment infrastructure. It discusses the economic model of the payment cards market, which is based on commission payments. The paper describes the key fees. At the final stage of the study, the author examines the role of different global regulators in the payment card market, conducts an analysis of the foundations of the Russian legislation regulating this market.

  15. 17 CFR 33.6 - Suspension or revocation of designation as a contract market for the trading of commodity options.

    Science.gov (United States)

    2010-04-01

    ... or the underlying futures or cash markets, or is otherwise contrary to the public interest: Provided... trading presents a substantial risk to the public interest. (Approved by the Office of Management and Budget under control number 3038-0007) [46 FR 54529, Nov. 3, 1981, as amended at 46 FR 63036, Dec. 30...

  16. An Interactive Microcomputer Program for Teaching the Impacts of Alternative Policy Sets in the Market for a Single Commodity.

    Science.gov (United States)

    Li, Elton; Stoecker, Arthur

    1995-01-01

    Describes a computer software program where students define alternative policy sets and compare their effects on the welfare of consumers, producers, and the public sector. Policy sets may be a single tax or quota or a mix of taxes, subsidies, and/or price supports implemented in the marketing chain. (MJP)

  17. Role of Indian Commodity Derivatives Market in Hedging Price Risk: Estimation of Constant and Dynamic Hedge Ratio, and Hedging Effectiveness

    Directory of Open Access Journals (Sweden)

    Brajesh Kumar

    2014-08-01

    Full Text Available This  paper  examines  hedging  effectiveness  of  four  agricultural  (soybean,  corn,  castor seed and guar seed and seven non-agricultural (gold, silver, aluminium, copper, zinc, crude oil  and,  natural  gas  futures  contracts  traded  in  India,  using  VECM  and  CCC-MGARCH model to estimate constant hedge ratio and dynamic hedge ratios, respectively. We ind that agricultural  futures  contracts  provide  higher  hedging  effectiveness  (30-70%  as  compared to  non-agricultural  futures  (20%.  In  the  more  recent  period,  the  hedging  effectiveness  of Indian futures markets has increased. When hedging effectiveness of non-agricultural Indian futures  contracts  with  the  world  spot  markets  (NYMEX  and  LME  is  analyzed,  hedging effectiveness  increases  dramatically  which  indicates  the  fact  that  Indian  futures  contracts are more effective for hedging exposures to global prices. Other reasons of lower hedging effectiveness  of  Indian  futures  contracts  may  be  low  awareness  of  futures  markets  among participants,  high  transaction  costs  in  the  futures  markets,  policy  restrictions,  inadequate contract design, or high transaction costs in the spot market. These are, of course, expected birth pays for a nascent futures markets in an emerging economy. ";} // -->activate javascript

  18. Retail experience in the de-regulated market

    International Nuclear Information System (INIS)

    Cummings, R.

    2003-01-01

    This paper describes the experience gained to date in the de-regulated electricity market through an examination of the commercial market. In 2001, chaos provided opportunity, while in 2002 the emphasis was on operations. In 2003, the landscape reflected hyper-competition, selling second services, and a changing landscape. A discussion followed on the residential market with a look at market structure, economics, and uncertainty concerning the future. The following components were identified as working well: wholesale market, commercial market, market model/data, and innovation in offerings and green supply. Areas requiring further improvement were also identified. It was suggested that the residential de-regulated roadmap should be clarified and retail friendly transactions should be imposed. Other improvements involve education and operations/system capabilities. The author concluded that the deregulated electricity market is still an immature market, where progress is being made in the commercial market. The residential market is in a critical period, with a market model still evolving. figs

  19. Factor Structure in Commodity Futures Return and Volatility

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Lunde, Asger; Olesen, Kasper Vinther

    Using data on more than 750 million futures trades during 2004-2013, we analyze eight stylized facts of commodity price and volatility dynamics in the post financialization period. We pay particular attention to the factor structure in returns and volatility and to commodity market integration...... with the equity market. We find evidence of a factor structure in daily commodity futures returns. However, the factor structure in daily commodity futures volatility is even stronger than in returns. When computing model-free realized commodity betas with the stock market we find that they were high during 2008......-2010 but have since returned to the pre-crisis level close to zero. The common factor in commodity volatility is nevertheless clearly related to stock market volatility. We conclude that, while commodity markets appear to again be segmented from the equity market when only returns are considered, commodity...

  20. Do Less Regulated Markets Attract Lower Quality Firms?

    DEFF Research Database (Denmark)

    Nielsson, Ulf

    2013-01-01

    The paper examines whether the moderately regulated London AIM market is at a disadvantage in attracting high quality firms. The results show that firms listed on AIM are of the same quality level as firms listed in the US and in Continental Europe, albeit smaller in size. Furthermore, the delist......The paper examines whether the moderately regulated London AIM market is at a disadvantage in attracting high quality firms. The results show that firms listed on AIM are of the same quality level as firms listed in the US and in Continental Europe, albeit smaller in size. Furthermore...... equivalent to firms listing in more regulated markets...

  1. Climate variability and change scenarios for a marine commodity: Modelling small pelagic fish, fisheries and fishmeal in a globalized market

    Science.gov (United States)

    Merino, Gorka; Barange, Manuel; Mullon, Christian

    2010-04-01

    The world's small pelagic fish populations, their fisheries, fishmeal and fish oil production industries and markets are part of a globalised production and consumption system. The potential for climate variability and change to alter the balance in this system is explored by means of bioeconomic models at two different temporal scales, with the objective of investigating the interactive nature of environmental and human-induced changes on this globalised system. Short-term (interannual) environmental impacts on fishmeal production are considered by including an annual variable production rate on individual small pelagic fish stocks over a 10-year simulation period. These impacts on the resources are perceived by the fishmeal markets, where they are confronted by two aquaculture expansion hypotheses. Long-term (2080) environmental impacts on the same stocks are estimated using long-term primary production predictions as proxies for the species' carrying capacities, rather than using variable production rates, and are confronted on the market side by two alternative fishmeal management scenarios consistent with IPCC-type storylines. The two scenarios, World Markets and Global Commons, are parameterized through classic equilibrium solutions for a global surplus production bioeconomic model, namely maximum sustainable yield and open access, respectively. The fisheries explicitly modelled in this paper represent 70% of total fishmeal production, thus encapsulating the expected dynamics of the global production and consumption system. Both short and long-term simulations suggest that the sustainability of the small pelagic resources, in the face of climate variability and change, depends more on how society responds to climate impacts than on the magnitude of climate alterations per se.

  2. Russian electricity market reform: Deregulation or re-regulation?

    International Nuclear Information System (INIS)

    Gore, Olga; Viljainen, Satu; Makkonen, Mari; Kuleshov, Dmitry

    2012-01-01

    Russia commenced liberalization of electricity prices in 2007 increasing the liberalization rate by 10–25% every six months. It was planned to reach full liberalization by 2011. Currently, the degree of liberalization is uncertain because of intense price regulation and a highly concentrated market in the hands of four large generating companies. Increased regulation and further consolidation may drive the market towards its pre-reform state. This paper analyses the competitive landscape of the Russian electricity market by assessing the ownership structure of electricity generation, price drivers, and government involvement in the electricity wholesale market in Russia. The main research question is why the targeted level of market liberalization has not been fully achieved in the Russian electricity market. - Highlights: ► Congested grid; deficit of capacity and market concentration hinder competition. ► Investment needs of the power sector led to price shocks. ► Price increase and poor competition force the government to regulate prices. ► Low liberalization rate and non-cost-reflective pricing is a result of price regulation. ► Increased regulation and consolidation drive the market toward its pre-reform state.

  3. Roadside sobriety tests and attitudes toward a regulated cannabis market

    Directory of Open Access Journals (Sweden)

    Earleywine Mitch

    2007-01-01

    Full Text Available Abstract Background Many argue that prohibition creates more troubles than alternative policies, but fewer than half of American voters support a taxed and regulated market for cannabis. Some oppose a regulated market because of concerns about driving after smoking cannabis. Although a roadside sobriety test for impairment exists, few voters know about it. The widespread use of a roadside sobriety test that could detect recent cannabis use might lead some voters who currently oppose a regulated market to support it. In contrast, a question that primes respondents about the potential for driving after cannabis use might lead respondents to be less likely to support a regulated market. Methods Phone interviews with a national sample of 1002 registered voters asked about support for a regulated cannabis market and support for such a market if a reliable roadside sobriety test were widely available. Results In this sample of registered voters, 36% supported a regulated cannabis market. Exploratory chi-square tests revealed significantly higher support among men and Caucasians but no link to age or education. These demographic variables covaried significantly. Logistic regression revealed that gender, ethnicity, and political party were significant when all predictors were included. Support increased significantly with a reliable roadside sobriety test to 44%, but some respondents who had agreed to the regulated market no longer agreed when the sobriety test was mentioned. Logistic regression revealed that ethnicity and political affiliation were again significant predictors of support with a reliable sobriety test, but gender was no longer significant. None of these demographic variables could identify who would change their votes in response to the reliable roadside test. Conclusion Increased awareness and use of roadside sobriety tests that detect recent cannabis use could increase support for a regulated cannabis market. Identifying concerns of

  4. Innovation in regulation of rapidly changing health markets.

    Science.gov (United States)

    Bloom, Gerald; Henson, Spencer; Peters, David H

    2014-06-24

    The rapid evolution and spread of health markets across low and middle-income countries (LMICs) has contributed to a significant increase in the availability of health-related goods and services around the world. The support institutions needed to regulate these markets have lagged behind, with regulatory systems that are weak and under-resourced. This paper explores the key issues associated with regulation of health markets in LMICs, and the different goals of regulation, namely quality and safety of care, value for money, social agreement over fair access and financing, and accountability. Licensing, price controls, and other traditional approaches to the regulation of markets for health products and services have played an important role, but they have been of questionable effectiveness in ensuring safety and efficacy at the point of the user in LMICs. The paper proposes a health market systems conceptual framework, using the value chain for the production, distribution and retail of health goods and services, to examine regulation of health markets in the LMIC context. We conclude by exploring the changing context going forwards, laying out implications for future heath market regulation. We argue that the case for new approaches to the regulation of markets for health products and services in LMICs is compelling. Although traditional "command and control" approaches will have a place in the toolkit of regulators, a broader bundle of approaches is needed that is adapted to the national and market-level context of particular LMICs. The implication is that it is not possible to apply standard or single interventions across countries, as approaches proven to work well in one context will not necessarily work well elsewhere.

  5. Bio-energy utilizes surplusses at the agricultural commodity markets. Large potentials of the biomass; Bioenergie verwertet Ueberschuesse an den Agrarmaerkten. Grosse Potenziale der Biomasse

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-03-19

    At the beginning of spring in the northern hemisphere, the situation in agricultural markets relaxes visibly. After the year 2012 was characterized by periods of drought in the United States and some Eastern European countries, in recent months good harvests in major producing countries in the southern hemisphere have provided that the stocks of major agricultural commodities are grown again. Thus, enough resources are still available for the supply of food and energy. There still exists land potential in Europe and on other continents for the use of bio-energy. In addition to new power plant crops, known arable crop cultures contribute to the exploration of such a potential: An example of this is the sugar beet. The view on the global supply balance in agricultural goods inter alia the major staple food rice shows that there exist large surpluses on the food markets. However, these surpluses do not benefit the hungry persons in the world. Hunger is a problem of distribution which is not associated with the growth of bio-energy.

  6. Studies in market-based electric power trade and regulation

    International Nuclear Information System (INIS)

    Hope, Einar

    2000-01-01

    This is a compilation of articles written by the author during the last fifteen years. Most of the articles are related to the reform of the Norwegian electric power market. This reform led to the Energy Act of 1990 and to the subsequent development of the power markets. Some of the sections are in Norwegian, some in English. The sections discuss (1) Markets for electricity trade in Norway, (2) Economic incentives and public firm behaviour, (3) Market alternatives to the present forms of occasional power trade, (4) Socio-economic considerations about electricity pricing, (5) Scenarios for market based power trade in Norway, (6) Markets for electricity: economic reform of the Norwegian electricity industry, (7) The Norwegian power market, (8) A common Nordic energy market?, (9) Organization of supply markets for natural gas in Europe, (10) The extent of the central grid, (11) Optimum regulation of grid monopolies in the power trade, (12) Power markets and competition policy, (13) Deregulation of the Norwegian power sector, (14) designing a market based system for the Icelandic electricity industry and (15) regulation regimes for the power sector

  7. Distributed resources and re-regulated electricity markets

    International Nuclear Information System (INIS)

    Ackermann, Thomas

    2007-01-01

    This paper briefly defines distributed resources (DR) and discusses the current status of DR. The main focus is on discussing the value DR can provide to re-regulated electricity markets. DR can, under certain circumstances, help to significantly reduce the main problem of re-regulation, i.e. market power. Distributed generation and demand-side resources may, even if only small quantities in terms of size of the entire market are utilised, be able to help to significantly reduce market power. This results in a significantly more efficient market. To achieve such benefits, however, DR must be in operation during times when market power issues are likely to arise. To a certain extent this is the case as demand-side resources are usually independent of established generation companies. In addition, many business cases for DG require DG to actually operate to capture the second revenue. (author)

  8. Conservation of ethylene feedstock for the commodity polymer market through the radiation induced production of polyketones and polysulfones

    International Nuclear Information System (INIS)

    Steinberg, M.

    1975-10-01

    Because of the increase in cost of foreign oil, ethylene costs have increased markedly within the last several years. There is presently a sizable incentive to reduce raw material cost for basic polymer manufacture. The polyketones, synthesized from ethylene and CO, and the polysulfones, synthesized from ethylene and SO 2 , utilizing high energy radiation, offers one such possibility. The process has the additional advantage in that CO and SO 2 usually considered as wastes and pollutants from fossil fuel burning power plants are converted to useful materials. The polyketones and polysulfones formed from the gas phase below 100 0 C have been found to be high molecular weight polymers which, depending on composition either melt with difficulty, or decompose at temperatures of 250 0 C or higher. The higher temperature (greater than 100 0 C) catalyst-induced reaction produces low molecular weight waxes. Design calculations indicate that for a G value of 10,000 and 50 percent energy deposition efficiency, it would take 331 M Ci of 60 Co to conserve 2 billion pounds of ethylene or 25 percent of the overall U.S. market by substituting CO and SO 2 . This savings amounts to as much as $280 million at today's market price. Electron machine radiation with a 25 percent energy deposition efficiency requires a total beam power of 9800 KW. The use of machine radiation is preferred because of safety, availability, and initial investment. The challenge presented by the development of the described substituted polymer systems, depends on (1) the determination of the uniqueness of the radiation process, and confirming the yields with electron machine radiation, (2) the processability and market acceptability of the substituted polymers, and (3) the ability to design an efficient radiation process reactor

  9. Labour Market Regulations, Outcomes and Income Distribution in ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Latin American societies continue to struggle with high income inequality as a source of ... and earnings by age, gender, level of education and other characteristics. Researchers will analyze the effects of labour market regulation, particularly ...

  10. Regulation of Food and Beverage Advertising and Marketing in India

    International Development Research Centre (IDRC) Digital Library (Canada)

    Regulation of Food and Beverage Advertising and Marketing in India ... unhealthy foods and beverages are increasing the non-communicable disease burden and risk ... and promotion of unhealthy foods and beverages to Indian children and ...

  11. Disclosure Regulation in Duopoly Markets: Proprietary Costs and Social Welfare

    NARCIS (Netherlands)

    Suijs, J.P.M.; Wielhouwer, J.L.

    2014-01-01

    The argument of proprietary costs is commonly used by firms to object against proposed disclosure regulations. The goal of this paper is to improve our understanding of the welfare consequences of disclosure in duopoly markets and to identify market settings where proprietary costs are a viable

  12. Disclosure regulation in duopoly markets : Proprietary costs and social welfare

    NARCIS (Netherlands)

    Suijs, J.P.M.; Wielhouwer, J.L.

    2014-01-01

    The argument of proprietary costs is commonly used by firms to object against proposed disclosure regulations. The goal of this paper is to improve our understanding of the welfare consequences of disclosure in duopoly markets and to identify market settings where proprietary costs are a viable

  13. Regulation of Food and Beverage Advertising and Marketing in India

    International Development Research Centre (IDRC) Digital Library (Canada)

    Foods and beverages rich in salt, sugar, calories, and saturated fats, but deficient in micronutrients, have flooded Indian food markets. Indian consumers are showing an increased preference for them. This project will help strengthen Indian policies for regulating advertising and marketing of food and beverage products in ...

  14. Entry Regulations, Product Differentiation and Determinants of Market Structure

    OpenAIRE

    Maican, Florin; Orth, ´Matilda

    2013-01-01

    We use a dynamic oligopoly model of entry and exit to evaluate how entry regulations affect profitability and market structure in retail. The model incorporates demand and store-level heterogeneity. Based on unique data for all retail food stores in Sweden, we find that the average entry costs for small and large stores are 10 and 18 percent lower, respectively, in markets with liberal compared with restrictive regulations. Counterfactual simulations show that lower entry costs in restrictive...

  15. Energy in transition. Between regulation and market

    International Nuclear Information System (INIS)

    Horzetzky, Guenther

    2016-01-01

    Actually, the energy industry is affected in a changing market environment. The expansion of the renewables led to a share of about 30 % of the German electricity production and is always rising. The renewables energy levy has reached a level of 6.35 Euro Cents per kWh, which is actually a high level. Investments in new power plants are stopped due to low market electricity prices. The market pressure on the utilities is high and their business models have to be scrutinised. The NRW state government supports the magic political triangle of a secure, affordable and environmentally friendly energy supply. Instead of further interventions we have to develop our existing energy system cautiously. Anything else would not meet the requirements for invests in the energy supply and the magic triangle of energy politics.

  16. A change in a competitive economy with indivisible commodities

    OpenAIRE

    Takayuki Oishi; Shin Sakaue

    2008-01-01

    We consider the relationship between a traditional competitive market and a competitive market with middlemen for trading indivisible commodities. We demonstrate that existence of many homogeneous middlemen leads to a change from the market with middlemen to the bilateral market.

  17. The politics of regulation in the Turkish electricity market

    International Nuclear Information System (INIS)

    Cetin, Tamer; Oguz, Fuat

    2007-01-01

    Turkey began reforming the electricity market in 2001. The regulatory reform aimed to liberalize the market. However, the institutional and political structure was not ready for creating an efficiently working competition. The independent regulator did not have both experience and will to direct the industry to a more competitive environment. Currently, the reform has slowed down and political preferences drive the industry. This paper studies the reasons for the slowdown in the reform efforts by focusing on the relationships between the government, judiciary and the independent regulator. We conclude that strategic behaviors of players in the market, including the judiciary, the government, and the regulator, have made the introduction of competition to the market more costly

  18. The politics of regulation in the Turkish electricity market

    International Nuclear Information System (INIS)

    Cetin, T.

    2007-01-01

    Turkey began reforming the electricity market in 2001. The regulatory reform aimed to liberalize the market. However, the institutional and political structure was not ready for creating an efficiently working competition. The independent regulator did not have both experience and will to direct the industry to a more competitive environment. Currently, the reform has slowed down and political preferences drive the industry. This paper studies the reasons for the slowdown in the reform efforts by focusing on the relationships between the government, judiciary and the independent regulator. We conclude that strategic behaviors of players in the market, including the judiciary, the government, and the regulator, have made the introduction of competition to the market more costly. (author)

  19. The need for regulation in energy markets

    International Nuclear Information System (INIS)

    De Sampaio Nunes, P.

    2002-01-01

    The following topics are discussed: The need for effective regulation; Energy issues requiring regulatory policy; Models adopted in different Member States of the European Union; Results achieved by Member States; Infrastructure. (R.P.)

  20. Organization and regulation of energy markets in the European Union

    International Nuclear Information System (INIS)

    Vasconcelos, J.

    2002-01-01

    The energy regulation policy and the organization of power matters in the European Union as well as the energy markets are discussed in this Keynote Paper. The Council of European Energy Regulators is introduced. The goal of the European Union regarding energy generation and consumption in the future are analyzed. (R.P.)

  1. Regulating the Dutch pharmaceutical market: improving efficiency or controlling costs?

    NARCIS (Netherlands)

    Wolf, de P.; Brouwer, W.B.F.; Rutten, F.H.

    2005-01-01

    In this paper, we describe the Dutch pharmaceutical market, which is heavily regulated by the government. Through the regulation of prices and promoting prudent use, the Dutch government tries to bring down the cost of pharmaceuticals, which increases every year at a higher rate than total health

  2. Competitive Electricity Market Regulation in the United States: A Primer

    Energy Technology Data Exchange (ETDEWEB)

    Flores-Espino, Francisco [National Renewable Energy Lab. (NREL), Golden, CO (United States); Tian, Tian [National Renewable Energy Lab. (NREL), Golden, CO (United States); Chernyakhovskiy, Ilya [National Renewable Energy Lab. (NREL), Golden, CO (United States); Chernyakhovskiy, Ilya [National Renewable Energy Lab. (NREL), Golden, CO (United States); Miller, Mackay [National Grid, Warwick (United Kingdom)

    2016-12-01

    The electricity system in the United States is a complex mechanism where different technologies, jurisdictions and regulatory designs interact. Today, two major models for electricity commercialization operate in the United States. One is the regulated monopoly model, in which vertically integrated electricity providers are regulated by state commissions. The other is the competitive model, in which power producers can openly access transmission infrastructure and participate in wholesale electricity markets. This paper describes the origins, evolution, and current status of the regulations that enable competitive markets in the United States.

  3. Commodity Price Fluctuations: A Century of Analysis

    OpenAIRE

    Walter Labys

    2005-01-01

    Commodity prices again! The twentieth century has only been the latest spectator to the impacts and importance of commodity price fluctuations. It is reasonably well known that commodity price records have come down to us from the ancient civilizations of India, Mesopotamia, Egypt, Greece and Rome. Earlier in the century, formal research began on the relationships between agricultural demand, supply and prices in a market context. This research not only evolved in sophistication but extended ...

  4. Estimating WACC for Regulated Industries on Developing Financial Markets and in Times of Market Uncertainty

    Directory of Open Access Journals (Sweden)

    Igor Stubelj

    2014-03-01

    Full Text Available The paper deals with the estimation of weighted average cost of capital (WACC for regulated industries in developing financial markets from the perspective of the current financial-economic crisis. In current financial market situation some evident changes have occurred: risk-free rates in solid and developed financial markets (e. g. USA, Germany have fallen, but due to increased market volatility, the risk premiums have increased. The latter is especially evident in transition economies where the amplitude of market volatility is extremely high. In such circumstances, there is a question of how to calculate WACC properly. WACC is an important measure in financial management decisions and in our case, business regulation. We argue in the paper that the most accurate method for calculating WACC is the estimation of the long-term WACC, which takes into consideration a long-term stable yield of capital and not the current market conditions. Following this, we propose some solutions that could be used for calculating WACC for regulated industries on the developing financial markets in times of market uncertainty. As an example, we present an estimation of the capital cost for a selected Slovenian company, which operates in the regulated industry of electric distribution.

  5. Regulation and development of the Argentinean gas market

    International Nuclear Information System (INIS)

    Ponzo, Ricardo; Dyner, Isaac; Arango, Santiago; Larsen, Erik R.

    2011-01-01

    Gas markets are becoming increasingly important around the world and the long-term evolution of these markets is of strategic importance for many countries. This makes it essential to understand how regulation and intervention in these markets affects the long-term prospect for the secure supply of gas. We use Argentina as a case to illustrate some of the issues and consequences of gas regulation. Argentina is a country that has had a significant increase in the use of gas over the years, and where a potential gas deficit looms large in the present and the future. Based on a simulation model developed to understand the supply of gas in Argentina, we discuss how regulation will influence the long-term supply of gas in both Argentina and surrounding countries. Using the model, we develop a series of scenarios to highlight the consequences of different current and possible future interventions in the market by the Regulator. Finally, we discuss short-term regulatory options to reduce the impact of a gas deficit, and the possibility of securing the long-term supply of gas in Argentina. - Research Highlights: →This study show that even short intervention in markets can have long term impact. →Simulation can help to understand the evolution of the Argentinean gas markets. →Scenarios highlight the gas shortage.

  6. 17 CFR 32.9 - Fraud in connection with commodity option transactions.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Fraud in connection with commodity option transactions. 32.9 Section 32.9 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF COMMODITY OPTION TRANSACTIONS § 32.9 Fraud in connection with commodity...

  7. Addressing environmental contamination through market regulations

    African Journals Online (AJOL)

    Contrary to the prevailing view that the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH) law, which amended the US Toxic Substances Control Act (TSCA), is the 'gold standard' for chemical regulation, the central premise of this article is that the Frank R. Lautenberg Chemical Safety Act for the ...

  8. Regulation of Telecommunications: The Choice Between Market and Regulatory Failures

    Directory of Open Access Journals (Sweden)

    Dmitrii Trubnikov

    2017-04-01

    Full Text Available Purpose – The paper examines the main regulatory frameworks of the telecommunications industry through the concept of market failure and analyses how and why the policy often leads to undesirable outcomes that might be considered as regulatory failure. Methodology/approach/design – The research uses the EU regulatory framework for electronic communications as a base for the analysis of the main policy objectives through the prism of the market failure theory with an eye to the interests of the main market players in the telecommunications markets. Findings – About any aspect of regulation allows to find ways to create opportunities for some groups of the industry and stifle activity of others. Despite the theory of market failure provides reasonable justifications for regulation of telecommunications markets, it is possible to argue that many of these problems are mainly the consequence of the policy and could be better solved by market mechanisms. Originality/value – The results of the research allow to look at the problems of telecommunications development and issues of the high level of concentration of the telecommunications markets as regulatory formed problems rather than consequences of the inherited industry’s characteristics.

  9. Muddling up the Market: New Exempt- Market Regulations may do more Harm than Good to the Integrity of Markets

    Directory of Open Access Journals (Sweden)

    Jack M. Mintz

    2014-11-01

    Full Text Available From private debt and equity markets to crowd funding, exempt markets have been used to raise more money for Canadian enterprises in recent years than all public offerings put together. Vastly more: Between 2010 and 2012, exempt-market offerings raised four times as much capital as the initial and secondary public offerings during the same period. The precise reasons behind the immense popularity of exempt markets can only be guessed at; it may well be due to the desire, by both issuers and by investors, to avoid the regulatory costs associated with raising capital in public markets. We are left to speculate, however, because the Canadian exempt market remains relatively unstudied, despite its enormous role in funding capital investments in Canada. The lack of information about exempt markets, however, is not stopping provincial regulators in Canada’s largest markets from charging ahead with new proposals for rules that would govern exempt markets. Unfortunately, with so little information available about these markets, whatever the aim of the reforms in pursuing the goals of effective market regulation, they may end up being more harmful than helpful. Ontario is proposing to broaden the category of investors eligible to participate in these markets under a new exemption. But the category will remain stricter than in many other markets and Ontario proposes to also put very low limits on how much each investor is allowed to put at risk. Quebec, Alberta and Saskatchewan are also proposing the same $30,000 limit for any given 12-month period. And Ontario will prohibit the sale of exemptmarket securities by agents that are related to, or affiliated with, the registrant, even if measures are employed that have previously been accepted in managing and mitigating conflicts of interest. This will have a direct and damaging impact on exempt-market dealers, who are only allowed to sell exempt-market securities. All of these proposals are intended to

  10. 17 CFR 32.3 - Unlawful commodity option transactions.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Unlawful commodity option... REGULATION OF COMMODITY OPTION TRANSACTIONS § 32.3 Unlawful commodity option transactions. (a) On and after... extend credit in lieu thereof) from an option customer as payment of the purchase price in connection...

  11. Kidney Sales and Market Regulation: A Reply to Semrau.

    Science.gov (United States)

    Koplin, Julian J

    2017-11-15

    Luke Semrau argues that the documented harms of existing organ markets do not undermine the case for establishing regulated systems of paid kidney donation. He offers two arguments in support of this conclusion. First, Semrau argues that the harms of kidney selling are straightforwardly amenable to regulatory solution. Second, Semrau argues that even in existing black markets, sellers would likely have experienced greater harm if the option of selling a kidney were not available. This commentary challenges both of Semrau's claims. I argue that there is no reason to believe that kidney sellers benefit from the current black market trade in organs, and highlight a number of potential issues regarding the effectiveness and feasibility of Semrau's proposed market regulations. © The Author 2017. Published by Oxford University Press, on behalf of the Journal of Medicine and Philosophy Inc. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  12. Effect of business regulation on investment in emerging market economies

    Directory of Open Access Journals (Sweden)

    Birungi Korutaro

    2013-01-01

    Full Text Available This paper provides an empirical analysis of the business regulatory factors that influence investment in a selection of 29 emerging market economies. Both theoretical and empirical literature on the effect of the regulatory environment on investment is reviewed. A panel data analysis over the period 2003–2007 reveals that investment is influenced by secure property rights and the degree of business entry regulation. The results carry important policy implications for improving the investment climate of emerging market economies.

  13. The Regulation of the Credit Card Market in Turkey

    OpenAIRE

    Ahmet Faruk Aysan; L. Yildiz

    2006-01-01

    The rapid growth in Turkish credit card market brought together new issues. Card holders and consumer unions complain about the high interest rates, economists complain about the default rates and banks complain about the amnesties. After all of these complaints coinciding with the accelerating suicide incidences due to credit card debts, regulation has been enacted in the credit card market in Turkey. In 2003, credit cards had been taken into the scope of the Consumer Protection Law. This wa...

  14. Statistical field theory of futures commodity prices

    Science.gov (United States)

    Baaquie, Belal E.; Yu, Miao

    2018-02-01

    The statistical theory of commodity prices has been formulated by Baaquie (2013). Further empirical studies of single (Baaquie et al., 2015) and multiple commodity prices (Baaquie et al., 2016) have provided strong evidence in support the primary assumptions of the statistical formulation. In this paper, the model for spot prices (Baaquie, 2013) is extended to model futures commodity prices using a statistical field theory of futures commodity prices. The futures prices are modeled as a two dimensional statistical field and a nonlinear Lagrangian is postulated. Empirical studies provide clear evidence in support of the model, with many nontrivial features of the model finding unexpected support from market data.

  15. Liquidity Regulation, the Central Bank, and the Money Market

    OpenAIRE

    Scheubel, Beatrice; Körding, Julia

    2013-01-01

    As reliance on excessively short-term wholesale funding has been one of the major causes for the 2007-2009 financial crisis, recent advances in global liquidity regulation try to curb the excessive reliance on short-term wholesale funding without being clear on how such an approach will affect the overall equilibrium on money markets. In particular, liquidity regulation may interfere with the central bank's influence on short-term money market rates. This paper tries to fill the gap in unders...

  16. Differences in regulation and efficiency on the electricity market. A preliminary study in the Market Design program

    International Nuclear Information System (INIS)

    Bergendahl, Goeran; Lindblom, Ted; Olsson, Sven-Olof; Sandoff, Anders

    2001-05-01

    -owned companies? What are the consequences of such differences for the efficiency of an integrated electricity market? Is electricity a commodity that everyone should be able to consume at a reasonable price? To what extent can different actors in the electricity market force customers to accept interruptive contracts? What other ways can be used to accomplish an efficient utilisation of available power capacity? The third part of the pilot study explores the driving forces behind the integration of the different national electricity markets. The following questions illustrate a selection of important such research issues: How should the electricity markets be regulated when it comes to the sharing of costs and benefits of ensuring and keeping power generating capacity reserves, stimulating the construction and use of renewable energy resources, and expanding the transmission capacity within and between different countries? To what extent are the possibilities for local initiatives in harmony with the demand for uniform rules? The findings of the pilot study may be summarized into the following three important research areas: 1. To develop principles for pricing on a deregulated and internationally integrated electricity market that will both lead to a rational capacity dimensioning and stimulate customers to utilise existing power and transmission capacity efficiently. 2. To search for and formulate contractual agreements that would lead to satisfactory supply and delivery conditions creating a stable ground for being able to supply power under different load shapes. 3. To analyse the principles for upholding fair competition between a limited number of large actors in order to benefit from economies of scale and scope in both production and transmission as well as for maintaining low barriers to entry for new entrants that wish to compete in the market

  17. Healthcare market research examined. Relevant, rigorous and highly regulated

    Directory of Open Access Journals (Sweden)

    Bob Douglas

    2011-10-01

    Full Text Available [The abstract of this article is not available. Here are the first sentences of the article. The full text is freely available upon registration]Market research is invariably confused with marketing – but, in fact, the two disciplines are very different. Put in its simplest terms, marketing is about promotion whilst market research is about understanding. Accordingly, data collected for market research purposes are used in a completely different way to that gathered for marketing, with research practices heavily regulated to ensure high ethical standards.Let’s begin with a definition of what, exactly, market research is. According to the ICC/ESOMAR International Code 2007 (a definition also adopted by the European Pharmaceutical Market Research Association, it is: «the systematic gathering and interpretation of information about individuals or organisations using the statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision-making. The identity of respondents will not be revealed to the user of the information without explicit consent and no sales approach will be made to them as a direct result of their having provided information».

  18. Financial Sector Regulation and Reforms in Emerging Markets: An Overview

    OpenAIRE

    Eswar S. Prasad

    2010-01-01

    This paper provides an overview of the complex conceptual and practical challenges that emerging market economies face as they attempt to reform their frameworks for financial regulation. These economies are striving to balance the quest for financial stability with the imperatives of financial development and broader financial inclusion. I argue that these objectives can in fact reinforce one another. I also discuss aspects of macroeconomic policies and cross-border regulation that have impl...

  19. Product and labour market regulations, production prices, wages and productivity

    NARCIS (Netherlands)

    Cette, G.; Lopez, J.; Mairesse, J.

    2015-01-01

    This study is an attempt to evaluate the effects of product and labour market regulations on industry productivity through their various impacts on changes in production prices and wages. In a first stage, the estimation of a regression equation on an industry*country panel, with controls for

  20. Pareto Improving Price Regulation when the Asset Market is Incomplete

    NARCIS (Netherlands)

    Herings, P.J.J.; Polemarchakis, H.M.

    1999-01-01

    When the asset market is incomplete, competitive equilibria are constrained suboptimal, which provides a scope for pareto improving interventions. Price regulation can be such a pareto improving policy, even when the welfare effects of rationing are taken into account. An appealing aspect of price

  1. Interactions of Reduced Deforestation and the Carbon Market: The Role of Market Regulations and Future Commitments

    OpenAIRE

    Anger, Niels; Dixon, Alistair; Livengood, Erich

    2009-01-01

    Reducing emissions from deforestation and degradation (REDD) has been proposed as a potentially inexpensive and plentiful source of emission abatement to supplement other longterm climate policies. However, critics doubt that REDD credits are environmentally equivalent to domestic emission reductions, and suggest an excess supply may disrupt carbon markets. In this context, we investigate the economic implications of emissions market regulations and future emissions reduction commitments, as ...

  2. Evaluating Industry Self-Regulation of Food Marketing to Children.

    Science.gov (United States)

    Kunkel, Dale L; Castonguay, Jessica S; Filer, Christine R

    2015-08-01

    Concern has grown about the role of televised food advertising as a contributor to childhood obesity. In response, the food industry adopted a program of self-regulation, with participating companies pledging to limit child-targeted advertising to healthier products. The implicit promise of the industry initiative is a significant improvement in the overall nutritional quality of foods marketed to children, thereby negating the need for governmental regulation to accomplish that objective. This study assesses the efficacy of industry self-regulation by comparing advertising content on children's TV programs before and after self-regulation was implemented. A systematic content analysis of food advertisements (n=625 in 2007, n=354 in 2013) appearing in children's TV programs on the most popular cable and broadcast channels was conducted. All analyses were conducted in 2014. Findings indicated that no significant improvement in the overall nutritional quality of foods marketed to children has been achieved since industry self-regulation was adopted. In 2013, 80.5% of all foods advertised to children on TV were for products in the poorest nutritional category, and thus pose high risk for contributing to obesity. The lack of significant improvement in the nutritional quality of food marketed to children is likely a result of the weak nutritional standards for defining healthy foods employed by industry, and because a substantial proportion of child-oriented food marketers do not participate in self-regulation. The lack of success achieved by self-regulation indicates that other policy actions are needed to effectively reduce children's exposure to obesogenic food advertising. Copyright © 2015 American Journal of Preventive Medicine. Published by Elsevier Inc. All rights reserved.

  3. Organisational Learning and Systems of Labour Market Regulation in Europe

    DEFF Research Database (Denmark)

    Holm, Jacob Rubæk; Lorenz, Edward; Lundvall, Bengt-Åke

    This paper establishes a link between international differences in the organisation of work and modes of regulation of labour markets within Europe. The paper operates with four forms of work organisation (discretionary learning, lean production, Taylorism and simple or traditional). Through...... a factor analysis three dimensions of national labour market systems (flexible security, passive security and job support) are defined. Using a multilevel logistic regression model that takes into account both characteristics of individuals and of national labour market systems it is shown...... that there is a significant positive correlation between flexible security and the prevalence of discretionary learning. On this basis we point to an extension of flexible security in Europe’s labour markets as an adequate response to the current crisis....

  4. Electricity regulation and electricity market reforms in China

    International Nuclear Information System (INIS)

    Ngan, H.W.

    2010-01-01

    The electricity industry of China has been in a process of reforms since the 1980s. This paper gives a review on the three main stages of reforms in China so as to trace out key features of various reform measures including those for power investment financing, the separation between government and power enterprises, and the division between power generation firms and power grids. The findings suggest that further regulatory change in China's electricity market reform is necessary when integration of the electricity markets and increased competition are paving the way ahead for a market-oriented structure. Prospective electricity regulation in the form of a strong legal system and effective institutions that protect market competition and promote appropriate incentives for efficiency are suggested in the paper. (author)

  5. A bargaining model of regulated markets' integration with an application to electricity supply market

    International Nuclear Information System (INIS)

    Wei Jingyuan; Smeers, Y.; Canon, E.

    1995-01-01

    An integrated market organized by regulated electric utilities is modelled. It is assumed that, given a price vector for the exchange of electricity between each pair of neighboring utilities, utilities independently maximize their own domestic social welfare subject to the zero profit constraint. An equilibrium price vector for exchanges among utilities is defined as the one which clears the exchanges for all pair of business partners. A single piecewise linear model is formulated for computing market equilibria. The model is used to simulate the electricity supply market organized by 11 western European countries

  6. ECONOMIC NATURE OF THE FINANCIAL REGULATION OF INSURANCE MARKET

    Directory of Open Access Journals (Sweden)

    L. Shirinyan

    2013-07-01

    Full Text Available Author made critical review of researches and found out the existance of the problem of determination and differentiation in a scientific literature the concepts “financial regulation of the insurance market”, “government financial regulation of the insurance market” and “government regulation of the insurance market”. It is offered the consideration of the insurance market from positions of analysis of the complex systems as being the component part of the greater system. It is disclosured the economic nature and determined the mentioned notions.

  7. 7 CFR 27.95 - Spot markets to conform to Act and regulations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 2 2010-01-01 2010-01-01 false Spot markets to conform to Act and regulations. 27.95 Section 27.95 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE... and Differences § 27.95 Spot markets to conform to Act and regulations. Every bona fide spot market...

  8. The Principles and the Specifics of Trading in Commodities

    Science.gov (United States)

    Baran, Dušan; Herbacsková, Anita

    2012-12-01

    In the present period of instability on financial markets, investments in commodities are the solution for elimination of the consequences of inflation and ensure the yield. When investing in commodities, the use of specifics of commodities compared to other assets. The distribution of commodities we can interpret for agricultural commodities, commodities of energy, precious and other metals, and weather. Therefore, in the framework of the investment portfolio are the commodities. This is the reason why one of the most popular types of investment assets now become commodities. In the interpretation of particular commodities we talk about commodity futures. The reason is that the spot market with commodities is limited storage facilities. The growth of the popularity, which allows a wide range of commodities, has caused that in addition to from institutional investors and speculators for trade may involve even small investors. This development will be supplemented by interpretation of the charts and figers, which will be commented and used for generalization of knowledge. Finally, the article will be interpreted by the further development of the market for commodities as it by article assumes from the results of research.

  9. 22 CFR 201.63 - Maximum prices for commodities.

    Science.gov (United States)

    2010-04-01

    ... actually incurred in moving the commodities supplied from the point of purchase to a position alongside or... between those points. (g) Commodity price subject to escalation. If a purchase contract contains a price.... prevailing market price—U.S. source. The purchase price for a commodity, the source of which is the United...

  10. 7 CFR 1421.110 - Commodity certificate exchanges.

    Science.gov (United States)

    2010-01-01

    ... commodity certificate for the marketing assistance loan collateral. (b) The exchange rate is the lesser of... assistance loan collateral. (3) Immediately exchanging the purchased commodity certificate for the outstanding loan collateral. (e) The authority to make commodity certificates available to the producer will...

  11. 75 FR 33788 - Renewal of the Global Markets Advisory Committee

    Science.gov (United States)

    2010-06-15

    ... appropriate international standards for regulating futures and derivatives markets, as well as intermediaries... financially sound futures and options markets. Meetings of the Global Markets Advisory Committee are open to... COMMODITY FUTURES TRADING COMMISSION Renewal of the Global Markets Advisory Committee AGENCY...

  12. COMPETITION AND REGULATION IN THE EU ENERGY MARKET

    Directory of Open Access Journals (Sweden)

    Cristina Havriş

    2009-12-01

    Full Text Available When prices are high and public service obligations are not properly fulfilled, consumers wonder if they obtain what they need from the market. In electricity and gas markets of the EU Member States, apart from the persistence of high, non-transparent regulated prices, a number of shortcomings have been identified by the European Commission, such as a less than optimal network use for energy transmission, a lack of coordination and cooperation across borders by transmission system operators and national authorities, and a lack of transparent and simple procedures for dealing with consumers’ complaints. These are the main elements of the infringement proceedings that the European Commission decided to launch on 25 June 2009 against 25 Member States for non–compliance with certain Community provisions in the Second Internal Energy Market Package, which entered into force on 1 July 2007. Quite emblematic is the fact that it occurred the same day as the adoption of the Third Internal Energy Market Package aiming to ensure a proper functioning of the EU energy market. We intend to analyse what has happened in the recent years at the EU level in order to liberalise and remove the significant remaining obstacles to competition in the energy market.

  13. Can the regulated market help foster a free market for wind energy in Brazil?

    International Nuclear Information System (INIS)

    Dalbem, Marta Corrêa; Brandão, Luiz Eduardo Teixeira; Gomes, Leonardo Lima

    2014-01-01

    Wind energy has been negotiated in Brazil's regulated market through auctions organized by the government. Bilateral negotiations in the free market have been scarce. In 2011 wind farms were allowed to bid in ‘A minus 5 (A−5)' auctions, for energy with first delivery date 5 years ahead. This new design was expected to stimulate negotiations in the free market, as the 20-year contract in the regulated market eases financing while the 5-year grace period grants wind farms the option to sell whatever energy is generated beforehand in the free market. We modeled bidders' price decision in A−5 auctions as Real Options and concluded that given the low prices averaging USD 50/MW h, winners are tempted to defer investment, expecting more favorable equipment and energy prices, or a better knowledge of the wind site. Construction is likely to begin in 2–3 years, with little time left for the free market. Bidders that consider the option of eventually abandoning the project are more price competitive, increasing chances that some wind farms will never materialize. Therefore, this attempt to foster the free market may not pay-off and, moreover, it may have the unfavorable effect of turning Brazil's energy expansion planning a more difficult task. - Highlights: • Tight auction prices make winners exercise options to defer construction. • Investors that consider the option to abandon the project tend to win the auction. • High chances of default, when investors take abandonment options into account. • Auctioning wind farms for energy delivery 5 yr later will not foster a free market

  14. To quell obesity, who should regulate food marketing to children?

    Directory of Open Access Journals (Sweden)

    Kelly Ben

    2005-07-01

    Full Text Available Abstract The global hegemony of the United States in the production and marketing of food, while a marvel of economic success, has contributed to the epidemic of obesity that is particularly afflicting children. So far the U.S. government has declined to regulate the aggressive ways in which food producers market high-energy, low-nutrition foods to young people. That public-health responsibility has been left to an industry-created scheme of self-regulation that is deeply flawed; there is a compelling need for government involvement. The issue is certain to be raised by health advocates at a U.S. Federal Trade Commission meeting in mid-July to discuss the self-regulatory approach, but the outlook for remedies to emerge from the meeting is not encouraging.

  15. Environmental regulation of a power investment in an international market

    International Nuclear Information System (INIS)

    Vennemo, H.; Halseth, A.

    2001-01-01

    We examine the optimal environmental regulation of three Norwegian power projects: energy conservation, a natural gas fired CCGT and a new hydro project. All projects reduce emissions elsewhere in the Nordic region, and the environmental costs of these emissions are not, in general, fully reflected in market prices. We develop a theory of second best optimal regulation for this case. The optimal regulation is found to deviate substantially from a purely domestic regulation. For instance, we find it optimal to grant a substantial credit to energy conservation. The credit is sensitive to the value of reduced CO 2 emissions and whether the current Norwegian end user tax should be interpreted as an environmental or a fiscal tax

  16. Market Failure, Regulation and Education of Financial Advisors

    Directory of Open Access Journals (Sweden)

    Adam Steen

    2016-04-01

    Full Text Available This paper explores the recent series of financial scandals in the Australian financial advice industry. It examines the causes, consequences and responses to theses scandals by financial institutions, investors and regulators through the lens of relevant finance theory and extant literature. Although the paper focuses on the recent Australian experience the discussion and findings presented are of relevance to financial market regulation worldwide. It is proposed that a combination of compensation, education, training and structural reforms are required to reduce the undesirable effects of information asymmetry, adverse selection and moral hazard in the finance sector.

  17. Analysis of Alcohol Industry Submissions against Marketing Regulation

    Science.gov (United States)

    Martino, Florentine Petronella; Miller, Peter Graeme; Coomber, Kerri; Hancock, Linda; Kypri, Kypros

    2017-01-01

    A growing body of literature points to the role of vested interests as a barrier to the implementation of effective public health policies. Corporate political activity by the alcohol industry is commonly used to influence policy and regulation. It is important for policy makers to be able to critique alcohol industry claims opposed to improved alcohol marketing regulation. The Australian National Preventive Health Agency reviewed alcohol marketing regulations in 2012 and stakeholders were invited to comment on them. In this study we used thematic analysis to examine submissions from the Australian alcohol industry, based on a system previously developed in relation to tobacco industry corporate political activity. The results show that submissions were a direct lobbying tactic, making claims to government that were contrary to the evidence-base. Five main frames were identified, in which the alcohol industry claimed that increased regulation: (1) is unnecessary; (2) is not backed up by sufficient evidence; (3) will lead to unintended negative consequences; and (4) faces legal barriers to implementation; underpinned by the view (5) that the industry consists of socially responsible companies working toward reducing harmful drinking. In contrast with tobacco industry submissions on public policy, which often focused on legal and economic barriers, the Australian alcohol industry placed a heavier emphasis on notions of regulatory redundancy and insufficient evidence. This may reflect differences in where these industries sit on the ‘regulatory pyramid’, alcohol being less regulated than tobacco. PMID:28118411

  18. Analysis of Alcohol Industry Submissions against Marketing Regulation.

    Directory of Open Access Journals (Sweden)

    Florentine Petronella Martino

    Full Text Available A growing body of literature points to the role of vested interests as a barrier to the implementation of effective public health policies. Corporate political activity by the alcohol industry is commonly used to influence policy and regulation. It is important for policy makers to be able to critique alcohol industry claims opposed to improved alcohol marketing regulation. The Australian National Preventive Health Agency reviewed alcohol marketing regulations in 2012 and stakeholders were invited to comment on them. In this study we used thematic analysis to examine submissions from the Australian alcohol industry, based on a system previously developed in relation to tobacco industry corporate political activity. The results show that submissions were a direct lobbying tactic, making claims to government that were contrary to the evidence-base. Five main frames were identified, in which the alcohol industry claimed that increased regulation: (1 is unnecessary; (2 is not backed up by sufficient evidence; (3 will lead to unintended negative consequences; and (4 faces legal barriers to implementation; underpinned by the view (5 that the industry consists of socially responsible companies working toward reducing harmful drinking. In contrast with tobacco industry submissions on public policy, which often focused on legal and economic barriers, the Australian alcohol industry placed a heavier emphasis on notions of regulatory redundancy and insufficient evidence. This may reflect differences in where these industries sit on the 'regulatory pyramid', alcohol being less regulated than tobacco.

  19. Analysis of Alcohol Industry Submissions against Marketing Regulation.

    Science.gov (United States)

    Martino, Florentine Petronella; Miller, Peter Graeme; Coomber, Kerri; Hancock, Linda; Kypri, Kypros

    2017-01-01

    A growing body of literature points to the role of vested interests as a barrier to the implementation of effective public health policies. Corporate political activity by the alcohol industry is commonly used to influence policy and regulation. It is important for policy makers to be able to critique alcohol industry claims opposed to improved alcohol marketing regulation. The Australian National Preventive Health Agency reviewed alcohol marketing regulations in 2012 and stakeholders were invited to comment on them. In this study we used thematic analysis to examine submissions from the Australian alcohol industry, based on a system previously developed in relation to tobacco industry corporate political activity. The results show that submissions were a direct lobbying tactic, making claims to government that were contrary to the evidence-base. Five main frames were identified, in which the alcohol industry claimed that increased regulation: (1) is unnecessary; (2) is not backed up by sufficient evidence; (3) will lead to unintended negative consequences; and (4) faces legal barriers to implementation; underpinned by the view (5) that the industry consists of socially responsible companies working toward reducing harmful drinking. In contrast with tobacco industry submissions on public policy, which often focused on legal and economic barriers, the Australian alcohol industry placed a heavier emphasis on notions of regulatory redundancy and insufficient evidence. This may reflect differences in where these industries sit on the 'regulatory pyramid', alcohol being less regulated than tobacco.

  20. Developing products and services for a deregulated market while regulated

    International Nuclear Information System (INIS)

    Haites, E.F.

    1997-01-01

    Products and services developed for a deregulated electric power industry were discussed. The wide-ranging discussion covered products created by unbundling existing services, new products and services related to energy use, products created by expansion into communications services, and the pricing of products and services. In addition to products and services, the discussion also covered strategies for a deregulated market and the challenges of raising equity capital in a regulated environment

  1. Entry regulations, welfare and determinants of market structure

    OpenAIRE

    Maican, Florin; Orth, Matilda

    2015-01-01

    We use a dynamic oligopoly model of entry and exit with store-type differentiation to evaluate how entry regulations affect profitability, market structure and welfare. Based on unique data for all retail food stores in Sweden, we estimate demand, recover variable profits, and estimate entry costs and fixed costs by store type. Counterfactual policy experiments show that welfare increases when competition is enhanced by lower entry costs. Protecting small stores by imposing licensing fees on ...

  2. 17 CFR 33.10 - Fraud in connection with commodity option transactions.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Fraud in connection with commodity option transactions. 33.10 Section 33.10 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION REGULATION OF DOMESTIC EXCHANGE-TRADED COMMODITY OPTION TRANSACTIONS § 33.10 Fraud in...

  3. 7 CFR 1405.9 - Commodity assessments.

    Science.gov (United States)

    2010-01-01

    ... Commodity assessments. (a) CCC will deduct from the proceeds of a marketing assistance loan an amount equal... collected in one of the following ways, as requested by the State, but not both: (i) When the proceeds of... the State. (2) CCC will deduct from the proceeds of a marketing assistance loan an amount equal to the...

  4. Commodities Trading: An Essential Economic Tool.

    Science.gov (United States)

    Welch, Mary A., Ed.

    1989-01-01

    This issue focuses on commodities trading as an essential economic tool. Activities include critical thinking about marketing decisions and discussion on how futures markets and options are used as important economic tools. Discussion questions and a special student project are included. (EH)

  5. 77 FR 22467 - Common Crop Insurance Regulations; Fresh Market Tomato (Dollar Plan) Crop Provisions

    Science.gov (United States)

    2012-04-16

    ...-0006] RIN 0563-AC32 Common Crop Insurance Regulations; Fresh Market Tomato (Dollar Plan) Crop... Insurance Corporation (FCIC) finalizes the Common Crop Insurance Regulations, Fresh Market Tomato (Dollar... Common Crop Insurance Regulations (7 CFR part 457), Fresh Market Tomato (Dollar Plan) Crop Provisions...

  6. MARKET FAIRNESS IN ISLAMIC ECONOMICS LAW AND ETHICS: A Study on Modern and Traditional Market Regulations in Indonesia

    Directory of Open Access Journals (Sweden)

    Mustapa Khamal Rokan

    2015-06-01

    Full Text Available This study has been motivated by unfair market conditions in the form of marginalization of traditional markets in Indonesia due to unequal competition with the modern market. This article tries to find a fair legal formulation to maintain the existence of a small market (traditional. To find the legal formulation, the author attempts to discuss market regulation in Indonesian legislation, analyzed and found it to be optimized to create a fair market arrangements in the perspective of Islamic law. This study propose a paradigm that the market functions not only as an business institution but also as religious and social institutions based on brotherhood which requires mutual respect and responsibility. There are prescriptive law to maintain the existence of traditional markets in Indonesia, which optimizes the concept of ownership as a form of common ownership and optimize the regulation of cooperation between the traditional and the modern market economy based on the doctrine of Islamic law.

  7. Composite indicators of labour market regulations in a comparative perspective

    Directory of Open Access Journals (Sweden)

    Mariya Aleksynska

    2016-02-01

    Full Text Available Abstract Technological progress and the internet brought about new possibilities of creating, storing, exchanging, replicating, and using various kinds of data for research. This paper discusses some of the dangers embedded into the reuse of data produced by some institutions by other institutions through the combination and aggregation of initial data into various data products. To this end, we use an example of labour market regulations’ indicators developed by the World Economic Forum, the International Institute for Management Development (IMD, and the Fraser Institute, which are all partly based on the World Bank Employing Workers Indicator. We document how these three indicators compare and identify both their common and specific limitations. For each of these indicators, the choice of subcomponents and of aggregate techniques results in different pictures of labour market regulations, despite the use of the overlapping initial sources of data. Our comparative exercise calls for continuous efforts to improve the indicators of labour market regulations, as well as for cautious use of such indicators for research and policy advice. JEL codes: J00, J8, Y1

  8. Environmental regulation of a power market investment in an international market

    Energy Technology Data Exchange (ETDEWEB)

    Halseth, Arve; Vennemo, Haakon

    1998-12-01

    This document examines the optimal environmental regulation of three Norwegian power projects, energy conservation, a natural gas fired combined cycle gas turbine and a new hydro project. All projects reduce emissions elsewhere in the Nordic region, and in general the environmental costs of these emissions are not optimally reflected in market prices. A theory of second best optimal regulation is developed for this case. The optimal regulation is found to deviate considerably from a purely domestic regulation. For instance, it is found optimal to grant a substantial credit to energy conservation. The credit is sensitive to the value of reduced CO{sub 2} emissions and whether the current Norwegian end user tax should be interpreted as an environmental or a fiscal tax. 27 refs., 4 tabs.

  9. Regulation of Danish energy markets with imperfect competition

    International Nuclear Information System (INIS)

    Goertz, M.; Hansen, J.V.

    1999-01-01

    In this paper we use a new CGE model of the Danish economy with the acronym ECOSMEC (Economic COuncil Simulation Model with Energy markets and Carbon taxation). The model is a hybrid of two existing static models developed by respectively the Secretariat of the Danish Economic Council and by the MobiDK project in the Ministry of Business and Industry. Distinct features of the ECOSMEC model are a rather disaggregated modelling of energy demand and supply, introduction of various market structures in the energy sector, and a consistent specification of different household types. The simulations presented in the paper have the following implications: First, a uniform CO 2 tax of approximately 300 DKK per ton CO 2 could reduce emissions by 20 per cent in a scenario with perfect competition in the energy sector. However, assuming different market structures in the energy sector influences the uniform CO 2 tax needed to reach a given emission target. In the paper we assume that the Danish energy sector is a natural monopoly regulated to comply with average cost pricing, but we also discuss alternative descriptions of imperfect competition. Second, the empirical arguments for differentiated CO 2 taxes motivated by imperfect energy markets are weak. This is in line with earlier international studies on environmental taxes and imperfect competition. Third, the Danish economy could benefit from a deregulation of the electricity and district heating sector with respect to welfare and economic activity. This result holds also if CO 2 emissions are kept constant. (au)

  10. Sorting out commodity and macroeconomic risk in expected stock returns

    NARCIS (Netherlands)

    Boons, M.F.

    2014-01-01

    The dissertation consists of three essays in asset pricing. Chapter I is motivated by the recent surge in institutional investment in commodity futures markets. The chapter studies how commodity risk is priced in stock and futures markets and asks whether this risk premium is time-varying with these

  11. 7 CFR 1427.22 - Commodity certificate exchanges.

    Science.gov (United States)

    2010-01-01

    ... commodity certificate for the marketing assistance loan collateral. This provision terminates effective... exchange the marketing assistance loan collateral, and (3) Immediately exchanging the purchased commodity certificate for the outstanding loan collateral. [67 FR 64459, Oct. 18, 2002, as amended at 73 FR 65722, Nov...

  12. Environmental Policies, Product Market Regulation and Innovation in Renewable Energy

    International Nuclear Information System (INIS)

    Nesta, Lionel; Vona, Francesco; Nicolli, Francesco

    2012-10-01

    We investigate the effectiveness of policies in favor of innovation in renew- able energy under different levels of competition. Using information regarding renewable energy policies, product market regulation and high-quality green patents for OECD countries since the late 1970's, we develop a pre-sample mean count-data econometric specification that also accounts for the endogeneity of policies. We find that renewable energy policies are significantly more effective in fostering green innovation in countries with deregulated energy markets. We also find that public support for renewable energy is crucial only in the generation of high-quality green patents, whereas competition enhances the generation of green patents irrespective of their quality. (authors)

  13. Is women's labor a commodity?

    Science.gov (United States)

    Anderson, Elizabeth S

    1990-01-01

    ...A commercial surrogate mother is anyone who is paid money to bear a child for other people and terminate her parental rights, so that the others may raise the child as exclusively their own. The growth of commercial surrogacy has raised with new urgency a class of concerns regarding the proper scope of the market. Some critics have objected to commercial surrogacy on the ground that it improperly treats children and women's reproductive capacities as commodities. The prospect of reducing children to consumer durables and women to baby factories surely inspires revulsion. But are there good reasons behind the revulsion? And is this an accurate description of what commercial surrogacy implies? This article offers a theory about what things are properly regarded as commodities which supports the claim that commercial surrogacy constitutes an unconscionable commodification of children and of women's reproductive capacities.

  14. Do Market Regulation and Financial Imperfections Affect Firm Size? New Empirical Evidence

    OpenAIRE

    Raquel Fonseca; Natalia Utrero González

    2004-01-01

    This paper investigates the importance that market regulation and financial imperfections have in firm size. We analyse institutions affecting labour market as Employment Protection Laws (EPL) and Product Market Regulation (PMR). Moreover, we study the effects of these institutions on firm growth. We use data from 29 industrial sectors across 15 developed countries. We find that market regulations related to financial imperfections help to explain differences in firm structure across countries.

  15. The economics of electric energy storage and its interaction with market regulations

    International Nuclear Information System (INIS)

    He, X.

    2012-01-01

    This paper seeks to expose the interaction between the economics of EES and market regulation. An exhaustive investigation of relevant market regulations for the business of storage is conducted by examining (a) spot and futures markets, (b) ancillary services' procurement and (c) possible capacity enhancement. It is concluded that market regulation can be and should be improved in a number of ways to better recognize the value of EES. (author)

  16. Migration of Price Discovery With Constrained Futures Markets

    OpenAIRE

    Anthony D. Hall; Paul Kofman; Steve Manaster

    2001-01-01

    This paper investigates the information content of futures option prices when the futures price is regulated while the futures option price itself is not. The New York Board of Trade provides the empirical setting for this type of dichotomy in regulation. Most commodity derivatives markets regulate prices of all derivatives on a particular commodity simultaneously. NYBOT has taken an almost unique position by imposing daily price limits on their futures contracts while leaving the options pri...

  17. Promoting nuclear energy: market price or regulated tariffs? - 5042

    International Nuclear Information System (INIS)

    Percebois, J.

    2015-01-01

    Because of its negative effects, the scheme for aiding renewable energies presently in force in Europe is likely to penalise investments in nuclear energy. The F.I.T. system is a costly mechanism and a source of perverse effects as a switching of the merit order curve on the spot electricity market (with sometimes negative prices). Restoring an equity and 'equal opportunity' for nuclear energy in Europe needs to implement a 'Contract for Differences' scheme for nuclear energy, like the model now gaining favour in the U.K. The contract for differences signed between EDF and the UK government means that if the wholesale price that EDF secures for Hinckley's power falls below the index-linked preset value, the difference will be covered by payments from the UK government. It appears that nuclear power has weakened in Europe by the system of guaranteed purchase prices for renewable energies. Moreover this system is costly. New fairer rules must be implemented in the market. Either the market is left on its own to send the signals to all investors (including renewable energies), or a minimum of regulation is introduced in order to limit the costly surges of under and over capacity. But in the latter case it is necessary to treat all the energy sources in an equal way and guarantee the nuclear industry that it will also recover its fixed costs over the long term)

  18. Tax regulating carbon market in Brazil: barriers and perspectives

    International Nuclear Information System (INIS)

    Marques, Fernando; Magalhaes, Gerusa; Parente, Virginia

    2010-01-01

    The world is moving towards a low carbon economy to fight global warming caused by increases in anthropogenic emissions of greenhouse gases (GHGs). The carbon market beckons as a promising opportunity for Brazil through Clean Development Mechanism (CDM) projects, which result in Certified Emission Reductions (CERs). Although Brazil is responsible for about 8% of all CDM projects in the world, there is still no specific tax regulation for CERs, thus hindering the development of carbon market in Brazil. It is essential that Brazil have a consistent internal framework which guarantees to potential investors a minimum security on the legal and fiscal operations of CERs. There are government institutions, considering the current law and that, given the number of bills being processed in Congress, are not definitive. Such bills have different understandings for the legal classification of CERs and the related tax treatment. This article supports an urgent need for a regulatory tax system for CERs, proposing a tax exemption on transactions involving CERs in order to encourage the effective development of carbon markets in Brazil in the context of the currently international legal system in which Kyoto Protocol is based. (author)

  19. [Food supplements on the Hungarian market: regulations of marketing and of the composition of the products].

    Science.gov (United States)

    Lugasi, Andrea; Horacsek, Márta; Martos, Eva

    2010-09-26

    According to recent legislation, food supplements are foodstuffs with the purpose of supplementing normal diet. Food supplements are concentrated sources of nutrients such as vitamins and minerals and other substances with a physiological or nutritional effect. In Hungary, marketing of food supplements has not been bound to pre-market authorization since joining to the European Union. The food business operator, who is responsible for production or distribution of the product, must notify it at National Institute for Food and Nutrition Science latest at the time when the product has been placed on the market and it can be distributed simultaneously. Distribution, ingredients, and all those information which appear on the label are determined by numerous regulations and prescriptions but at the same time the lack of harmonized legislation at certain places may cause a lot of problems on Community level. The first part of the study shows the laws and regulations influencing the distribution and ingredients of food supplements, while the main target of the second part is to introduce the evaluation process of components from nutritional and physiological point of view, and the role played by the food supplements in nutrition.

  20. Core designs for the de-regulated market

    International Nuclear Information System (INIS)

    Almberger, J.; Bernro, R.; Pettersson, H.

    1999-01-01

    Complete text of publication follows: The electricity market deregulation in the Nordic countries encourages innovations and cost reductions for power production in the Vattenfall reactors. The competition on the electricity market is strong, electricity price reductions dramatic and uncertainties about the future power demand is large. In the fuel area this situation has given increased attention to traditional areas like flexibility in power production, improved core designs, need for margins (improved fuel designs), improved surveillance, decreased lead times. At Vattenfall new fuel designs are already being implemented following the last fuel purchase, for which flexibility and margins, were given high values in the evaluations with the multipurpose task of eliminating fuel related problems and meeting the future market situation. This strategy has given Vattenfall a flying start to meeting the demands of the de-regulated market. What has been added are broad studies undertaken to investigate the various route into the future with respect to finding the most effective strategies for fuel and core design and optimization. In the present paper the Vattenfall priorities for fuel designs and margins are presented in a schematic manner summarizing the results of the last fuel purchase and also presenting the current program for LFAs. Technical limitations, licensing and R and D aspects, with respect to improving the fuel utilization will be mentioned. The main focus in the paper is on the broad study carried out in the PWR core design area. Driven by the relatively low power demand various possibilities for higher production flexibility have been investigated specifically extended coast-down, coast-up and yearly load follow. Further to reduce the costs for fuel consumption improvements in core designs have been studied: improved low leakage loading patterns, low enriched end zones, improved Gd designs etc. Main results and conclusions of the core design studies will

  1. 17 CFR 248.121 - Affiliate marketing opt out and exceptions.

    Science.gov (United States)

    2010-04-01

    ... business relationship with the consumer. (b) Making marketing solicitations—(1) In general. For purposes of... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Affiliate marketing opt out... COMMISSION (CONTINUED) REGULATIONS S-P AND S-AM Regulation S-AM: Limitations on Affiliate Marketing § 248.121...

  2. Impact of Market Regulations on the Development of Wind Power - An International Comparison

    International Nuclear Information System (INIS)

    Ackermann, Thomas; Soeder, Lennart

    2000-01-01

    This paper presents and briefly evaluates the most important existing market regulations and market schemes regarding its influence on the development of wind power. The evaluation of the existing market regulations focuses on the incentives provided by the various instruments to reduce production costs. The instruments and schemes are: Feed-in Tariffs, Net Metering, Bidding Process, Fixed Quotas, Green Certificate Trading, Green Power Exchange, Green Pricing. In addition, the impact of market regulations for international electricity markets with a power exchange are investigated. The analysis showed that new wind power generation can faces significant market barriers. (author)

  3. 7 CFR 27.11 - Area Director, Marketing Services Office; responsibility.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 2 2010-01-01 2010-01-01 false Area Director, Marketing Services Office... MARKETING SERVICE (Standards, Inspections, Marketing Practices), DEPARTMENT OF AGRICULTURE COMMODITY... Regulations Administration § 27.11 Area Director, Marketing Services Office; responsibility. Subject to this...

  4. LDC commodity risk analysis and recommendations

    International Nuclear Information System (INIS)

    2002-01-01

    Under the current operation of the new competitive electricity market in Ontario, local distribution companies (LDCs) are required to pay the monthly invoice of the Independent Market Operator (IMO) before they collect from end-users for the consumption period covered by the invoice, with no clear guarantee that the recovery will occur. This situation creates a major cash flow problem and financial risk for LDCs and threatens the integrity and stability of the electricity market. This paper described 3 features of Ontario's competitive electricity market that create financial and commodity risk. The first problem is that there is no limit on how high prices can rise. Increases in wholesale commodity prices can result in a situation where the amount of the IMO's invoice is greater than the LDC's ability to pay at the time of receipt. Secondly, the LDC bears a 100 per cent payment obligation to the IMO administrator of the wholesale market. The third problem is that LDCs bear payment default risk from all consumers in the Ontario market, including electricity retailers. This paper presents some specific policy solutions that can protect the market from this threat. It was suggested that in order to protect the integrity of Ontario's electricity market during high prices, a policy must be drafted to address the commodity price financing risk (CPFR) issue. The policy must also define what happens if prices increase past the LDCs financing obligation limit. tabs., figs

  5. Trends and prospects of international major commodity prices

    Directory of Open Access Journals (Sweden)

    Maria Cartas

    2013-04-01

    Full Text Available Trends and prospects of international major commodity prices. In 2012, the international commodity markets have seen declining prices, especially during the first half of the year, with some improvement mainly in the last quarter. On the whole, most of major commodity prices declined, following generally weaker demand and the uncertain global economic situation. The short term outlook shows broad declines of prices for all major commodity groups, including oil and excepting metal prices, which are expected to be sustained by the global economic recovery and increasing demand, mainly in China. This country represents a major player, with a great contribution to the movement of prices on most of international commodity markets, as she has a great role in the world consumption and trade of commodities, as well as in the world production of some of these goods, on the one hand, and enjoys huge financial resources, on the other.

  6. Mineral commodity summaries 2015

    Science.gov (United States)

    ,

    2015-01-01

    Each chapter of the 2015 edition of the U.S. Geological Survey (USGS) Mineral Commodity Summaries (MCS) includes information on events, trends, and issues for each mineral commodity as well as discussions and tabular presentations on domestic industry structure, Government programs, tariffs, 5-year salient statistics, and world production and resources. The MCS is the earliest comprehensive source of 2014 mineral production data for the world. More than 90 individual minerals and materials are covered by two-page synopses.

  7. EU Energy Market and Regulation enter a new Framework: Energy Union

    International Nuclear Information System (INIS)

    Sencar, M.

    2015-01-01

    Energy Union provides a new framework for market and regulation. This contribution discusses its main elements (dimensions), in particular energy market functioning. Energy Union adds some new focal points to its development, e.g. research and innovation, in addition to sustainability. Energy Union also aims at improving customers position on the market, and paves the way for efficiency enhancements in regulation and market monitoring at European level. Three aspects of potential future improvements are discussed how the existing Agency for the Cooperation of Energy Regulators may further contribute to the efficient market functioning and implementation of planned infrastructure investment. (author).

  8. Natural Resources Management: The Effect of the Commodity Boom on Indonesia’s Industrial Development and Welfare

    Directory of Open Access Journals (Sweden)

    Maria Monica Wihardja

    2016-03-01

    Full Text Available The end of the commodity boom in 2012 once again exposed Indonesia to the vulnerability of the commodity price shocks. This article reviews how Indonesia managed its natural resources in 2001–12 and when the commodity boom ends. What are the lessons learned? Indonesia’s experience is similar to that of other countries rich in natural resources, including the crowding-out of non-commodity sectors, protectionist trade regimes, fiscal inefficiency, slow skill accumulation, rising inequality and environmental damages. In the aftermath of the global financial crisis of 2008–09, the early trade -policy response at the end of the commodity boom is inward-looking and protective of domestic markets and industries and aims to increase the added value of commodities by downstreaming. This trend is clearly reflected in the 2014 Trade Law, the 2014 Industry Law and the mineral export ban, which was introduced in 2009 through the 2009 Law on Mining of Coal and Minerals and took effect in 2014. Indonesia should learn from other countries in managing its resource revenues, such as through a commodity fund designed to fit its domestic specificity. Reindustrializing, increasing agricultural productivity beyond palm oil and tapping the country’s potential in the services sector including tourism and creative industries are also necessary to promote diversification in production and trade. Resource management policy should also include stronger environmental regulations.

  9. Investment in transport infrastructure, regulation, and gas-gas competition

    International Nuclear Information System (INIS)

    Gasmi, Farid; Oviedo, Juan Daniel

    2010-01-01

    This paper develops a simple model in which a regulated (upstream) transporter provides capacity to a marketer competing in output with an incumbent in the (downstream) gas commodity market. The equilibrium outcome of the firms' interaction in the downstream market is explicitly taken into account by the regulator when setting the transport charge. We consider various forms of competition in this market and derive the corresponding optimal transport charge policies. We then run simulations that allow us to perform a comparative welfare analysis of these transport infrastructure investment policies based on different assumptions about the intensity of the competition that prevails in the gas commodity market. (author)

  10. Investment in transport infrastructure, regulation, and gas-gas competition

    Energy Technology Data Exchange (ETDEWEB)

    Gasmi, Farid [Toulouse School of Economics (ARQADE and IDEI), Universite Toulouse 1 Capitole (France); Oviedo, Juan Daniel [Universidad del Rosario (Colombia)

    2010-05-15

    This paper develops a simple model in which a regulated (upstream) transporter provides capacity to a marketer competing in output with an incumbent in the (downstream) gas commodity market. The equilibrium outcome of the firms' interaction in the downstream market is explicitly taken into account by the regulator when setting the transport charge. We consider various forms of competition in this market and derive the corresponding optimal transport charge policies. We then run simulations that allow us to perform a comparative welfare analysis of these transport infrastructure investment policies based on different assumptions about the intensity of the competition that prevails in the gas commodity market. (author)

  11. The regulation of market manipulation in Australia: a historical ...

    African Journals Online (AJOL)

    Notably, in Australia, market abuse practices like market manipulation and other market misconduct practices are expressly prohibited under the Corporations Act as amended by the Financial Services Reform Act. In the light of this, and for the purposes of this article, a brief historical analysis of the market manipulation ...

  12. Smart Computer-Assisted Markets

    Science.gov (United States)

    McCabe, Kevin A.; Rassenti, Stephen J.; Smith, Vernon L.

    1991-10-01

    The deregulation movement has motivated the experimental study of auction markets designed for interdependent network industries such as natural gas pipelines or electric power systems. Decentralized agents submit bids to buy commodity and offers to sell transportation and commodity to a computerized dispatch center. Computer algorithms determine prices and allocations that maximize the gains from exchange in the system relative to the submitted bids and offers. The problem is important, because traditionally the scale and coordination economies in such industries were thought to require regulation. Laboratory experiments are used to study feasibility, limitations, incentives, and performance of proposed market designs for deregulation, providing motivation for new theory.

  13. Financialization, Crisis and Commodity Correlation Dynamics

    OpenAIRE

    Annastiina Silvennoinen; Susan Thorp

    2010-01-01

    We study bi-variate conditional volatility and correlation dynamics for individual commodity futures and financial assets from May 1990-July 2009 using DSTCC-GARCH (Silvennoinen and Terasvirta 2009). These models allow correlation to vary smoothly between extreme states via transition functions driven by indicators of market conditions. Expected stock volatility and money manager open interest in futures markets are relevant transition variables. Results point to increasing integration betwee...

  14. A Preference-Free Formula to Value Commodity Derivatives

    NARCIS (Netherlands)

    Rodriguez, J.C.

    2007-01-01

    This paper studies a new model of commodity prices in which the stochastic convenience yield is an affine function of past commodity returns. While preserving market completeness, the model exhibits price nonstationarity and mean reversion under the martingale measure, and, as a consequence, it is

  15. Regulation of international energy markets: Economic effects of political actions

    Science.gov (United States)

    Shcherbakova, Anastasia V.

    's participation in a regulated market results in an average decline in its stock returns of up to 50 basis points per day, and a cumulative loss of more than 3.5% of its market value. Negative shocks to securities returns persist for at least two months. Participation in a regulated market, however, is not always unfavorable, as involved firms not directly targeted by regulatory action appear to gain sizable risk premiums. Additional evidence suggests that, although there is no direct linear relationship between firm size and effect magnitude, large firms tend to be hurt more in the short term, while small firms suffer bigger declines in returns over a longer time period. The last chapter turns to global electricity sectors to examine the development of Demand Response (DR) programs, which have become popular means of addressing the sector's central market failure of pricing below marginal generation cost. DR programs incorporate demand signals into retail electricity rates, and have the potential to effectively and inexpensively improve grid reliability and increase end-use efficiency. However, DR faces many challenges, arguably the most important of which is a general lack of information among consumers regarding usage levels and existence of alternative providers and rate plans. Financial considerations, lack of access to technological infrastructure, and misaligned producer incentives also play an important role in DR's limited success.

  16. Cross-commodity hedges

    International Nuclear Information System (INIS)

    Simard, T.

    1999-01-01

    Energy risk management is the principal topic of this paper. Four major subjects are examined: cross-commodity trading objectives (reduce the risk of an underlying exposure in another commodity); portfolio risk reduction (an Alberta power distributor exposed to high pool prices could protect against high pool prices through a fixed price purchase of Alberta natural gas); tailoring pricing to customer needs (sell power to the gas producer indexed to the price of gas); and (4) reducing insurance costs (rather than purchasing downside protection (puts) individually against oil and gas prices, a producer could purchase a basket option). Since the key issue in cross-commodity transactions is the estimation of correlation, it is important to be prepared to alter correlation assumptions. 1 tab., 2 figs

  17. The regulating power market on the Nordic power exchange Nord Pool. An econometric analysis

    International Nuclear Information System (INIS)

    Skytte, K.

    1999-08-01

    What differentiates the structure of Nord Pool from other power exchanges around the world is the way the balance from the spot market is maintained until the actual, physical delivery takes place, via the regulating power market in Norway. This paper reveals the pattern of the prices on the regulating power market, by analysing the cost of being unable to fulfil the commitments made on the spot market. Some power producers with unpredictable fluctuations (e.g. wind) will need to buy regulation services. The disclosed pattern implies that these producers must pay a limited premium of readiness in addition to the spot price; this premium is independent of the amount of regulation. The level of the premium of readiness for down-regulation is shown to be strongly influenced by the level of the spot price. On the other hand, it is demonstrated that the premium for up-regulation is less correlated to the spot price. Furthermore, it is found that the amount of regulation affects the price of regulating power for up-regulation more strongly than it does for down-regulation. The disclosed cost of using the regulating power market is a quadratic function of the amount of regulation. This asymmetric cost may encourage bidders with fluctuating production to be more strategic in their way of bidding on the spot market. By using such strategies the extra costs (for example wind power) needed to counter unpredictable fluctuations may be limited. 12 refs

  18. 77 FR 38553 - Proposed Modification to Regulation Concerning the Use of Market Economy Input Prices in...

    Science.gov (United States)

    2012-06-28

    ... Regulation Concerning the Use of Market Economy Input Prices in Nonmarket Economy Proceedings AGENCY: Import... states that the Department normally will use the price that a nonmarket economy (``NME'') producer pays to a market economy supplier when a factor of production is purchased from a market economy supplier...

  19. 75 FR 61842 - Fair Credit Reporting Affiliate Marketing Regulations

    Science.gov (United States)

    2010-10-06

    ... DEPARTMENT OF THE TREASURY Office of Thrift Supervision Fair Credit Reporting Affiliate Marketing... concerning the following information collection. Title of Proposal: Fair Credit Reporting Affiliate Marketing... person from using certain information received from an affiliate to make a solicitation for marketing...

  20. Energy Flexibility Potential of Industrial Processes in the Regulating Power Market

    DEFF Research Database (Denmark)

    Ma, Zheng; Aabjerg Friis, Henrik Tønder; Gravers Mostrup, Christopher

    2017-01-01

    , and electric heating in replacement of conventional technologies. To enable the use of demand response, the consumers must have economical and practical incentives without loss of convenience. This study aims to investigate the demand-response market potential of a flexible industrial process in the current...... electricity market structure. The Danish West regulating power market is selected in this study with an ideal process simulation of an industrial roller press. By analysing market data, the value of flexible electricity consumption by the roller press in the regulating power market is demonstrated by an ideal...

  1. The impact of Mexico's CRE regulation on Pemex marketing

    International Nuclear Information System (INIS)

    Martinez, A.

    1997-01-01

    The past, present and future of the natural gas industry in Mexico was reviewed. As far as the past is concerned, Pemex-Gas was a state monopoly, not subject to an independent regulatory authority. It was primarily concerned with providing natural gas to domestic consumers, it engaged in minimal marketing activities, and it was highly centralized. In the country as a whole, there was a notable indifference to regulation, and an almost total absence of a regulatory culture. Natural gas was seen as a minor byproduct of petroleum, not as an engine of economic growth. Reforms introduced in May 1995 attempt to institute revolutionary changes by creating a federal regulatory commission, (Comision Reguladora de Energia, CRE for short), and strongly encouraging private sector involvement in the storage, transmission and distribution of natural gas, while reserving exclusive jurisdiction for exploration and production to the State. Provisions of the new natural gas legislation were explained, including the impact on transportation, distribution and retail sales by the State Gas company, Pemex-Gas, and its assigned leading role in bringing about the legislated changes. A fully functioning open access system is expected to be in place by November 1997

  2. Why (and how) to regulate power exchanges in the EU market integration context?

    Energy Technology Data Exchange (ETDEWEB)

    Meeus, Leonardo, E-mail: leonardo.meeus@eui.e [Florence School of Regulation, Robert Schuman Centre for Advanced Studies, European University Institute, Via Boccaccio 151, Florence (Italy); Electrical Engineering Department (ESAT-ELECTA), KULeuven, Kasteelpark Arenberg 10, Heverlee (Belgium)

    2011-03-15

    The European Union (EU) market integration is leading to increasingly monopolistic electricity market infrastructures, which has opened a debate on the regulation of these so-called power exchanges. In this paper, we start by stating that there are two types of power exchanges in Europe, i.e. 'merchant' and 'cost-of-service regulated' power exchanges. We then discuss how regulation can be used to better align their incentives with the main power exchange tasks. We conclude that adopting the cost-of-service regulated model for all power exchanges in Europe could be counterproductive in the current context, but that regulation can help ensure that the benefits of the EU market integration materialize. Promising regulatory actions include tempering the reinforced market power of power exchanges, and quality-of-service regulation for the ongoing cooperation among power exchanges to organize trade across borders. - Research highlights: {yields} Market integration is leading to increasingly monopolistic electricity market infrastructures. {yields} Regulation can help tempering the market power of these so-called power exchanges in Europe. {yields} Cost-of-service regulation for all power exchanges could however be counterproductive. {yields} More promising is to subject cooperation among power exchanges to quality of service regulation.

  3. Why (and how) to regulate power exchanges in the EU market integration context?

    International Nuclear Information System (INIS)

    Meeus, Leonardo

    2011-01-01

    The European Union (EU) market integration is leading to increasingly monopolistic electricity market infrastructures, which has opened a debate on the regulation of these so-called power exchanges. In this paper, we start by stating that there are two types of power exchanges in Europe, i.e. 'merchant' and 'cost-of-service regulated' power exchanges. We then discuss how regulation can be used to better align their incentives with the main power exchange tasks. We conclude that adopting the cost-of-service regulated model for all power exchanges in Europe could be counterproductive in the current context, but that regulation can help ensure that the benefits of the EU market integration materialize. Promising regulatory actions include tempering the reinforced market power of power exchanges, and quality-of-service regulation for the ongoing cooperation among power exchanges to organize trade across borders. - Research highlights: → Market integration is leading to increasingly monopolistic electricity market infrastructures. → Regulation can help tempering the market power of these so-called power exchanges in Europe. → Cost-of-service regulation for all power exchanges could however be counterproductive. → More promising is to subject cooperation among power exchanges to quality of service regulation.

  4. Research on the Pricing of Bundling Information Commodity%信息产品的捆绑定价问题研究

    Institute of Scientific and Technical Information of China (English)

    毛彦妮; 王刊良; 王龙伟

    2003-01-01

    This article studies the characteristics of low marginal cost of information commodity and points out that bundling information commodity is surprisingly profitable. After an analysis of the three factors affecting the sales income of bundling information commodity, that is, marginal cost, distribution of consumer' s valuation of bundling commodity and bundling size, a marketing strategy for bundling information commodity is proposed.

  5. Commodity risk management

    Directory of Open Access Journals (Sweden)

    Hilary Till

    2016-09-01

    Full Text Available This article discusses the practical issues involved in applying a disciplined risk management methodology to commodity futures trading. Accordingly, the paper shows how to apply methodologies derived from both conventional asset management and hedge fund management to futures trading. The article also discusses some of the risk management issues that are unique to leveraged futures trading.

  6. 7 CFR 33.12 - Apples not subject to regulation.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 2 2010-01-01 2010-01-01 false Apples not subject to regulation. 33.12 Section 33.12 Agriculture Regulations of the Department of Agriculture AGRICULTURAL MARKETING SERVICE (Standards, Inspections, Marketing Practices), DEPARTMENT OF AGRICULTURE COMMODITY STANDARDS AND STANDARD CONTAINER...

  7. Biofuel and Food-Commodity Prices

    Directory of Open Access Journals (Sweden)

    David Zilberman

    2012-09-01

    Full Text Available The paper summarizes key findings of alternative lines of research on the relationship between food and fuel markets, and identifies gaps between two bodies of literature: one that investigates the relationship between food and fuel prices, and another that investigates the impact of the introduction of biofuels on commodity-food prices. The former body of literature suggests that biofuel prices do not affect food-commodity prices, but the latter suggests it does. We try to explain this gap, and then show that although biofuel was an important contributor to the recent food-price inflation of 2001–2008, its effect on food-commodity prices declined after the recession of 2008/09. We also show that the introduction of cross-price elasticity is important when explaining soybean price, but less so when explaining corn prices.

  8. The paradigm change in international natural gas markets and the impact on regulation

    International Nuclear Information System (INIS)

    Van der Linde, Coby; Correlje, Aad; De Jong, Jacques; Toenjes, Christoph

    2006-04-01

    CIEP was strongly involved in the preparation of the discussions on the regulation of gas markets at the World Gas Conference in Amsterdam, 6-9 June 2006. CIEP's new study on gas market regulation served as the starting note for the strategic panel discussion 'The art of regulation'. It combines a theoretical foundation for the discussion on gas market regulation with the outcomes of a series of workshops, which addressed gas market regulation in various parts of the world. In particular, the authors aimed at examining whether changing circumstances in international gas markets require adaptations in current regulatory regimes.The study highlights that the regulation of gas markets, made up of elements such as international agreements, licensing and permitting procedures, competition policy, consumer protection and network access regulation, needs to take the specific regional circumstances of the gas market in question into account. There is no 'one size fits all' solution that is applicable to all gas markets in order to bring about the investments necessary

  9. 7 CFR 1425.17 - Eligible commodity and pooling.

    Science.gov (United States)

    2010-01-01

    ... to generally accepted accounting principles. (l) A CMA shall not apply marketing losses from a..., DEPARTMENT OF AGRICULTURE LOANS, PURCHASES, AND OTHER OPERATIONS COOPERATIVE MARKETING ASSOCIATIONS § 1425.17... marketing proceeds from the commodity in accordance with § 1425.18; and (5) Members agreed to accept a...

  10. 17 CFR 270.22e-3 - Exemption for liquidation of money market funds.

    Science.gov (United States)

    2010-04-01

    ... money market funds. 270.22e-3 Section 270.22e-3 Commodity and Securities Exchanges SECURITIES AND... for liquidation of money market funds. (a) Exemption. A registered open-end management investment company or series thereof (“fund”) that is regulated as a money market fund under § 270.2a-7 is exempt...

  11. Regulation and Flexibility of the Croatian Labour Market

    OpenAIRE

    Vedran Sosic

    2004-01-01

    The Croatian Labor Code was significantly reformed in 2003 as a result of extensive negotiations lasting about two years. Proponents of the reform emphasized the supposed rigidity of the labor market, resulting from restrictive employment protection legislation, as a main rationale for the reform. Critics believed that the labor market is much more flexible than often thought due to inadequate enforcement of legislation. This study aims to assess the level of labor market dynamics by construc...

  12. The consumers' role in a de-regulated electricity market

    International Nuclear Information System (INIS)

    Bye, Torstein; Doehl, Oeystein; Halvorsen, Bente; Larsen, Bodil M.; Larsson, Jan; Nesbakken, Runa

    2001-01-01

    The electricity market is market characterized by large price variations. This may have many causes, such as large variation of demand, large differences in the operating costs of the utilities or large variation in precipitation. Price variations caused by the supply side of the market may be counterbalanced by reducing consumption when the price is high, for example by using other energy sources, or by increasing consumption when the price is low

  13. Competition policy and regulation in hydro-dominated electricity markets

    International Nuclear Information System (INIS)

    Rangel, Luiz Fernando

    2008-01-01

    This paper discusses the main competition issues that arise in electricity systems dominated by hydro generation, arguing that technological differences between hydro and thermal plants may allow hydropower producers to exert market power in different and subtler ways compared to thermal generators. The key for market power in hydro-based systems is the strategic allocation of a given amount of output across periods, rather than a straightforward reduction of total output. The paper examines the interaction between strategic hydro reservoir operation and transmission capacity constraints, and summarizes the implications of market power for system reliability. A review of recent relevant literature is included. Finally, possible interventions to mitigate market power are analysed

  14. Local Commune Administration as a Regulator of the Local Water Supply and Sewage Disposal Services Market

    OpenAIRE

    Małysko, Jacek

    2012-01-01

    In this article the author discusses problems related to the regulation of water and sewage disposal services market. In the beginning he describes the processes of water supply and sewage disposal taken by the local commune administration as a natural monopoly. Next he characterizes the structure of this market in Poland. Then he presents the role of local commune administration as a regulator. The author concludes by evaluating the existing Polish system of regulating wate...

  15. Mineral Commodity Summaries 2009

    Science.gov (United States)

    ,

    2009-01-01

    Each chapter of the 2009 edition of the U.S. Geological Survey (USGS) Mineral Commodity Summaries (MCS) includes information on events, trends, and issues for each mineral commodity as well as discussions and tabular presentations on domestic industry structure, Government programs, tariffs, 5-year salient statistics, and world production and resources. The MCS is the earliest comprehensive source of 2008 mineral production data for the world. More than 90 individual minerals and materials are covered by two-page synopses. For mineral commodities for which there is a Government stockpile, detailed information concerning the stockpile status is included in the two-page synopsis. Because specific information concerning committed inventory was no longer available from the Defense Logistics Agency, National Defense Stockpile Center, that information, which was included in earlier Mineral Commodity Summaries publications, has been deleted from Mineral Commodity Summaries 2009. National reserves and reserve base information for most mineral commodities found in this report, including those for the United States, are derived from a variety of sources. The ideal source of such information would be comprehensive evaluations that apply the same criteria to deposits in different geographic areas and report the results by country. In the absence of such evaluations, national reserves and reserve base estimates compiled by countries for selected mineral commodities are a primary source of national reserves and reserve base information. Lacking national assessment information by governments, sources such as academic articles, company reports, common business practice, presentations by company representatives, and trade journal articles, or a combination of these, serve as the basis for national reserves and reserve base information reported in the mineral commodity sections of this publication. A national estimate may be assembled from the following: historically reported

  16. Papers of the CAMPUT 2003 educational conference : Markets in Transition : The changing face of regulation

    International Nuclear Information System (INIS)

    2003-01-01

    The North American energy landscape is evolving: markets are in transition and regulatory roles are shifting. Regulators, government policy makers, and industry representatives exchanged information concerning the changes facing regulatory agencies, industry and energy users. The eleven sessions of the conference were entitled: (1) the future of the regulator in a continental energy market, (2) gas markets in transition, (3) electricity markets in transition (including Regional Transmission Organization/Standard Market Design issues), (4) are open access markets the answer? (5) the changing face of regulation, what's up? (6) energy policy updates in British Columbia and Atlantic Canada, (7) Ontario electricity update and deregulation one year later, (8) northern issues, (9) intervener funding, (10) affiliate transactions, regulatory and business issues, and (11) cost of capital update. The conference featured 43 presentations, of which two were indexed separately for inclusion in the database. refs., tabs., figs

  17. Papers of the CAMPUT 2003 educational conference : Markets in Transition : The changing face of regulation

    International Nuclear Information System (INIS)

    2003-01-01

    The North American energy landscape is evolving: markets are in transition and regulatory roles are shifting. Regulators, government policy makers, and industry representatives exchanged information concerning the changes facing regulatory agencies, industry and energy users. The eleven sessions of the conference were entitled: (1) the future of the regulator in a continental energy market, (2) gas markets in transition, (3) electricity markets in transition (including Regional Transmission Organization/Standard Market Design issues), (4) are open access markets the answer? (5) the changing face of regulation, what's up? (6) energy policy updates in British Columbia and Atlantic Canada, (7) Ontario electricity update and deregulation one year later, (8) northern issues, (9) intervener funding, (10) affiliate transactions, regulatory and business issues, and (11) cost of capital update. The conference featured 43 presentations, of which two were indexed separately for inclusion in the database

  18. CHALLENGES OF FINANCIAL AUDIT - THE IMPACT OF INTRODUCING UNIQUE REGULATION OF FINANCIAL MARKETS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Mitica Pepi

    2013-07-01

    Full Text Available The theme of our research is related to the new type of relationship between financial audits (statutory and unique regulation of financial markets in Romania.The Romanian authorities have decided as from 2013 regulation of financial markets, capital market, insurance market and private pensions market to achieve by a single entity, this situation will also lead to a number of challenges in the relationship between the auditor and the new regulatory regime. The main elements of our study are: the relationship between the audit committee and regulatory authority; quality of financial reporting for financial market entities. The auditor plays an important role in financial markets because it certifies the financial statements in accordance with European Union practice . It is also interesting to note potential interference that can occur in single regulation between compliance audit and financial stability and return on investment between performance audit and financial markets.In this case, financial regulation can coexist with compliance audit. EU legislation recommends that the auditor discuss with the audit committee the quality and acceptability of the financial reporting process.This recommendation is what should constitute a possible consensus to be highly unlikely between audit committees would align auditors in financial reporting disputes with management financial entities. In this regard, auditors should identify the factors we consider important in determining the quality of financial reporting. .We conducted this research in an effort to identify the possible divergence between the type of regulations that can emit single regulatory authority and the audit process. New regulator will operate on two levels, issue general regulations apply to all three categories of financial markets, capital market, insurance market and private pensions market, but in the same time and in greater extent will issue specific regulations of each market in

  19. Market development in CEE between regulation and liberalisation

    International Nuclear Information System (INIS)

    Parthier, S.

    2002-01-01

    European energy markets are undergoing profound changes. These are characterised by privatisation, deregulation and intensified competition. The energy supply companies are tackling the task of adapting to a changing business environment which is calling for new strategies. This evolution affects also the energy markets of Central and Eastern Europe (CEE). The paper highlights the impact of this situation for the gas markets of CEE countries. It discusses three major aspects: the introduction of market prices as requirement for successful market development, strategies for gas companies to master the upcoming challenges and finally main factors influencing the development of the gas markets. Currently, different issues are coming up in CEE countries which will play a major role in the development of the gas industries of these countries. While preparing for entering the EU, CEE energy markets have to develop an appropriate regulatory framework for the time before and after the accession to the EU. This concerns especially the introduction of market prices. In order to tackle successfully the upcoming competition gas companies have to increase efficiency, particularly by increasing sales activities. Economically efficient capital investments are necessary to develop existing market potential. With the further increase of gas demand and cross-border gas trading, more gas will come from the western direction. This development will create good opportunities for successful cooperation between central and western European gas companies. Appropriate strategic investors can support market development while bringing in needed capital for the development of the infrastructure, know-how and expertise in sales and marketing activities and finally experience in facing inter fuel and gas to gas competition. (author)

  20. Federal Trade Commission's authority to regulate marketing to children: deceptive vs. unfair rulemaking.

    Science.gov (United States)

    Pomeranz, Jennifer L

    2011-01-01

    Food and beverage marketing directed at children is of increasing concern to the public health and legal communities. The new administration at the Federal Trade Commission and abundant science on the topic make it a particularly opportune time for the government to reconsider regulating marketing directed at youth. This Article analyzes the Commission's authority to regulate food and beverage marketing directed at children under its jurisdiction over unfair and deceptive acts and practices to determine which avenue is most viable. The author finds that the Federal Trade Commission has the authority to regulate deceptive marketing practices directed at vulnerable populations. Although the Commission can issue individual orders, its remedial power to initiate rules would better address the pervasiveness of modern marketing practices. The Commission does not currently have the power to regulate unfair marketing to children; however, even if Congress reinstated this authority, the Commission's authority over deceptive marketing may be preferable to regulate these practices. Deceptive communications are not protected by the First Amendment and the deceptive standard matches the science associated with marketing to children. The Federal Trade Commission has the authority to initiate rulemaking in the realm of food and beverage marketing to children as deceptive communications in interstate commerce, in violation of the Federal Trade Commission Act. However, to effectuate this process, Congress would need to grant the Commission the authority to do so under the Administrative Procedures Act.

  1. 7 CFR 917.122 - Qualification requirements and nominiation procedure for public members of Commodity Committees.

    Science.gov (United States)

    2010-01-01

    ... Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Fruits... members of Commodity Committees. (a) Public members shall not have a financial interest in or be associated with production, processing, financing, or marketing (except as consumers) of the commodities...

  2. Developing power markets - Development of market place for meeting the demand - Case India, in transition from regulated to competitive structure

    Energy Technology Data Exchange (ETDEWEB)

    Kumar, Pranay; Sarkar, Prabhajit Kumar

    2010-09-15

    Power Market players of developing countries with supply deficit are exposed to a unique combination of price risk and quantity risk which is not the case with developed nations that have taken path of liberalization to open up their power markets. India has one of the largest generation capacities in the world, yet till recently the Indian Power sector was highly regulated. However, the last decade has witnessed many initiatives so as to make the sector market oriented. This paper provides opportunity for developing countries to learn from Indian experience of introducing competition in the power sector.

  3. Mineral commodity profiles: Silver

    Science.gov (United States)

    Butterman, W.C.; Hilliard, Henry E.

    2005-01-01

    United States, about 30 companies accounted for more than 90 percent of the silver fabricated. The consumption of silver for all fabrication uses is expected to grow slowly through the decade ending in 2010 at about 1.3 percent per year for the world and 2.4 percent per year for the United States. World and U.S. reserves and reserve bases are more than adequate to satisfy the demand for newly mined silver through 2010. The other components of supply will be silver recovered from scrap, silver from industrial stocks, and silver bullion that is sold into the market from commodity exchange and private stocks.

  4. Credit Rating Agencies, Financial Regulations and the Capital Markets

    NARCIS (Netherlands)

    K. Shahzad (Khurram)

    2013-01-01

    textabstractThis thesis studies the role of credit rating agencies (CRAs) in capital markets, and the effects of two important regulatory decisions that are taken to improve the quality of information available to the capital markets. In particular, this thesis examines a) the importance of credit

  5. Stochastic Optimal Regulation Service Strategy for a Wind Farm Participating in the Electricity Market

    DEFF Research Database (Denmark)

    Zhang, Baohua; Hu, Weihao; Chen, Zhe

    2015-01-01

    in the stochastic optimization to deal with the uncertainty of the up regulation price and the up regulation activation of the power system.The Danish short-term electricity market and a wind farm in western Denmark are chosen to evaluate the effect of the proposed strategy. Simulation results showthe proposed......As modern wind farmshave the ability to provideregulation service for the power system, wind power plant operators may be motivated to participate in the regulating market to maximize their profit.In this paper, anoptimal regulation servicestrategy for a wind farm to participate...... strategy can increase the revenue of wind farms by leavinga certain amount of wind powerfor regulation service....

  6. Modeling Multi-commodity Trade Information Exchange Methods

    CERN Document Server

    Traczyk, Tomasz

    2012-01-01

    Market mechanisms are entering into new fields of economy, in which some constraints of physical world, e.g. Kirchoffs Law in power grid, must be taken into account during trading. On such markets, some of commodities, like telecommunication bandwidth or electrical energy, appear to be non-storable, and must be exchanged in real-time. On the other hand, the markets tend to react at shortest possible time, so an idea to delegate some competency to autonomous software agents is very attractive. Multi-commodity mechanism addresses the aforementioned requirements. Modeling the relationships between the commodities allows to formulate new, more sophisticated models and mechanisms, which reflect decision situations in a better manner. Application of multi-commodity approach requires solving several issues related to data modeling, communication, semantics aspects of communication, reliability, etc. This book answers some of the questions and points out promising paths for implementation and development. Presented s...

  7. Mineral commodity summaries 2013

    Science.gov (United States)

    ,

    2013-01-01

    Each chapter of the 2013 edition of the U.S. Geological Survey (USGS) Mineral Commodity Summaries (MCS) includes information on events, trends, and issues for each mineral commodity as well as discussions and tabular presentations on domestic industry structure, Government programs, tariffs, 5-year salient statistics, and world production and resources. The MCS is the earliest comprehensive source of 2012 mineral production data for the world. More than 90 individual minerals and materials are covered by two-page synopses. For mineral commodities for which there is a Government stockpile, detailed information concerning the stockpile status is included in the two-page synopsis. Abbreviations and units of measure, and definitions of selected terms used in the report, are in Appendix A and Appendix B, respectively. “Appendix C—Reserves and Resources” includes “Part A—Resource/Reserve Classification for Minerals” and “Part B—Sources of Reserves Data.” A directory of USGS minerals information country specialists and their responsibilities is Appendix D. The USGS continually strives to improve the value of its publications to users. Constructive comments and suggestions by readers of the MCS 2013 are welcomed.

  8. Mineral commodity summaries 2014

    Science.gov (United States)

    ,

    2014-01-01

    Each chapter of the 2014 edition of the U.S. Geological Survey (USGS) Mineral Commodity Summaries (MCS) includes information on events, trends, and issues for each mineral commodity as well as discussions and tabular presentations on domestic industry structure, Government programs, tariffs, 5-year salient statistics, and world production and resources. The MCS is the earliest comprehensive source of 2013 mineral production data for the world. More than 90 individual minerals and materials are covered by two-page synopses. For mineral commodities for which there is a Government stockpile, detailed information concerning the stockpile status is included in the two-page synopsis. Abbreviations and units of measure, and definitions of selected terms used in the report, are in Appendix A and Appendix B, respectively. “Appendix C—Reserves and Resources” includes “Part A—Resource/Reserve Classification for Minerals” and “Part B—Sources of Reserves Data.” A directory of USGS minerals information country specialists and their responsibilities is Appendix D. The USGS continually strives to improve the value of its publications to users. Constructive comments and suggestions by readers of the MCS 2014 are welcomed.

  9. 75 FR 33501 - Definitions for Regulations Affecting All Savings Associations; Money Market Deposit Accounts

    Science.gov (United States)

    2010-06-14

    ...] RIN 1550-AC40 Definitions for Regulations Affecting All Savings Associations; Money Market Deposit... Supervision is amending its regulations to eliminate restrictions on certain kinds of transfers from money... for savings deposit, Regulation D lists several types of savings deposit accounts, including Money...

  10. Regulated Medicare Advantage And Marketplace Individual Health Insurance Markets Rely On Insurer Competition.

    Science.gov (United States)

    Frank, Richard G; McGuire, Thomas G

    2017-09-01

    Two important individual health insurance markets-Medicare Advantage and the Marketplaces-are tightly regulated but rely on competition among insurers to supply and price health insurance products. Many local health insurance markets have little competition, which increases prices to consumers. Furthermore, both markets are highly subsidized in ways that can exacerbate the impact of market power-that is, the ability to set price above cost-on health insurance prices. Policy makers need to foster robust competition in both sectors and avoid designing subsidies that make the market-power problem worse. Project HOPE—The People-to-People Health Foundation, Inc.

  11. Structure, control and regulation of the formal market for medicinal ...

    African Journals Online (AJOL)

    There are informal and formal markets for medicinal plants' products in Nigeria. ... It is relatively new and underdeveloped. ... physical and facilitating functions while the conduct was described in terms of pricing and promotional strategies.

  12. Structure, control and regulation of the formal market for medicinal plants' products in Nigeria.

    Science.gov (United States)

    Oguntade, Adegboyega E; Oluwalana, Isaac B

    2011-01-01

    There are informal and formal markets for medicinal plants' products in Nigeria. The formal market is subject to the national regulatory framework for Food and Drug Administration and Control. It is relatively new and underdeveloped. This study was designed to appraise this market with special emphasis on the market participants, market structure, marketing functions performed, conduct of sellers in the market and; standards and regulations to which the market is subject. Information used for this study was collected through personal interviews and interactions with key participants in the market; especially the officials of regulatory agency. The market structure was analysed in terms of the share of market controlled by participants and product types. Concentration Ratios (CR2 and CR4) were used to assess the market share. Marketing functions being performed were described in terms of the exchange, physical and facilitating functions while the conduct was described in terms of pricing and promotional strategies. The regulatory framework under which the market operates was appraised. The market was highly concentrated with a CR2 and CR4 of 58.5% and 80.8 %; respectively. Imported products accounted for only 12.3% of the market. The predominant modes of presentation of the product were capsule (41.6%) and liquid (36.2%). About 20.77% of the products were classified as multivitamins, 13.85% were antibiotics while 10.77% addressed sexual dysfunctional problems. These products were regulated under the Food and Drug Administration and Control (NAFDAC) decrees, 1993-1999. Only 2.3% of the products have received full registration status while the others were only listed.

  13. A Historical Overview of the Regulation of Market Abuse in South Africa

    Directory of Open Access Journals (Sweden)

    Howard Chitimira

    2014-08-01

    Full Text Available In an early attempt to combat market abuse in the South African financial markets, legislation such as the Companies Act, the Financial Markets Control Act and the Stock Exchanges Control Act were enacted. However, these Acts failed to effectively curb market abuse activities that were allegedly rife in the financial markets. Consequently, the Insider Trading Act was enacted and came into effect on 17 January 1999. While the introduction of the Insider Trading Act brought some confidence in the financial markets, market abuse activities were still not extinguished. The provisions of the Insider Trading Act were to some extent inadequate and ineffectively implemented. Eventually, the Securities Services Act was enacted to repeal all the flawed provisions of the Insider Trading Act. Notwithstanding these efforts on the part of the legislature, more may still need to be done to increase the number of convictions and settlements in cases involving market abuse in South Africa. It is against this background that a historical overview analysis of the regulation of market abuse is carried out in this article to expose the flaws that were previously embedded in the South African market abuse laws prior to 2004. This is done to raise awareness of the situation on the part of the relevant stakeholders, as they consider whether such flaws were adequately resolved or subsequently re-introduced under the Securities Services Act and the Financial Markets Act. To this end, the article firstly discusses the historical development and regulation of market manipulation prior to 2004. Secondly, the regulation and enforcement of insider trading legislation prior to 2004 are examined. Moreover, where possible, certain flaws of the previous market abuse laws that were re-incorporated into the current South African market abuse legislation are isolated and recommendations are made in that regard.

  14. Methods to Regulate Unbundled Transmission and Distribution Business on Electricity Markets

    International Nuclear Information System (INIS)

    Forsberg, Kaj; Fritz, Peter

    2003-11-01

    The regulation of distribution utilities is evolving from the traditional approach based on a cost of service or rate of return remuneration, to ways of regulation more specifically focused on providing incentives for improving efficiency, known as performance-based regulation or ratemaking. Modern regulation systems are also, to a higher degree than previously, intended to simulate competitive market conditions. The Market Design 2003-conference gathered people from 18 countries to discuss 'Methods to regulate unbundled transmission and distribution business on electricity markets'. Speakers from nine different countries and backgrounds (academics, industry and regulatory) presented their experiences and most recent works on how to make the regulation of unbundled distribution business as accurate as possible. This paper does not claim to be a fully representative summary of everything that was presented or discussed during the conference. Rather, it is a purposely restricted document where we focus on a few central themes and experiences from different countries

  15. Methods to Regulate Unbundled Transmission and Distribution Business on Electricity Markets

    Energy Technology Data Exchange (ETDEWEB)

    Forsberg, Kaj; Fritz, Peter

    2003-11-01

    The regulation of distribution utilities is evolving from the traditional approach based on a cost of service or rate of return remuneration, to ways of regulation more specifically focused on providing incentives for improving efficiency, known as performance-based regulation or ratemaking. Modern regulation systems are also, to a higher degree than previously, intended to simulate competitive market conditions. The Market Design 2003-conference gathered people from 18 countries to discuss 'Methods to regulate unbundled transmission and distribution business on electricity markets'. Speakers from nine different countries and backgrounds (academics, industry and regulatory) presented their experiences and most recent works on how to make the regulation of unbundled distribution business as accurate as possible. This paper does not claim to be a fully representative summary of everything that was presented or discussed during the conference. Rather, it is a purposely restricted document where we focus on a few central themes and experiences from different countries.

  16. Optimal Commodity Taxation and Income Distribution

    OpenAIRE

    Benassi, Corrado; Randon, Emanuela

    2015-01-01

    We consider the interplay between income distribution and optimal commodity taxation, linking equity issues to optimal taxes through the effect of income distribution on market demand and its price elasticity. We find conditions to conciliate the equity and efficiency tradeoff and to assess the impact of inequality changes on the optimal taxation of necessity and luxury goods. We show that the regressivity or progressivity of the tax system is determined by the distribution of luxuries and ne...

  17. LNG: a commodity in the making

    Energy Technology Data Exchange (ETDEWEB)

    Chabrelie, M.F

    2006-07-01

    Although still far from being a commodity, LNG is undoubtedly emerging as an essential vector for world gas expansion. The flexibility it procures in terms of supply is of prime importance for future market equilibrium. Despite a number of uncertainties and constraints liable to thwart the realisation of the most optimistic growth prospects, the LNG trade remains wedded to rapid growth of about 7%/year by 2020, boosting its share of world gas trade to some 38% by that horizon. (author)

  18. LNG: a commodity in the making

    International Nuclear Information System (INIS)

    Chabrelie, M.F.

    2006-01-01

    Although still far from being a commodity, LNG is undoubtedly emerging as an essential vector for world gas expansion. The flexibility it procures in terms of supply is of prime importance for future market equilibrium. Despite a number of uncertainties and constraints liable to thwart the realisation of the most optimistic growth prospects, the LNG trade remains wedded to rapid growth of about 7%/year by 2020, boosting its share of world gas trade to some 38% by that horizon. (author)

  19. LNG: a commodity in the making

    International Nuclear Information System (INIS)

    Chabrelie, M.F.

    2006-01-01

    Although still far being a commodity, LNG is undoubtedly emerging as an essential vector for world gas expansion. The flexibility it procures in terms of supply is of prime importance for future market equilibrium. Despite a number of uncertainties and constraints liable to thwart the realization of the most optimistic growth prospects, the LNG trade remains wedded to rapid growth of about 7% year by 2020, boosting its share of world gas trade to some 38% by that horizon. (author)

  20. Incorporating agroforestry approaches into commodity value chains.

    Science.gov (United States)

    Millard, Edward

    2011-08-01

    The productivity of tropical agricultural commodities is affected by the health of the ecosystem. Shade tolerant crops such as coffee and cocoa benefit from environmental services provided by forested landscapes, enabling landscape design that meets biodiversity conservation and economic needs. What can motivate farmers to apply and maintain such landscape approaches? Rather than rely on a proliferation of externally funded projects new opportunities are emerging through the international market that buys these commodities. As part of their growing commitment to sustainable supply chains, major companies are supporting agroforestry approaches and requiring producers and traders to demonstrate that the source of their commodities complies with a set of principles that conserves forested landscapes and improves local livelihoods. The paper presents examples of international companies that are moving in this direction, analyzes why and how they are doing it and discusses the impact that has been measured in coffee and cocoa communities in Latin America and Africa. It particularly considers the role of standards and certification systems as a driver of this commitment to promote profitable operations, environmental conservation and social responsibility throughout the coffee and cocoa value chains. Such approaches are already being taken to scale and are no longer operating only in small niches of the market but the paper also considers the limitations to growth in this market-based approach.

  1. Incorporating Agroforestry Approaches into Commodity Value Chains

    Science.gov (United States)

    Millard, Edward

    2011-08-01

    The productivity of tropical agricultural commodities is affected by the health of the ecosystem. Shade tolerant crops such as coffee and cocoa benefit from environmental services provided by forested landscapes, enabling landscape design that meets biodiversity conservation and economic needs. What can motivate farmers to apply and maintain such landscape approaches? Rather than rely on a proliferation of externally funded projects new opportunities are emerging through the international market that buys these commodities. As part of their growing commitment to sustainable supply chains, major companies are supporting agroforestry approaches and requiring producers and traders to demonstrate that the source of their commodities complies with a set of principles that conserves forested landscapes and improves local livelihoods. The paper presents examples of international companies that are moving in this direction, analyzes why and how they are doing it and discusses the impact that has been measured in coffee and cocoa communities in Latin America and Africa. It particularly considers the role of standards and certification systems as a driver of this commitment to promote profitable operations, environmental conservation and social responsibility throughout the coffee and cocoa value chains. Such approaches are already being taken to scale and are no longer operating only in small niches of the market but the paper also considers the limitations to growth in this market-based approach.

  2. THE CONTRADICTIONS OF THE FORMATION OF FUNCTIONAL AND TARGET REGULATION OF THE STOCK MARKET OF UKRAINE

    Directory of Open Access Journals (Sweden)

    A. Kalach

    2013-07-01

    Full Text Available The characteristics of formation of the inversion type of the stock market and its contradictions were investigated, the necessity of transition to a functional-target regulation of the stock market was proved the ways of optimization of the institutional system by integrating the functions of regulatory authorities were proposed.

  3. Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines.

    Science.gov (United States)

    Mackintosh, Maureen; Chaudhuri, Sudip; Mujinja, Phares Gm

    2011-02-28

    Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs) in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action.

  4. Characteristics of the prices of operating reserves and regulation services in competitive electricity markets

    International Nuclear Information System (INIS)

    Wang Peng; Zareipour, Hamidreza; Rosehart, William D.

    2011-01-01

    In this paper, characteristics of the prices of reserves and regulation services in the Ontario, New York and ERCOT electricity markets are studied. More specifically, price variability, price jumps, long-range correlation, and non-linearity of the prices are analyzed using the available measures in the literature. For the Ontario electricity market, the prices of 10-min spinning, 10-min non-spinning, and 30-min operating reserves for the period May 1, 2002 to December 31, 2007 are analyzed. For the New York market, prices of the same reserves plus regulation service are studied for the period February 5, 2005 to December 31, 2008. For the ERCOT market, we analyze the prices of responsive reserve, regulation up and regulation down services, for the period January 1, 2005 to December 31, 2009. The studied characteristics of operating reserve and regulation prices are also compared with those of energy prices. The findings of this paper show that the studied reserve and regulation prices feature extreme volatility, more frequent jumps and spikes, different peak price occurrence time, and lower predictability, compared to the energy prices. - Research highlights: → We examine various statistical characteristics of reserve and regulation prices. → We compare characteristics of reserve and regulation and energy prices. → Reserve and regulation prices feature different patterns from energy prices. → Reserve and regulation prices are more dispersive and volatile than energy price.

  5. Brightening up: the effect of the Physician Payment Sunshine Act on existing regulation of pharmaceutical marketing.

    Science.gov (United States)

    Gorlach, Igor; Pham-Kanter, Genevieve

    2013-01-01

    With the passage of the Physician Payment Sunshine Act as part of the federal health care reform law, pharmaceutical manufacturers are now required to disclose a wide range of payments made by manufacturers to physicians. We review current state regulation of pharmaceutical marketing and consider how the federal sunshine provision will affect existing marketing regulation. We analyze the legal and practical implications of the Physician Payment Sunshine Act. © 2013 American Society of Law, Medicine & Ethics, Inc.

  6. Retail gas markets - a case of regulated deregulation?

    International Nuclear Information System (INIS)

    Wood, T.

    2001-01-01

    While much has been said recently on the introduction of full retail contestability in Australia's gas markets, the process is far from over. The General Manager (Retail) with Origin Energy-and a new addition to the Australian Gas Association Board-provides an overview of the process to date, and how it might progress in the future. He concluded that in Australia, the retail gas market is relatively small and the processes initiated to achieve full retail competition are still largely fragmented across jurisdictions. These factors have potential to generate costs which could severely dent, if not exceed the anticipated benefit of competition

  7. The role of power exchanges for the creation of a single European electricity market: market design and market regulation

    International Nuclear Information System (INIS)

    Boisseleau, F.

    2004-01-01

    The electricity sector worldwide is undergoing a fundamental transformation of its institutional structure as a consequence of the complex interactions of political, economic and technological forces. The way the industry is organized is changing from vertically integrated monopolies to unbundled structures that favor market mechanisms. This process in Europe, known as the liberalization process, has had a wide impact on the European electricity industry. The focus of this dissertation is an analysis of the role of electricity power exchanges in the recently liberalized electricity markets of Europe. In the context of creating a competitive electricity market at a European level, the key questions considered are the functioning of these power exchanges with respect to electricity characteristics, market design and regulatory framework. In Europe, very little attention has been paid to the role of these new marketplaces and to the issue of market design in general. Hence the main purpose of this work was to analyze how these marketplaces facilitate the trading of electricity and the role they can play in the construction of a pan-European competitive electricity market. An analysis of power exchange requires taking into account the 'double-duality' of such institutions. One, power exchanges are both a market and an institution. As a market they facilitate the trading of electricity and determine an equilibrium price. As an institution power exchanges have their own objectives and constraints, and play a role in the market design of the overall electricity market. Two, the relationship between electricity power exchanges and liberalization is neither linear nor one way: liberalization encourages the birth of such marketplaces yet marketplaces are more than the results of such process, they are also a driving force of the liberalization process. This thesis is divided into three parts. The current situation in Europe and different existing theoretical approaches in

  8. Integration of REDD into the international carbon market: Implications for future commitments and market regulation

    OpenAIRE

    Dixon, Alistair; Anger, Niels; Holden, Rachel; Livengood, Erich

    2008-01-01

    Integrating reduced emissions from deforestation and degradation (REDD) into a post-Kyoto intergovernmental carbon market could significantly decrease global carbon prices and the costs of mitigating climate change. We investigate this impact by simulating the impact of the supply of REDD units on the international carbon market in 2020 under unlimited and restricted exchange conditions. We find restricting supply or demand of REDD credits reduces such price impacts, but comes at the cost of ...

  9. Liquidity in High Frequency Trading under the Market Microstructure——Empirical Research Based on the Commodity Futures%市场微观结构下高频交易流动性——基于我国商品期货市场的实证研究

    Institute of Scientific and Technical Information of China (English)

    刘文文; 乔高秀

    2016-01-01

    市场微观结构是研究价格形成过程的一门学科,在市场微观结构下进行的交易是高频交易的核心.高频交易者在市场中提供流动性,但与知情交易者交易时会遭受损失,指令流逆向选择高频交易者,这些指令流被认为是有毒的.首先采用一种全新的方法(VPIN)测量我国商品期货市场上的指令流毒性,再次通过蒙特卡洛模拟验证了各种参数组合下VPIN的精确性,最后采用Granger因果检验研究了VPIN与波动之间的关系.实证结果表明VPIN可以较好的预测商品期货市场中的指令流毒性,跟踪VPIN值可以使流动性提供者控制头寸风险,监管者可以监控市场的流动性质量,提前限制交易或者加强市场监管.本文研究对未来期权市场引入做市商制度具有一定理论指导及现实意义.%Market microstructure is a subject that unveils the process of the research on pricing,the trading under this structure is the core of high frequency trading.Order flow is regarded as toxic when it adversely selects high frequency traders,who are unaware that they are providing liquidity at their own loss.First this paper uses the newest method (VPIN) to measure order flow toxicity in commodity futures.Second,Monte Carlo experiments show VPIN to be accurate for all theoretically possible combinations of parameters.Finally,Granger causality test confirms that the VPIN metric has forecasting power on the magnitude of returns.The empirical results show that VPIN can predict the flow toxicity in commodity futures.Tracking the VPIN would allow market makers or liquidity provider to control their risk.Regulator can monitor the "quality" of liquidity provision,and can pro-actively move to restrict trading or impose market controls.Therefore,this paper can provide theoretical guidance and practical significance for options market introducing market maker system in the future.

  10. Biomass power generation in competitive markets - The impact of instruments and regulations

    International Nuclear Information System (INIS)

    Ackermann, Thomas; Soeder, Lennart

    1999-01-01

    This paper presents and briefly evaluates the most important existing market instruments and market schemes which support the development of renewable energy generation as well as the impact of market regulations on the development of biomass power generation. The evaluation of the existing instruments focuses on the incentives provided by the various instruments to reduce production costs. The instruments and schemes are: Feed-in Tariffs, Net Metering, Bidding Process, Fixed Quotas, Green Certificate Trading, Green Power Exchange, Green Pricing. Feed-in tariffs and net metering are important instruments to get the different technologies 'off the ground', however, they can only be considered an interim solution as they do not necessarily lead to cost reduction. A bidding process is one way to achieve these cost reductions, but high transaction costs will support the development of large renewable energy projects, which is not always the desired effect. Fixed quotas combined with green certificate trading or a power exchange in combination with Green Pricing seem to lead to similar costs reduction, however, so far there is only limited experience with such instruments. The analysis of the impact of market regulations focuses on international electricity markets with a power exchange. Such markets exist, for example, in Scandinavia, England and Wales, Australia, New Zealand and California. The analysis showed that new distributed generation, for example based on biomass, faces significant market barriers. Furthermore, distributed generation is not treated equally within the market regulations compared to large-scale power generation

  11. Tips for Organizing an Educational Agricultural Commodity Trading Club

    Science.gov (United States)

    Yost, John

    2011-01-01

    Educational commodity marketing clubs have been an effective tool for producers to develop their grain and livestock marketing skills. These groups are further enhanced when the participants engage in "actual trading" versus "paper trading" techniques. When a club chooses to try actual trading, it becomes more complicated than pooling monies…

  12. Regulating financial markets: Costs and trade-offs

    NARCIS (Netherlands)

    Górnicka, L.A.

    2015-01-01

    This thesis studies the interactions between the institutional design of financial systems, and the financial agents that regulatory institutions supervise. It explores the channels through which financial regulation affects financial agents’ lending, funding, and risk-taking decisions. By

  13. Inside the black box: incentive regulation and incentive channeling on energy markets

    NARCIS (Netherlands)

    K. Heine (Klaus)

    2013-01-01

    textabstractThis paper aims to achieve more insight into the complex interplay between the "external" market regulations and "internal" regulations (corporate governance) of energy firms. In recent years, many countries have deregulated the incumbent energy monopolies and have introduced new modes

  14. Marketing of food and beverage in Brazil: scientific literature review on regulation and self-regulation of advertisements

    OpenAIRE

    Aline Kassahara; Flavia Mori Sarti

    2017-01-01

    The effects of marketing strategies for promotion of foods and beverages have been investigated due to its potential impacts on populations’ food choices, particularly among children and adolescents. The paper presents an academic literature review on regulation and self-regulation of food and beverage advertisements in Brazil, based on search performed in electronic databases. Majority of studies were based on law analysis or qualitative study of advertisements. There are sufficient evidence...

  15. Determinants of Renewable Energy Innovation: Environmental Policies vs. Market Regulation

    International Nuclear Information System (INIS)

    Vona, Francesco; Nesta, Lionel; Nicolli, Francesco

    2012-02-01

    This paper carries out a comprehensive analysis of renewable energy innovations considering four mechanisms suggested by innovation models: 1. policy-inducement; 2. market structure; 3. demand and social cohesion- mainly proxied by income inequality; 4. characteristics of country knowledge base. For OECD countries and years 1970-2005, we build a unique dataset containing time-varying information on quality-adjusted patent production in renewable energy, the latter being a function of environmental policies, green R and D, entry barriers, knowledge stock, knowledge diversity and income inequality. We develop count data models using the Generalized Method of Moments (GMM) to account for endogeneity of policy support. Our synthetic policy index positively affects innovations especially in countries with deregulated energy markets and low entry barriers. The effect of entry barriers and inequality is negative and of similar magnitude as that of policy. Product market liberalization positively affects green patent generation, especially so when ambitious policies are adopted, when the initial level of public R and D expenditures and when the initial share of distributed energy generation is high. Our results are robust to alternative specifications, to the inclusion of technology-specific effects and to the use of quality-adjusted patents as dependent variables. In the latter case, the estimated effect of lowering entry barriers and of knowledge diversity almost double on citation count relatively to patent count. (authors)

  16. Increase of food commodities prices and their relationship with biofuels

    International Nuclear Information System (INIS)

    Ortiz-Alvarez, Marianela; Piloto-Rodríguez, Ramón

    2017-01-01

    Biofuels are without any doubt, an alternative to the actual energy matrix. In this work, through the analysis of the main influencing factors in the increase of food commodities prices, is demonstrated that this phenomena is not exclusive due to biofuels production. Comparing the food commodities prices with biofuels production and petroleum prices respectively, a stronger correlation between food and petroleum prices was observed, demonstrating the strong influence of the conventional energy market on agricultural products. (author)

  17. Obesity and industry self-regulation of food and beverage marketing: a literature review.

    Science.gov (United States)

    Ronit, K; Jensen, J D

    2014-07-01

    Obesity is a growing concern at national and international levels, and it is increasingly recognised that the industry has a role in and hence needs to be involved in halting the obesity epidemic. The objective of this study is to describe, analyse and evaluate research on industry self-regulation regarding food and beverage marketing and nutrition labelling. Five databases were searched for combinations of the search terms-obesity, nutrition, food, beverages, industry, self-regulation, labelling, advertising and marketing-and papers were selected on the basis of paper titles and, subsequently, on the basis of abstracts. Of the 4978 identified publications, 22 were included in the final review. The studies show that commitments in industry self-regulation schemes tend to be relatively vague and permissive, that the measurable effects of the self-regulations tend to be relatively small and that some extent of public regulation may catalyse the effectiveness of industry self-regulation. Although the reviewed studies vary in terms of analytic units and methods applied, they generally stress an ineffectiveness of existing self-regulation schemes. Food industry self-regulation in relation to obesity prevention is an emerging field of research, and further research is needed in such schemes' definitions of regulatory standards, their monitoring and sanctioning mechanisms, and their interactions with public regulation, if industry self-regulation of marketing behaviour is to become an effective and credible approach.

  18. Market effects of environmental regulation: coal, railroads, and the 1990 Clean Air Act

    Energy Technology Data Exchange (ETDEWEB)

    Busse, M.R.; Keohane, N.O. [University of California Berkeley, Berkeley, CA (United States)

    2007-01-01

    Many environmental regulations encourage the use of 'clean' inputs. When the suppliers of such an input have market power, environmental regulation will affect not only the quantity of the input used but also its price. We investigate the effect of the Title IV emissions trading program for sulfur dioxide on the market for low-sulfur coal. We find that the two railroads transporting coal were able to price discriminate on the basis of environmental regulation and geographic location. Delivered prices rose for plants in the trading program relative to other plants, and by more at plants near a low-sulfur coal source.

  19. The Spanish gasoline market: From ceiling regulation to open market pricing

    International Nuclear Information System (INIS)

    Contin, I.; Correlje, A.; Huerta, E.

    1999-01-01

    This paper examines the evolution of the Spanish gasoline market from the abolition of the state oil monopoly (January 1993) to complete liberalization (October 1998). With the restructuring of the Spanish oil sector during the 1980s and early 1990s, a highly concentrated oligopoly emerged in the automotive fuels market. A system of price ceilings replaced the state administered prices in July 1990. Since then, new domestic and foreign operators have entered the market, particularly along the coast, near import terminals. Prices went up and then declined. These developments can be explained by an interplay of factors such as: the gradual decline in co-operation among the Spanish firms; the loss of market share of the largest of these, Repsol; the entry of independent operators and supermarkets; and the impact of the ceiling price system. By mid-1998 this system was abolished as the government considered it an impediment to further market liberalization. However, some crucial barriers to the entry of new suppliers remain

  20. Dialectics of public and market regulation of a region and municipality socio-economic development

    Directory of Open Access Journals (Sweden)

    Aleksandr Ivanovich Tatarkin

    2014-03-01

    Full Text Available Motives of improving public regulation influence to socio-economic and social processes, increasing quality and effectiveness of public (PR and market (MR regulators, their optimal and flexible cooperation were examined in the article. The essence and content of public-legal regulators (PLR in the sustainable and balanced development of territories, regions and country as a whole was reviewed. The PLR was classified by criteria of the “scale” of their regulation influence, regulation methods and consequences. Special attention was paid to the quality of PLR of federal and intergovernmental relations at the regional and municipal levels. Recommendations to improve the effectiveness of public and market regulators in regional and territorial development were suggested.

  1. Statistical microeconomics and commodity prices: theory and empirical results.

    Science.gov (United States)

    Baaquie, Belal E

    2016-01-13

    A review is made of the statistical generalization of microeconomics by Baaquie (Baaquie 2013 Phys. A 392, 4400-4416. (doi:10.1016/j.physa.2013.05.008)), where the market price of every traded commodity, at each instant of time, is considered to be an independent random variable. The dynamics of commodity market prices is given by the unequal time correlation function and is modelled by the Feynman path integral based on an action functional. The correlation functions of the model are defined using the path integral. The existence of the action functional for commodity prices that was postulated to exist in Baaquie (Baaquie 2013 Phys. A 392, 4400-4416. (doi:10.1016/j.physa.2013.05.008)) has been empirically ascertained in Baaquie et al. (Baaquie et al. 2015 Phys. A 428, 19-37. (doi:10.1016/j.physa.2015.02.030)). The model's action functionals for different commodities has been empirically determined and calibrated using the unequal time correlation functions of the market commodity prices using a perturbation expansion (Baaquie et al. 2015 Phys. A 428, 19-37. (doi:10.1016/j.physa.2015.02.030)). Nine commodities drawn from the energy, metal and grain sectors are empirically studied and their auto-correlation for up to 300 days is described by the model to an accuracy of R(2)>0.90-using only six parameters. © 2015 The Author(s).

  2. Innovation in energy networks. A study on the changing relation between regulation, technology and market in liberalized energy markets

    International Nuclear Information System (INIS)

    Kuenneke, R.W.; Bouwmans, I.; Kling, W.L.; Slootweg, J.G.; Stout, H.D.; De Vries, L.J.; Van Poelje, H.; Wolters, M.

    2001-10-01

    The purpose of this study is to contribute to the development a view on the future of the energy infrastructure for the next 10-15 years, including the related regulation, focusing on the strategic options for development of networks. Attention is paid to (1) planning concepts (to what extent should existing planning concepts be revised as a result of liberalization and technical innovation); and (2) positioning of networks (what are the consequences of the separation of energy markets in commercial and regulated sectors for the development of the energy sector) [nl

  3. The role of government in a competitive power market : strategic behaviors and regulation

    Energy Technology Data Exchange (ETDEWEB)

    Kim, N.Y. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-12-01

    Restructuring in the Korean power industry has fundamentally changed the role of government. The role of government in a new environment may include : (1) promoting competition (2) prohibiting collusion or unfair trade practices (3) securing uninterrupted power supply (4) providing universal services to consumers (5) implementing appropriate price regulation. Focusing on the first two issues, this report has analyzed anti-competitive strategic behaviors and an impact of market power and tried to provide regulatory guidelines. This report surveyed three types of theoretical models analyzing a bidding behavior in an electric power market. The Cournot model is applied to the Korean electricity market. The following policy implications are derived. (1) The Cournot-Nash equilibrium price can be regarded as a threshold in market surveillance. (2) Had the fossil stations been divided among six instead of five companies, then market power would have been weakened in a reasonable degree. This finding also renders some implications with respect to business permission, divestiture, and merger. Among those, it is argued that a large new entrant rather than small IPPs contributes to increasing competition and lowering market power. (3) Increase in responsiveness of final demand to wholesale price fluctuation is an important factor to lower the Cournot equilibrium price and so market power. Therefore, appropriate regulatory system should be arranged to make power demand more elastic. (4) Activating contract markets such as CfD and introducing the capacity credit market can greatly help to lower market power. (author). 36 refs., 26 figs., 4 tabs.

  4. Forbearance, Regulation, and Market Power in Natural Gas Storage: The Case of Ontario

    Energy Technology Data Exchange (ETDEWEB)

    Brown, D.; Ware, R.; Wetston, H.

    2007-07-01

    In late 2006 the Ontario Energy Board rendered a landmark decision to forbear from the price regulation of natural gas storage services. This paper examines the key issues and provides some economic analysis of the evidence. The decision followed a proceeding during which evidence was given on whether the market for storage is competitive or is subject to significant market power possessed by dominant and incumbent utility firms in the province. Intervenors in the proceeding were in broad agreement on the use of standard concepts from North American antitrust analysis of merger reviews: identification of the relevant product and geographic markets, analysis of market structure within the relevant market, and assessment of barriers to entry. A critical issue at the hearing was the extent of the geographic market; a broad market encompassing U.S. storage facilities in neighbouring states supports a finding of competition, whereas a narrower geographic market restricted to Ontario makes market power more likely. Since gas storage is only as functional as the pipelines connected to it, evidence was directed at assessing the availability of pipeline capacity in both primary and secondary markets. (auth)

  5. Three essays on regulated markets. Renewable energies, hospital competition and health insurance

    Energy Technology Data Exchange (ETDEWEB)

    Unfried, Matthias

    2012-11-15

    This doctoral thesis presents an analysis of regulated markets especially focusing on the behavior of the actors, the effects of regulatory interventions on market outcome, and the necessity of the regulation itself. With respect to the particular characteristics, three different markets are analyzed: the German market for photovoltaic capacity, the German hospital sector, and the market for health insurance with respect to outpatient care. Chapter two provides an analysis of the German system of feed-in tariffs for photovoltaic power with respect to effectiveness and efficiency. To ensure a certain volume of investment in photovoltaic capacity investors receive fixed feed-in tariffs for 20 years for each unit of energy they feed into the grid. This remuneration is reduced according to a certain cut-off scheme for devices which will be installed in the future. In the past view years, an enormous volume of photovoltaic devices has been installed, especially in the weeks before the cut-offs. To analyze the efficiency and the effectiveness of the German feed-in tariff system, first, the determinants of such investment are analyzed by estimating an Error Correction model. The results of the estimation are used to simulate alternative mechanisms of adjusting the feed-in tariffs and compare them to the current regime in terms of target achievement and social costs. One of the key results is that the current system causes early investments, but does not induce over-investment. Moreover, it is shown that a system of continuously adjusted feed-in tariffs could be more appropriate than the current regime and that the adjustment should be related to the investment costs. In chapter three, the German hospital market which is characterized by regulated treatment fees and several different ownership types is analyzed. This part of the thesis tries to answer the question how the existence of non-profit hospitals influences market outcome and welfare compared to a market where

  6. Water : a commodity or resource?

    International Nuclear Information System (INIS)

    Pomeroy, G.

    2003-01-01

    Over the past several years, natural gas demand has increased significantly, as it is seen as an environmentally friendly, convenient and cost effective fuel. As a result, Alberta should experience the development of a sustainable resource in the form of natural gas from coal, provided adequate management of associated water is in place. The environmental impact and volume of water produced with natural gas from coal can be significant. Water is scarce and demand is growing. Gas producers are faced with the challenge of high water production and disposal costs, and often choose the deep disposal option as the most economical solution. However, environmentalists and agriculture groups who view water as a valuable resource, warrant the costs associated with the treatment of produced water. The author proposed a conceptual solution to this dilemma concerning produced water. It was suggested that producers of water should be connected with consumers, while allowing free market supply and demand dynamics to price out the inefficient use of the resource. The author also discussed the related regulatory, environmental, technological, economic, and commercial issues. It was concluded that water is both a resource and a commodity. Alberta should implement measures to promote water conservation, pollute less, and manage supply and demand. figs

  7. Legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading

    International Nuclear Information System (INIS)

    Retsch, Alexander T.

    2014-01-01

    The thesis on legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading include the discussion of the following issues: market abuse, its forms of appearance (market manipulation, insider trade, insider information), electricity spot trading, relevant legislative frame, market abuse regulations (WpHG), interdiction of market manipulation and related regulations.

  8. How does the alcohol industry attempt to influence marketing regulations? A systematic review

    Science.gov (United States)

    Fooks, Gary; Gilmore, Anna B.

    2016-01-01

    Abstract Aim To systematically review, using a qualitative, narrative synthesis approach, papers examining alcohol industry efforts to influence alcohol marketing policy, and compare with those used by the tobacco industry. Methods Literature searches were conducted between April and July 2011, and updated in March 2013. Papers were included if they: made reference to alcohol industry efforts to influence (a) policy debates concerning marketing regulations, (b) new specific marketing policies or (c) broad alcohol policy which included marketing regulations; were written in English; and concerned the period 1990–2013. Alcohol industry political activity was categorized into strategies/tactics and frames/arguments. Data extraction was undertaken by the lead author and 100% of the papers were fully second‐reviewed. Seventeen papers met the review criteria. Results Five main political strategies and five main frames were identified. The alcohol industry argues against marketing regulation by emphasizing industry responsibility and the effectiveness of self‐regulation, questioning the effectiveness of statutory regulation and by focusing on individual responsibility. Arguments relating to industry responsibility are often reinforced through corporate social responsibility activities. The industry primarily conveys its arguments through manipulating the evidence base and by promoting ineffective voluntary codes and non‐regulatory initiatives. Conclusions The alcohol industry's political activity is more varied than existing models of corporate political activity suggest. The industry's opposition to marketing regulation centres on claims that the industry is responsible and that self regulation is effective. There are considerable commonalities between tobacco and alcohol industry political activity, with differences due potentially to differences in policy contexts and perceived industry legitimacy. PMID:26173765

  9. How does the alcohol industry attempt to influence marketing regulations? A systematic review.

    Science.gov (United States)

    Savell, Emily; Fooks, Gary; Gilmore, Anna B

    2016-01-01

    To systematically review, using a qualitative, narrative synthesis approach, papers examining alcohol industry efforts to influence alcohol marketing policy, and compare with those used by the tobacco industry. Literature searches were conducted between April and July 2011, and updated in March 2013. Papers were included if they: made reference to alcohol industry efforts to influence (a) policy debates concerning marketing regulations, (b) new specific marketing policies or (c) broad alcohol policy which included marketing regulations; were written in English; and concerned the period 1990-2013. Alcohol industry political activity was categorized into strategies/tactics and frames/arguments. Data extraction was undertaken by the lead author and 100% of the papers were fully second-reviewed. Seventeen papers met the review criteria. Five main political strategies and five main frames were identified. The alcohol industry argues against marketing regulation by emphasizing industry responsibility and the effectiveness of self-regulation, questioning the effectiveness of statutory regulation and by focusing on individual responsibility. Arguments relating to industry responsibility are often reinforced through corporate social responsibility activities. The industry primarily conveys its arguments through manipulating the evidence base and by promoting ineffective voluntary codes and non-regulatory initiatives. The alcohol industry's political activity is more varied than existing models of corporate political activity suggest. The industry's opposition to marketing regulation centres on claims that the industry is responsible and that self regulation is effective. There are considerable commonalities between tobacco and alcohol industry political activity, with differences due potentially to differences in policy contexts and perceived industry legitimacy. © 2015 The Authors. Addiction published by John Wiley & Sons Ltd on behalf of Society for the Study of

  10. Environmental policies and regulations on the electricity market in EC

    International Nuclear Information System (INIS)

    Boucher, J.

    1990-01-01

    The use of natural resources like ground and water, the emissions of noxious gases and particles, the thermal rejections, the production of waste and the noise are the main environmental impacts associated with the production of electricity. Emission regulations and standards have been selected so far by the European Community (EC) and the different Member States to deal with the abatement problem. They simply consist in defining some ceilings or regulations for the different types of noxious gases and particles which are emitted by power plants and forcing the power generation companies to comply with these norms within some pre-determined time period. They can also take the form of a general constraint on the sulfur content of the fuel, for example. Tables of emission limits for various gases from existing and new plants are presented. 3 figs., 8 tabs

  11. Financial Market Regulation in Germany - Capital Requirements of Financial Institutions

    Directory of Open Access Journals (Sweden)

    Daniel Karl Detzer

    2015-03-01

    Full Text Available This paper examines capital adequacy regulation in Germany. The first part reviews capital adequacy regulation from the 1930s up to the financial crisis and identifies two main trends: a gradual softening of the eligibility criteria for equity and increasing reliance on internal risk models. While the first trend has been reversed following the financial crisis, internal risk models still play a central role. Therefore, the second part discusses the problems with the use of internal risk models and discusses the potentials of Basel 2.5 and Basel III to alleviate the identified problems. It is concluded that the relevant problems are not resolved. Therefore, in the final part some suggestions of how the problems could be addressed properly are given.

  12. Policy Approaches for Regulating Alcohol Marketing in a Global Context: A Public Health Perspective.

    Science.gov (United States)

    Esser, Marissa B; Jernigan, David H

    2018-04-01

    Alcohol consumption is responsible for 3.3 million deaths globally or nearly 6% of all deaths. Alcohol use contributes to both communicable and noncommunicable diseases, as well as violence and injuries. The purpose of this review is to discuss, in the context of the expansion of transnational alcohol corporations and harms associated with alcohol use, policy options for regulating exposure to alcohol marketing. We first provide an overview of the public health problem of harmful alcohol consumption and describe the association between exposure to alcohol marketing and alcohol consumption. We then discuss the growth and concentration of global alcohol corporations and their marketing practices in low- and middle-income countries, as well as in higher-income societies. We review the use and effectiveness of various approaches for regulating alcohol marketing in various countries before discussing challenges and opportunities to protect public health.

  13. Pension fund regulation: Unintended consequences of foreign investment restrictions in an emerging market economy

    Directory of Open Access Journals (Sweden)

    Coert Frederik Erasmus

    2016-12-01

    Full Text Available Retirement savings allow investors to earn income after retirement by saving while being part of the workforce. Retirement savings comprise the largest portion of retirement savings and should be safeguarded by effective regulation. To safeguard retirement savings, exposure to foreign asset investments is limited. However, in an emerging economy, limiting foreign asset investments, especially investment in developed markets, could hamper the potential investment returns due to the translation risk. To assess the effect of translation risk, a preservation provident fund was used in the present study to determine whether the returns of this preservation provident fund would be adversely affected by investment allocation regulation. The findings indicated how the translation effect affected the preservation provident fund, illustrating the adverse unintended consequences of investment regulation in emerging market economies. Consequently, regulators should reconsider the maximum allowed foreign asset investment in pension fund regulations to enhance investment returns from foreign asset investments

  14. Solution to marketing; Marketing solution

    Energy Technology Data Exchange (ETDEWEB)

    Takahashi, Y.; Fukushima, T.; Kanezuka, A. [Fuji Electric Co. Ltd., Tokyo (Japan)

    2000-05-10

    Fuji Electric in cooperation with Citation Japan Co., Ltd. and Asahi Arthur Andersen Limited has developed the 'marketing analysis support system' which supports the integrated analysis of evaluation factors of various dimensions and efficient commodity development and demand estimation in the enterprise. With this system, more precise marketing analysis and estimation are made possible by analyzing a commodity into evaluation factors from psychological and physical points of view and further making various multivariate analyses. (author)

  15. Competition, regulation, and pricing behavior in the Spanish retail gasoline market

    OpenAIRE

    Contín Pilart, Ignacio; Correljé, Aad F.; Palacios, María Blanca

    2006-01-01

    The restructuring of the Spanish oil industry produced a highly concentrated oligopoly in the retail gasoline market. In June 1990 the Spanish government introduced a system of ceiling price regulation in order to ensure that "liberalization" was accompanied by adequate consumer protection. This paper examines the pricing behavior of the retail gasoline market using multivariate error correction models over the period January 1993 (abolishment of the state monopoly)-December 2004. The results...

  16. Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines

    Directory of Open Access Journals (Sweden)

    Chaudhuri Sudip

    2011-02-01

    Full Text Available Abstract Background Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. Methods The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Results Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. Conclusions We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action.

  17. Markets, citizenship and rights: state regulation of labour migration in Malaysia and Spain

    OpenAIRE

    Garcés-Mascareñas, B.

    2010-01-01

    The State regulation of labour migration seems to be confronted with a double dilemma. First, while markets require a policy of open borders to provide as many migrant workers as demanded, citizenship seems to require some degree of closure to the outside. Second, while the exclusive character of citizenship demands closed membership, civil and human rights seem to undermine the State capacity to exclude foreigners once in the country. The present thesis analyses this trilemma between markets...

  18. Can NGOs regulate medicines markets? Social enterprise in wholesaling, and access to essential medicines

    Science.gov (United States)

    2011-01-01

    Background Citizens of high income countries rely on highly regulated medicines markets. However low income countries' impoverished populations generally struggle for access to essential medicines through out-of-pocket purchase on poorly regulated markets; results include ill health, drug resistance and further impoverishment. While the role of health facilities owned by non-governmental organisations (NGOs) in low income countries is well documented, national and international wholesaling of essential medicines by NGOs is largely unstudied. This article describes and assesses the activity of NGOs and social enterprise in essential medicines wholesaling. Methods The article is based on a set of interviews conducted in 2006-8 with trading NGOs and social enterprises operating in Europe, India and Tanzania. The analysis applies socio-legal and economic perspectives on social enterprise and market regulation. Results Trading NGOs can resist the perverse incentives inherent in medicines wholesaling and improve access to essential medicines; they can also, in definable circumstances, exercise a broader regulatory influence over their markets by influencing the behaviour of competitors. We explore reasons for success and failure of social enterprise in essential medicines wholesaling, including commercial manufacturers' market response; social enterprise traders' own market strategies; and patterns of market advantage, market segmentation and subsidy generated by donors. Conclusions We conclude that, in the absence of effective governmental activity and regulation, social enterprise wholesaling can improve access to good quality essential medicines. This role should be valued and where appropriate supported in international health policy design. NGO regulatory impact can complement but should not replace state action. PMID:21356076

  19. Competition in energy markets - law and regulation in the European Union

    International Nuclear Information System (INIS)

    Cameron, Peter Duncanson; Brothwood, Michael

    2002-03-01

    Analysis of the origins, aims and implementation of the EU energy directives is essential to an understanding of the emerging internal market in energy in the European Union. This book provides a detailed and practical account of the legislation and the various developments in the Member States that are leading to a competitive energy market for the first time. It explains the legislation, EU case law and the relevant national laws, regulations and competence of the enforcing authorities. (Author)

  20. 17 CFR 270.30b1-7 - Monthly report for money market funds.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Monthly report for money... money market funds. (a) Report. Every registered open-end management investment company, or series thereof, that is regulated as a money market fund under § 270.2a-7 must file with the Commission a monthly...

  1. Liberalising Dutch Energy Markets. Champions and governance, rules and regulations. The 1995-2005 stories

    International Nuclear Information System (INIS)

    De Jong, J.

    2006-09-01

    Liberalisation of Dutch energy markets was not a sudden change of policy direction, but rather the result of policy evaluations and discussions which had already been going on for quite some time when the Minister of Economic Affairs issued an Energy White Paper in early 1996, and the EU Directives for the electricity market (1996) and the gas market (1998) were introduced. The Dutch followed a two-way track, aiming at a phased market liberalisation for gas and electricity with full legal electricity network unbundling and a merger of the four large power generators into a national champion. For gas, the Dutch position as a major natural gas producer led to the proposition of a structure that was much more careful, following the EU Directive to the millimetre. Some ten years since the White Paper was issued, Dutch decision-making, legislation and regulation of the energy market has gone through a fascinating, burdensome and complex, and sometimes chaotic and frustrating process. This study highlights the importance of market dynamics and the almost unbearable and unsolvable balance between policy, legislation and regulation. Further attention is given to the role of Dte ( Office of Energy Regulation) and its evolution into a full merger with the NMa (Netherlands Competition Authority), and ownership and privatisation discussions against the backdrop of the developments in the wider European energy markets. Overall, the study concludes that it appears to be too early to tell whether energy market policies of the last decade have delivered the expected results in either quantitative or monetary terms. What the process did deliver, however, was a lot of turbulence and dynamics, a boost for innovation in marketing and technology drives, and increased awareness about consumer power in which the threat to switch in itself produces results of improved service, more transparency and increased accountability

  2. Credibility engineering in the food industry: linking science, regulation, and marketing in a corporate context.

    Science.gov (United States)

    Penders, Bart; Nelis, Annemiek P

    2011-12-01

    We expand upon the notion of the "credibility cycle" through a study of credibility engineering by the food industry. Research and development (R&D) as well as marketing contribute to the credibility of the food company Unilever and its claims. Innovation encompasses the development, marketing, and sales of products. These are directed towards three distinct audiences: scientific peers, regulators, and consumers. R&D uses scientific articles to create credit for itself amongst peers and regulators. These articles are used to support health claims on products. However, R&D, regulation, and marketing are not separate realms. A single strategy of credibility engineering connects health claims to a specific public through linking that public to a health issue and a food product.

  3. Financial markets regulation in the energy sector. A few financial aspects of energy transactions

    International Nuclear Information System (INIS)

    Simonetti, S.

    2007-01-01

    In addition to energy legislation, financial markets legislation and regulation (FMR) are becoming increasingly important for the energy sector. Consequently, parties on the energy market not only have to deal with the energy and competition authorities (the Dte and NMa respectively), but may also face supervision by The Netherlands Authority for the Financial Markets (AFM). Energy transactions may trigger certain prohibitions and obligations under financial and securities law, the most relevant of which are discussed in this article. Both the recent changes as a result of the Financial Markets Supervision Act ('Wet op het financieel toezicht', Wft) entering into force as per 1 January 2007 and the anticipated future amendments following the implementation of the Markets in Financial Instruments Directive (MiFID) are examined [nl

  4. Price formation and transmission along the food commodity chain

    Directory of Open Access Journals (Sweden)

    Ivana Blažková

    2012-01-01

    Full Text Available The article is focused on analysis of price transmission along the wheat commodity chain in the Czech Republic, with the distinction on wheat products with low value added (wheat flour, respectively high value added (wheat rolls. The degree of vertical price transmission is measured to identify potential market failures, because asymmetric price transmission can be the result of existence of market power within the food commodity chain. The data basis is made up from monthly prices on partial markets of the analyzed commodity chain published by Czech Statistical Office and Ministry of Agriculture of the Czech Republic. The monitored time period is from January 2000 till October 2009. The analysis is based on calculation of the price transmission elasticity coefficient (evaluation of price transmission along the chain and the intensity of dependency of positive and negative inter-market price differences (evaluation whether positive or negative price changes are better transmitted among particular vertical markets. Time lag is tested as well. The assessment of price transmission along the wheat commodity chain confirmed the existence of market power especially on the retail stage and low impact of price changes of farm prices on final consumer food prices.

  5. Redistribution by insurance market regulation: Analyzing a ban on gender-based retirement annuities.

    Science.gov (United States)

    Finkelstein, Amy; Poterba, James; Rothschild, Casey

    2009-01-01

    We illustrate how equilibrium screening models can be used to evaluate the economic consequences of insurance market regulation. We calibrate and solve a model of the United Kingdom's compulsory annuity market and examine the impact of gender-based pricing restrictions. We find that the endogenous adjustment of annuity contract menus in response to such restrictions can undo up to half of the redistribution from men to women that would occur with exogenous Social Security-like annuity contracts. Our findings indicate the importance of endogenous contract responses and illustrate the feasibility of employing theoretical insurance market equilibrium models for quantitative policy analysis.

  6. Design of a real time market for regulating power. FlexPower WP1 - Report 3

    Energy Technology Data Exchange (ETDEWEB)

    Bang, C.; Fock, F.; Togeby, M.

    2011-12-15

    The FlexPower project investigates the possibility of using broadcasted dynamic electricity prices as a simple and low cost means to activating a large number of flexible small-scale power units. The aim is to provide regulating power via an aggregated response from the numerous units on a volunteer basis. The power units could for example be electrical heating and cooling units, electrical vehicles, industrial demand and micro generation. Each power unit can have its own local controller and individual business model and objective function. The optimisation of the local controls may require forecasts of the services requested by the customer (such as heat for a house or charging power for an electrical vehicle) - in terms of quantity, timing and flexibility - and forecasts of the electricity prices. Based on international 'real-time' power market experiences, new dynamic FlexPower market mechanisms to perform regulating power are designed and tested via simulations, under laboratory conditions and in the field. A dedicated simulation tool is developed for this purpose. The FlexPower regulation can never be perfect, but is expected to be able to meet some of the present and future growing demand for regulating power. As a starting point, a 5-minute power price signal, based on the actual regulation power prices, is tested. WP1 addresses the following question: 1) How could a system with a one-way price be designed? How can the FlexPower mechanism be integrated into the present electricity market, including the market for regulating power? This report describes the FlexPower concept, and gives one suggestion as to how this new market could work. How this will affect the different stakeholders is discussed, and risks and opportunities in the new market are presented. (LN)

  7. Role of governance in creating a commodity hub: A comparative analysis

    Directory of Open Access Journals (Sweden)

    M.P. Haris

    2016-10-01

    Full Text Available The body of work on natural gas hubs has been expanding rapidly in recent years, with most of the current work examining the creation of gas hubs focusing on either the European experience or the North American experience. In this paper, we adopt a different perspective and place the focus on experience of hub building from other international commodities. We analyse three commodities - crude oil, iron ore and coal, and draw experience on the role of governance in development of hub based prices. In particular, we propose that the role of governance is different at different stages of the pricing transition to market based pricing. Governance could play an important role at the initial stage, building the relevant soft and physical infrastructure which facilitates the reaping of first mover advantage. As the market develops, private sector players may prefer less involvement of governance, which may distort markets. With market stabilization, governance should be focused on maintaining stable rules and regulation for private sector development, as well as monitoring for further changes in global trends. To facilitate the building of a benchmark price, the public sector should adopt a long-term and overarching view on industry growth.

  8. CONSIDERATIONS REGARDING REGULATIONS ON FINANCIAL MARKETS IN THE CONDITIONS OF ROMANIA AS A EU MEMBER STATE

    Directory of Open Access Journals (Sweden)

    ALEXANDRU CRISTIAN DOBRE

    2018-02-01

    Full Text Available Financial markets are increasingly becoming an area of major interest to the European Union in its efforts to achieve competitive global development levels similar to those of the United States. The Lisbon Agenda is a testimony to this, although the latest assessments are not at all optimistic about the achievement of the target as expected for 2010. To meet its objectives, the EU has generated a comprehensive package of regulatory initiatives, composed of directives and regulations that translate its policies into the field. The paper aims at a careful review of all of them. Approximation of investment and capital markets is made from the two major chapters of Community policies whose freedom of movement within the internal market is a fundamental desideratum of the European Union: the free movement of capital and freedom of movement of services. Financial markets are an integral part of European capital under current conditions, so development regulation helps European Union member states achieve their financial goals. At the same time, by imposing these regulations, we observe the European Union's intention to act as a starter of systems to bring to the development of states and not to leave behind the countries that are in difficulty, through a rigorous and transparent regulation of the financial markets.

  9. The tragedy of the commodity and the farce of AquAdvantage Salmon.

    Science.gov (United States)

    Clausen, Rebecca; Longo, Stefano B

    2012-01-01

    The US Food and Drug Administration is expected to approve AquAdvantage Salmon as the first genetically modified animal for human consumption. The genetic modifications allow the proprietary fish to grow at a rate twice as fast as a wild salmon, leading to greater ‘efficiency’ in terms of reduced costs and reduced time to market. This article provides an analysis of the ways in which AquAdvantage Salmon exemplifies capitalist market forces controlling and guiding the terms of salmon recovery and conservation. The authors trace historical developments within the salmon industry to demonstrate how capitalist commodity production has impacted fishing communities. They reject the oft-cited ‘tragedy of the commons’ hypothesis offered to explain fisheries crises. In its place, they offer the conceptual framework of the ‘tragedy of the commodity’ to explore how capitalist market forces and complicit state regulations amplify rather than resolve global environmental problems.

  10. The existing Nordic regulating power market. FlexPower WP1 - Report 1

    Energy Technology Data Exchange (ETDEWEB)

    Bang, C.; Fock, F.; Togeby, M.

    2011-06-15

    The FlexPower project investigates the possibility of using broadcasted dynamic electricity prices as a simple and low cost means to activating a large number of flexible small-scale power units. The aim is to provide regulating power via an aggregated response from the numerous units on a volunteer basis. The report provides a brief historical and contextual background of the Nordic electricity market. Thereafter it goes into greater detail describing the Nordic regulating power market, both how it functions in practice, and examining some of the historical trends from a Danish perspective. (LN)

  11. The organisation of work and systems of labour market regulation and social protection

    DEFF Research Database (Denmark)

    Lorenz, Edward; Lundvall, Bengt-Åke

    2011-01-01

    The paper demonstrates on the basis of date from 15 European countries that there is a close link between the form of labour market regulation and the systems of social protection on the one hand and modes of work organisation and learning on the other hand.......The paper demonstrates on the basis of date from 15 European countries that there is a close link between the form of labour market regulation and the systems of social protection on the one hand and modes of work organisation and learning on the other hand....

  12. Portfolio Diversification with Commodities in Times of Financialization

    Directory of Open Access Journals (Sweden)

    Adam Zaremba

    2015-03-01

    Full Text Available The study concentrates on the benefits of passive commodity investments in the context of the phenomenon of financialization. The research investigates the implications of increase in the correlation coefficients between equity and commodity investments for investors in financial markets. The paper is composed of several parts. First, the attributes of commodity investments and their benefits in the portfolio optimization are explored. Second, the phenomenon of the financialization is described and the research hypothesis is developed. Next, an empirical analysis is performed. I simulate the mean-variance spanning tests to examine the benefits of commodity investments before and after accounting for the impact of financialization. I proceed separate analysis for pre- and post-financialization period. The empirical research is based on asset classes’ returns and other related variables from years 1991-2012. The performed investigations indicate that the market financialization may have significant implications for commodity investors. Due to increase in correlation coefficients, the inclusion of the commodity futures in the traditional stock-bond portfolio appears to be no longer reasonable.

  13. Industry self-regulation of alcohol marketing: a systematic review of content and exposure research.

    Science.gov (United States)

    Noel, Jonathan K; Babor, Thomas F; Robaina, Katherine

    2017-01-01

    With governments relying increasingly upon the alcohol industry's self-regulated marketing codes to restrict alcohol marketing activity, there is a need to summarize the findings of research relevant to alcohol marketing controls. This paper provides a systematic review of studies investigating the content of, and exposure to, alcohol marketing in relation to self-regulated guidelines. Peer-reviewed papers were identified through four literature search engines: SCOPUS, Web of Science, PubMed and PsychINFO. Non-peer-reviewed reports produced by public health agencies, alcohol research centers, non-governmental organizations and government research centers were also identified. Ninety-six publications met the inclusion criteria. Of the 19 studies evaluating a specific marketing code and 25 content analysis studies reviewed, all detected content that could be considered potentially harmful to children and adolescents, including themes that appeal strongly to young men. Of the 57 studies of alcohol advertising exposure, high levels of youth exposure and high awareness of alcohol advertising were found for television, radio, print, digital and outdoor advertisements. Youth exposure to alcohol advertising has increased over time, even as greater compliance with exposure thresholds has been documented. Violations of the content guidelines within self-regulated alcohol marketing codes are highly prevalent in certain media. Exposure to alcohol marketing, particularly among youth, is also prevalent. Taken together, the findings suggest that the current self-regulatory systems that govern alcohol marketing practices are not meeting their intended goal of protecting vulnerable populations. © 2016 Society for the Study of Addiction.

  14. The impact of the new wave of financial regulation for European energy markets

    International Nuclear Information System (INIS)

    Nijman, Luuk

    2012-01-01

    As the financial and physical markets for energy have increasingly become intertwined, energy trade is also covered by financial legislation. The European Commission wishes to strengthen this financial regulation of energy trade. It has put forward a set of regulatory proposals aimed at stabilizing financial markets and limiting volatility of energy prices. The most noteworthy are EMIR, MAD, REMIT and the revised MiFID. Key elements are transparency, new trading venues, central clearing obligations and mandatory transaction reporting. This article evaluates the likely outcomes for energy markets, given the new incentives for market parties. It argues that although there is no ground to exempt particular energy market participants such as energy companies from financial legislation, increased regulation will not necessarily bring about the effects the Commission desires. The causal link between derivatives trading and volatility of energy prices is not known precisely and many of the economic effects of the proposed legislation are theoretically and empirically ambiguous. Moreover, potentially conflicting instruments and objectives risk policy inconsistency. - Highlights: ► The European Commission has put forward a set of financial legislation to stabilize both financial markets and energy prices. ► This article assesses the impact of this financial regulation on energy markets. ► It shows that the theoretical and empirical effects of key elements in this legislation are ambiguous. ► It argues that, if enacted, particular market parties such as energy companies should not be exempted. ► It concludes that this set of legislation will not necessarily bring about the effects the Commission desires.

  15. [Research progress on standards of commodity classes of Chinese materia medica and discussion on several key problems].

    Science.gov (United States)

    Yang, Guang; Zeng, Yan; Guo, Lan-Ping; Huang, Lu-Qi; Jin, Yan; Zheng, Yu-Guang; Wang, Yong-Yan

    2014-05-01

    Standards of commodity classes of Chinese materia medica is an important way to solve the "Lemons Problem" of traditional Chinese medicine market. Standards of commodity classes are also helpful to rebuild market mechanisms for "high price for good quality". The previous edition of commodity classes standards of Chinese materia medica was made 30 years ago. It is no longer adapted to the market demand. This article researched progress on standards of commodity classes of Chinese materia medica. It considered that biological activity is a better choice than chemical constituents for standards of commodity classes of Chinese materia medica. It is also considered that the key point to set standards of commodity classes is finding the influencing factors between "good quality" and "bad quality". The article also discussed the range of commodity classes of Chinese materia medica, and how to coordinate standards of pharmacopoeia and commodity classes. According to different demands, diversiform standards can be used in commodity classes of Chinese materia medica, but efficacy is considered the most important index of commodity standard. Decoction pieces can be included in standards of commodity classes of Chinese materia medica. The authors also formulated the standards of commodity classes of Notoginseng Radix as an example, and hope this study can make a positive and promotion effect on traditional Chinese medicine market related research.

  16. Insider trading under trading ban regulation in China’s A-share market

    Directory of Open Access Journals (Sweden)

    Chafen Zhu

    2015-09-01

    Full Text Available This study examines the effects of China’s 2008 trading ban regulation on the insider trading of large shareholders in China’s A-share market. It finds no evidence of insider trading during the ban period (one month before the announcement of a financial report, due to high regulation risk. However, the ban only constrains the profitability of insider trades during the ban period, while trades outside it remain highly profitable. Informed insider trading before the ban period is 2.83 times more profitable than uninformed trading. The regulation has changed insider trading patterns, but has been ineffective in preventing insider trading by large shareholders due to rigid administrative supervision and a lack of civil litigation and flexible market monitoring. This study enhances understanding of large shareholders’ trading behavior and has important implications for regulators.

  17. Marketing of food and beverage in Brazil: scientific literature review on regulation and self-regulation of advertisements

    Directory of Open Access Journals (Sweden)

    Aline Kassahara

    2017-12-01

    Full Text Available The effects of marketing strategies for promotion of foods and beverages have been investigated due to its potential impacts on populations’ food choices, particularly among children and adolescents. The paper presents an academic literature review on regulation and self-regulation of food and beverage advertisements in Brazil, based on search performed in electronic databases. Majority of studies were based on law analysis or qualitative study of advertisements. There are sufficient evidences on the need for government regulation of advertisements addressed to children and adolescents complementarily to institutional self-regulation in order to tackle ethical transgressions on food and beverage advertisements identified in Brazil. Additionally, there should be imposition of rigorous penalties for noncompliance to ethical rules and proposition of incentives towards actions encouraging healthy food consumption patterns, in order to comprise an actual system for promotion of public health.

  18. Is the price squeeze doctrine still viable in fully-regulated energy markets?

    International Nuclear Information System (INIS)

    Spiwak, L.J.

    1993-01-01

    Simply stated, a price squeeze occurs when a firm with monopoly power on the primary, or wholesale, level engages in a prolonged price increase that drives competitors out of the secondary, or retail level, and thereby extends its monopoly power to the secondary market. A price squeeze will not be found, however, for any short-term exercise in market power. Rather, because anticompetitive effects of a price squeeze are indirect, the price squeeze must last long enough and be severe enough to produce effects on actual or potential competition in the secondary market. In regulated electric industries, a price squeeze claim usually arises from the complex relationship between the supplier, the wholesale customer, the retail customer, and the federal and state regulators. The supplier sells electric power to both wholesale and retail customers. Wholesale transactions are regulated by federal regulators, and retail transactions are regulated at the state level. The wholesale customers in turn sell power to their retail customers. Over the last several years, there have been substantial developments in the application of the price squeeze doctrine to fully-regulated electric utilities. This article will examine the current developments in this area, and attempt to highlight the burdens potential litigants, both plaintiffs and defendants, must overcome to succeed

  19. Deforestation risk due to commodity crop expansion in sub-Saharan Africa

    Science.gov (United States)

    Ordway, Elsa M.; Asner, Gregory P.; Lambin, Eric F.

    2017-04-01

    Rapid integration of global agricultural markets and subsequent cropland displacement in recent decades increased large-scale tropical deforestation in South America and Southeast Asia. Growing land scarcity and more stringent land use regulations in these regions could incentivize the offshoring of export-oriented commodity crops to sub-Saharan Africa (SSA). We assess the effects of domestic- and export-oriented agricultural expansion on deforestation in SSA in recent decades. Analyses were conducted at the global, regional and local scales. We found that commodity crops are expanding in SSA, increasing pressure on tropical forests. Four Congo Basin countries, Sierra Leone, Liberia, and Côte d’Ivoire were most at risk in terms of exposure, vulnerability and pressures from agricultural expansion. These countries averaged the highest percent forest cover (58% ± 17.93) and lowest proportions of potentially available cropland outside forest areas (1% ± 0.89). Foreign investment in these countries was concentrated in oil palm production (81%), with a median investment area of 41 582 thousand ha. Cocoa, the fastest expanding export-oriented crop across SSA, accounted for 57% of global expansion in 2000-2013 at a rate of 132 thousand ha yr-1. However, cocoa only amounted to 0.89% of foreign land investment. Commodity crop expansion in SSA appears largely driven by small- and medium-scale farmers rather than industrial plantations. Land-use changes associated with large-scale investments remain to be observed in many countries. Although domestic demand for commodity crops was associated with most agricultural expansion, we provide evidence of a growing influence of distant markets on land-use change in SSA.

  20. Coordination and decision making of regulation, operation, and market activities in power systems

    Science.gov (United States)

    Nakashima, Tomoaki

    Electric power has been traditionally supplied to customers at regulated rates by vertically integrated utilities (VIUs), which own generation, transmission, and distribution systems. However, the regulatory authorities of VIUs are promoting competition in their businesses to lower the price of electric energy. Consequently, in new deregulated circumstances, many suppliers and marketers compete in the generation market, and conflict of interest may often occur over transmission. Therefore, a neutral entity, called an independent system operator (ISO), which operates the power system independently, has been established to give market participants nondiscriminatory access to transmission sectors with a natural monopoly, and to facilitate competition in generation sectors. Several types of ISOs are established at present, with their respective regions and authorities. The ISO receives many requests from market participants to transfer power, and must evaluate the feasibility of their requests under the system's condition. In the near future, regulatory authorities may impose various objectives on the ISOs. Then, based on the regulators' policies, the ISO must determine the optimal schedules from feasible solutions, or change the market participants' requests. In a newly developed power market, market participants will conduct their transactions in order to maximize their profit. The most crucial information in conducting power transactions is price and demand. A direct transaction between suppliers and consumers may become attractive because of its stability of price, while in a power exchange market, gaming and speculation of participants may push up electricity prices considerably. To assist the consumers in making effective decisions, suitable methods for forecasting volatile market price are necessary. This research has been approached from three viewpoints: Firstly, from the system operator's point of view, desirable system operation and power market structure

  1. Regulation and competition in the Taiwanese pharmaceutical market under national health insurance.

    Science.gov (United States)

    Liu, Ya-Ming; Yang, Yea-Huei Kao; Hsieh, Chee-Ruey

    2012-05-01

    This article investigates the determinants of the prices of pharmaceuticals and their impact on the demand for prescription drugs in the context of Taiwan's pharmaceutical market where medical providers earn profit directly from prescribing and dispensing drugs. Based on product-level data, we find evidence that the profit-seeking behavior of the medical providers in the prescription drug market transfers the force of competition from the unregulated wholesale market to the regulated retail market and hence market competition still plays an important role in the determination of the regulated price. We also find that the profit-seeking behavior plays a similar role to advertising in that it increases the brand loyalty and hence lowers price elasticity. An important implication of our study is that the institutional features in the pharmaceutical market matter in shaping the nature of pharmaceutical competition and the responsiveness of pharmaceutical consumption with respect to changes in price. Copyright © 2012 Elsevier B.V. All rights reserved.

  2. Multiple pathways of commodity crop expansion in tropical forest landscapes

    Science.gov (United States)

    Meyfroidt, Patrick; Carlson, Kimberly M.; Fagan, Matthew E.; Gutiérrez-Vélez, Victor H.; Macedo, Marcia N.; Curran, Lisa M.; DeFries, Ruth S.; Dyer, George A.; Gibbs, Holly K.; Lambin, Eric F.; Morton, Douglas C.; Robiglio, Valentina

    2014-07-01

    Commodity crop expansion, for both global and domestic urban markets, follows multiple land change pathways entailing direct and indirect deforestation, and results in various social and environmental impacts. Here we compare six published case studies of rapid commodity crop expansion within forested tropical regions. Across cases, between 1.7% and 89.5% of new commodity cropland was sourced from forestlands. Four main factors controlled pathways of commodity crop expansion: (i) the availability of suitable forestland, which is determined by forest area, agroecological or accessibility constraints, and land use policies, (ii) economic and technical characteristics of agricultural systems, (iii) differences in constraints and strategies between small-scale and large-scale actors, and (iv) variable costs and benefits of forest clearing. When remaining forests were unsuitable for agriculture and/or policies restricted forest encroachment, a larger share of commodity crop expansion occurred by conversion of existing agricultural lands, and land use displacement was smaller. Expansion strategies of large-scale actors emerge from context-specific balances between the search for suitable lands; transaction costs or conflicts associated with expanding into forests or other state-owned lands versus smallholder lands; net benefits of forest clearing; and greater access to infrastructure in already-cleared lands. We propose five hypotheses to be tested in further studies: (i) land availability mediates expansion pathways and the likelihood that land use is displaced to distant, rather than to local places; (ii) use of already-cleared lands is favored when commodity crops require access to infrastructure; (iii) in proportion to total agricultural expansion, large-scale actors generate more clearing of mature forests than smallholders; (iv) property rights and land tenure security influence the actors participating in commodity crop expansion, the form of land use displacement

  3. Multiple pathways of commodity crop expansion in tropical forest landscapes

    International Nuclear Information System (INIS)

    Meyfroidt, Patrick; Lambin, Eric F; Carlson, Kimberly M; Fagan, Matthew E; DeFries, Ruth S; Gutiérrez-Vélez, Victor H; Macedo, Marcia N; Curran, Lisa M; Dyer, George A; Gibbs, Holly K; Morton, Douglas C; Robiglio, Valentina

    2014-01-01

    Commodity crop expansion, for both global and domestic urban markets, follows multiple land change pathways entailing direct and indirect deforestation, and results in various social and environmental impacts. Here we compare six published case studies of rapid commodity crop expansion within forested tropical regions. Across cases, between 1.7% and 89.5% of new commodity cropland was sourced from forestlands. Four main factors controlled pathways of commodity crop expansion: (i) the availability of suitable forestland, which is determined by forest area, agroecological or accessibility constraints, and land use policies, (ii) economic and technical characteristics of agricultural systems, (iii) differences in constraints and strategies between small-scale and large-scale actors, and (iv) variable costs and benefits of forest clearing. When remaining forests were unsuitable for agriculture and/or policies restricted forest encroachment, a larger share of commodity crop expansion occurred by conversion of existing agricultural lands, and land use displacement was smaller. Expansion strategies of large-scale actors emerge from context-specific balances between the search for suitable lands; transaction costs or conflicts associated with expanding into forests or other state-owned lands versus smallholder lands; net benefits of forest clearing; and greater access to infrastructure in already-cleared lands. We propose five hypotheses to be tested in further studies: (i) land availability mediates expansion pathways and the likelihood that land use is displaced to distant, rather than to local places; (ii) use of already-cleared lands is favored when commodity crops require access to infrastructure; (iii) in proportion to total agricultural expansion, large-scale actors generate more clearing of mature forests than smallholders; (iv) property rights and land tenure security influence the actors participating in commodity crop expansion, the form of land use displacement

  4. The Theoretical and Methodological Bases to Form the Parity of State Regulation of the National Economy and Market Self-Regulation

    Directory of Open Access Journals (Sweden)

    Yahno Tetiana P.

    2017-09-01

    Full Text Available The aim of the article is to summarize the existing approaches regarding the optimal balance of mechanisms of economic regulation and identify factors that influence the formation of the parity of state regulation and market self-regulation of economy. The analysis of the existing studies has made it possible to establish that the mixed economy model, which is organized on the basis of the market price system but uses various forms of government intervention to correct macroeconomic instability, is the most optimal one for effective development. The smoothing, preventing of negative consequences of effects of market regulators is the goal of state regulation of economy. It is substantiated that the optimal correlation of mechanisms of state regulation and market self-regulation is not a constant value. The maximum effective ratio in application of these mechanisms will not always be achieved under condition of equal government intervention and self-regulation. It depends on the country’s potential, its involvement in the system of the world market economy, level of development of the society, as well as historical features of the country’s development and phase of the economic cycle. Prospects for further research are the substantiation of a new paradigm for the formation of the parity of state regulation and market self-regulation in the context of financial uncertainty and effect of supranational regulators, growing contradictions of globalization-regionalization based on the use of the system and synergetic approach.

  5. The Government Incentive Regulation Model and Pricing Mechanism in Power Transmission and Distribution Market

    Directory of Open Access Journals (Sweden)

    Huan Zhang

    2016-01-01

    Full Text Available The power transmission and distribution (T&D market’s natural monopoly and individual information have been the impediment to improving the energy efficiency in the whole T&D market. In order to improve the whole social welfare, T&D market should be controlled by government. An incentive regulation model with the target of maximizing social welfare has been studied. A list of contracts with transferring payment and quantity of T&D are given to motivate the corporation to reveal the true technical parameter and input the optimal investment. The corporate revenue, optimal investment, and effort are proved to depend on its own technical parameter. The part of incentive regulation model ends with the optimal pricing mechanism of T&D market. At the end of this paper, we give a numerical example to explain our research and confirm its function graphically.

  6. Field Experience from Li-Ion BESS Delivering Primary Frequency Regulation in the Danish Energy Market

    DEFF Research Database (Denmark)

    Swierczynski, Maciej Jozef; Stroe, Daniel Ioan; Lærke, Rasmus

    2014-01-01

    In this paper it is presented the practical experience from operating a 1.6 MW/ 0.4 MWh lithium ion battery energy storage system, which is providing primary frequency regulation service on the Danish energy market. Aspects of the battery system requirements and the used control strategy...

  7. Markets, citizenship and rights: state regulation of labour migration in Malaysia and Spain

    NARCIS (Netherlands)

    Garcés-Mascareñas, B.

    2010-01-01

    The State regulation of labour migration seems to be confronted with a double dilemma. First, while markets require a policy of open borders to provide as many migrant workers as demanded, citizenship seems to require some degree of closure to the outside. Second, while the exclusive character of

  8. It extended for come into force the Electric Energy Whole Sale Market regulation and annexes

    International Nuclear Information System (INIS)

    2003-01-01

    It has seen seen the deadline set by the decree no. 86 March 5, 2003 for entry into force of the Regulation of wholesale power market and the desirability to adapt the wording of its provisions and for reasons of urgency.

  9. Quarterly Web Interfaced Commodity Reporting

    Data.gov (United States)

    US Agency for International Development — QWICR is a secure, online Title II commodity reporting system accessible to USAID Missions, PVO Cooperating Sponsors and Food for Peace Officers. QWICR provides PVO...

  10. 77 FR 25319 - Commodity Options

    Science.gov (United States)

    2012-04-27

    ..., merchants, SDs, commodity funds, futures industry organizations, academics and think tanks, a U.S... particular (i.e., optionality in a contract settling by physical delivery that is used to meet varying demand...

  11. Food and Feed Commodity Vocabulary

    Science.gov (United States)

    Food and Feed Vocabulary was developed to consolidate all the major OPP Commodity Vocabularies into one standardized vocabulary. The EPA-preferred term is the only term that can be used in setting tolerances.

  12. Price regulation and relative price convergence: Evidence from the retail gasoline market in Canada

    International Nuclear Information System (INIS)

    Suvankulov, Farrukh; Lau, Marco Chi Keung; Ogucu, Fatma

    2012-01-01

    This paper explores price regulation and relative price convergence in the Canadian retail gasoline market. We use monthly data (2000–2010) on retail gasoline prices in 60 Canadian cities to investigate (i) whether the retail gasoline market in Canada has experienced a relative price convergence to the mean, which is expected, given the increased economic integration across Canadian provinces; and (ii) whether the introduction of price regulation mechanisms in New Brunswick and Nova Scotia in July 2006 had any impact on the price convergence in these provinces. We use a nonlinear panel unit root test and find solid evidence that Canadian retail gasoline markets are well integrated across locales; however, the share of converging cities reveals a significant decline since July of 2006. The impact of price regulation on price convergence is mixed; our results indicate that since the enactment of the regulation in all New Brunswick cities (9) included in the dataset, gasoline prices converge to the national mean. Volatility of price is also significantly reduced. In contrast, in the wake of price regulation in Nova Scotia, all 6 cities of the province are non-convergent to the mean with increased volatility and overall price level. - Highlights: ► The paper examines price regulation and convergence of gasoline prices in Canada. ► Overall in 2000–2010 the Canadian retail gasoline market was well integrated. ► Price convergence across cities has significantly declined since July 2006. ► The impact of price regulation at province level on a price convergence is mixed. ► The paper relies on the most advanced nonlinear panel unit root test.

  13. Governance and regulation of the tourism industry: An internet marketing perspective

    Directory of Open Access Journals (Sweden)

    Lebambo, M.

    2016-05-01

    Full Text Available The purpose of this qualitative study is to establish governance and regulation issues pertaining to Internet marketing approaches within the South African tourism sector. The study focuses on the norms and practices of Internet marketing among small-scale lodging establishments in Bushbuckridge – a small tourist town in northeast South Africa. In-depth interviews were collected from eight participating bed and breakfast (B&B owners. Findings revealed that, while Internet awareness was quite high, only a few B&Bs utilised the Internet for marketing. Participants cited lack of clear industry guidelines on Internet marketing approaches as well as limited Internet experience, among others, as barriers to adoption. Implications and recommendations of the study are presented within the ambit of the existing literature

  14. Tradeable emission permits regulations in the presence of imperfectly competitive product markets. Welfare implications

    International Nuclear Information System (INIS)

    Sartzetakis, E.S.

    1997-01-01

    In the present paper, we analyse the interaction of a competitive market for emission permits with an oligopolistic product market. It is well known that a competitive permits market achieves the cost minimizing distribution of abatement effort among the polluting firms for a given reduction in emissions. However, when the product market is oligopolistic, it may redistribute production inefficiently among firms. It has been suggested that this inefficiency can outweigh the gains obtained from using emission permits instead of command and control. Although this argument is clearly correct under full information, it is shown in the present paper that it reverses under incomplete information. In particular, it is shown that when tradeable emission permits are specified according to the standard textbook example, they yield higher social welfare than the command and control regulation. 1 fig., 2 appendices, 11 refs

  15. Organized Retailing of Horticultural Commodities

    OpenAIRE

    Sinha, Piyush Kumar; Thomas, Sujo

    2012-01-01

    Owing to rapid urbanization and changing consumption patterns, more and more retailers are trying to put their best efforts to discover new avenues of success when it comes to the sales of horticultural commodities. There are several Indian companies as well as foreign companies who have been focusing all their energies to succeed in the organized retail sector of Indian horticulture commodities. The Indian retail industry is worth $470 million and organized retail stands at $26 million which...

  16. Some design lessons from market-based greenhouse gas regulation in the restructured Australian electricity industry

    International Nuclear Information System (INIS)

    MacGill, Iain; Outhred, Hugh; Nolles, Karel

    2006-01-01

    There is growing worldwide interest in the use of market-based policy instruments for climate change regulation in the electricity sector. These mechanisms would seem to offer some efficiency and flexibility advantages over more traditional regulatory approaches, while being highly compatible with competitive market-based electricity industries. Australia has been an early and enthusiastic adopter of both electricity industry restructuring and market-based environmental instruments. This paper first outlines some of these recent policy developments. In particular, we describe the objectives, design and outcomes to date of electricity industry restructuring, the Mandatory Renewable Energy Target, the NSW Greenhouse Benchmarks, the Queensland 13% Gas scheme and Government accredited Green Power. From this, we draw some key design lessons for such market-based instruments. These include the perils of abstraction in scheme design, the vital importance of setting appropriate baselines in 'baseline and credit' schemes, the possibility that such measures may interact in ways that reduce their environmental effectiveness, 'market for lemon' risks with tradable instruments that have measurement, verification or 'additionality' difficulties, and the challenges of creating transparent liquid markets for these mechanisms. The mixed performance of these Australian schemes to date illustrates the need for great care in designing such market-based approaches

  17. Some design lessons from market-based greenhouse gas regulation in the restructured Australian electricity industry

    Energy Technology Data Exchange (ETDEWEB)

    MacGill, Iain [School of Electrical Engineering and Telecommunications, University of New South Wales, Sydney NSW 2052 (Australia)] e-mail: i.macgill@unsw.edu.au; Outhred, Hugh [School of Electrical Engineering and Telecommunications, University of New South Wales, Sydney NSW 2052 (Australia); Nolles, Karel [School of Electrical Engineering and Telecommunications, University of New South Wales, Sydney NSW 2052 (Australia)

    2006-01-01

    There is growing worldwide interest in the use of market-based policy instruments for climate change regulation in the electricity sector. These mechanisms would seem to offer some efficiency and flexibility advantages over more traditional regulatory approaches, while being highly compatible with competitive market-based electricity industries. Australia has been an early and enthusiastic adopter of both electricity industry restructuring and market-based environmental instruments. This paper first outlines some of these recent policy developments. In particular, we describe the objectives, design and outcomes to date of electricity industry restructuring, the Mandatory Renewable Energy Target, the NSW Greenhouse Benchmarks, the Queensland 13% Gas scheme and Government accredited Green Power. From this, we draw some key design lessons for such market-based instruments. These include the perils of abstraction in scheme design, the vital importance of setting appropriate baselines in 'baseline and credit' schemes, the possibility that such measures may interact in ways that reduce their environmental effectiveness, 'market for lemon' risks with tradable instruments that have measurement, verification or 'additionality' difficulties, and the challenges of creating transparent liquid markets for these mechanisms. The mixed performance of these Australian schemes to date illustrates the need for great care in designing such market-based approaches.

  18. Some design lessons from market-based greenhouse gas regulation in the restructured Australian electricity industry

    Energy Technology Data Exchange (ETDEWEB)

    Iain MacGill; Hugh Outhred; Karel Nolles [University of New South Wales, Sydney, NSW (Australia). School of Electrical Engineering & Telecommunications

    2006-01-01

    There is growing worldwide interest in the use of market-based policy instruments for climate change regulation in the electricity sector. These mechanisms would seem to offer some efficiency and flexibility advantages over more traditional regulatory approaches, while being highly compatible with competitive market-based electricity industries. Australia has been an early and enthusiastic adopter of both electricity industry restructuring and market-based environmental instruments. This paper first outlines some of these recent policy developments. It then describes the objectives, design and outcomes to date of electricity industry restructuring, the Mandatory Renewable Energy Target, the NSW Greenhouse Benchmarks, the Queensland 13% Gas scheme and Government accredited Green Power. From this, some key design lessons are drawn for such market-based instruments. These include the perils of abstraction in scheme design, the vital importance of setting appropriate baselines in 'baseline and credit' schemes, the possibility that such measures may interact in ways that reduce their environmental effectiveness, 'market for lemon' risks with tradable instruments that have measurement, verification or 'additionality' difficulties, and the challenges of creating transparent liquid markets for these mechanisms. The mixed performance of these Australian schemes to date illustrates the need for great care in designing such market-based approaches. 36 refs., 2 figs.

  19. ASSESSING THE GOVERNANCE FOR COMMODITY PRICE STABILIZATION - A RETROSPECTIVE LOOK

    Directory of Open Access Journals (Sweden)

    Pop Larisa Nicoleta

    2015-07-01

    Full Text Available The volatility of commodity prices has become once again a matter of profound and controversial debates for both political and academic spheres worldwide in the framework of the global economy severely distressed by the recent economic turbulences. Although commodity markets were already notorious for their price instability, the events the world economy experienced in the years 2000s offered new connotations to this phenomenon. In the first decade of this millennium, the commodity markets have struggled with high volatility, with prices reaching historical peaks just to crash dramatically some months later and very soon to restart their rise. The significant increase in volatility generated many debates about its triggering factors, the implications in terms of risk exposure of economic actors, but also the need for reconfiguring regulatory policy frameworks. The quest for the most appropriate means to deal with commodity price turbulences has known different stages over the years. Decision makers worldwide have sought alternatives, formulated and tested various mechanisms whose central aim was to mitigate price fluctuations. Governments formulate and implement consistent regulatory policies whose international coordination is a ‘sine qua non’ condition for stabilizing these markets. However, the turbulences on commodity markets often generate policy responses that sometimes exacerbate rather than mitigate the price instability. The purpose of this paper is to assess the subject of governance regarding commodity price stabilization, offering a retrospective look at the mechanisms implemented over the years, with a central focus on the International Commodity Agreements – instruments through which in the previous decades the producer and consumer governments worldwide pursued price stabilization for some key commodities like sugar, coffee, cocoa, tin and natural rubber. After analyzing the effectiveness of the International Agreements and

  20. 77 FR 5385 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2012-02-03

    ... the ``order.'' The order is effective under the Agricultural Marketing Agreement Act of 1937, as... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Doc. Nos. AMS-FV-10-0094; FV11-985-1A FIR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West...

  1. 78 FR 23673 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Revision of...

    Science.gov (United States)

    2013-04-22

    ... the ``order.'' The order is effective under the Agricultural Marketing Agreement Act of 1937, as... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Doc. Nos. AMS-FV-11-0088; FV12-985-1A FIR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West...

  2. 77 FR 13019 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable...

    Science.gov (United States)

    2012-03-05

    ... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Doc. No. AMS-FV-11-0088; FV12-985-1 PR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable Quantities and Allotment Percentages for the 2012-2013 Marketing Year AGENCY: Agricultural...

  3. 78 FR 32070 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable...

    Science.gov (United States)

    2013-05-29

    ... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Doc. No. AMS-FV-12-0064; FV13-985-1 FR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable Quantities and Allotment Percentages for the 2013-2014 Marketing Year AGENCY: Agricultural...

  4. 76 FR 27852 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable...

    Science.gov (United States)

    2011-05-13

    ... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service 7 CFR Part 985 [Doc. No. AMS-FV-10-0094; FV11-985-1 FR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Salable Quantities and Allotment Percentages for the 2011-2012 Marketing Year AGENCY: Agricultural...

  5. 77 FR 57037 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Change to...

    Science.gov (United States)

    2012-09-17

    ... Service 7 CFR Part 985 [Doc. No. AMS-FV-12-0014; FV12-985-2 PR] Marketing Order Regulating the Handling of... Excess Spearmint Oil AGENCY: Agricultural Marketing Service, USDA. ACTION: Proposed rule. SUMMARY: This... Act (RFA), the Agricultural Marketing Service (AMS) has considered the economic impact of this action...

  6. Towards a Gendered Agro-Commodity Approach

    Directory of Open Access Journals (Sweden)

    Primrose Nakazibwe

    2015-08-01

    Full Text Available Commodity or value chains are the dominant means to channel agro-food products from cultivators to consumers. Direct open markets are either non-existent or insignificant . These chains are also the main mechanisms for integrating underprivileged groups into the world economy. Why do global value chains generate sorrow for many and joy for a few, and why are these outcomes heavily gender biased? To look for answers this article critically reviews the post-2000 and earlier gender literature by proponents and opponents of the mainstream value chain approach. The purpose is to provide a methodological contribution on the integration of gender into the commodity chain approach. Most studies have fo cused on the economic effects of chain dynamics on women in agricultural product and labor markets. Some have extended this reasoning with social and cultural effects. Despite these advances, analytical gaps still exist as most existing research has concentrated on the agricultural nodes of modern, high value chains and lacks a gendered conceptual foundation. Scarce attention has been given to traditional staple crops, non-agricultural nodes, and feed back effects of gender relations on the chain. Our results indicate that an appropriate GCC approach should also consider the gendered impacts of the interaction between the governance structure and the institutiona l embeddedness, as well as the consequences of intra-household division of resources and labor in all stages of the chain. These two conceptual complements will be needed to explain the opportunities and constraints to improve gender equity in traditional and modern agro-commodity chains.

  7. The Economic Development of Natural Resources: Fracking and Self-Regulation in the Market for Land

    Directory of Open Access Journals (Sweden)

    Paul J. Kubik

    2013-06-01

    Full Text Available The purpose of this piece is to apply some of the lessons learned during the period of industrialization in 19th century Europe to the study of the effects and appropriate regulation of the contemporary process of hydraulic fracturing, or fracking, in the natural gas industry. An attempt is made to support the conclusion that the harmful side effects associated with the creation of self-regulating markets for land, labor and money during the 19th century is paralleled today by the self-regulating character of the process of hydraulic fracturing. As a result, the negative consequences associated with industrialization are been visited again on present day market economies.

  8. Federal Republic of Germany: Commodities report 2003

    International Nuclear Information System (INIS)

    2004-01-01

    The Federal Institute for Geosciences and Natural Resources (BGR) has compiled the facts and figures in a commodities report for 25 years. This report summarises Germany's mineral and energy commodities trading, consumption and supply situation. After fears of shortages in the early 70s, this 25-year-period was mainly characterised by the feeling that mineral resources would always be available on the international markets in adequate quantities. And although there has been no change in the situation even up to the present day, the world markets for mineral resources are currently undergoing a structural change: the old rule of thumb that 20% of humanity in Europe, the USA and Japan consumed more than 80% of resource production is no longer valid. With India, the People's Republic of China, not to mention other heavily populated emerging countries, over half of the world's population is now involved in the demand for minerals. This means that the growth in world economic demand for natural resources is at the beginning of a new growth curve. (orig.)

  9. The Evolving Contingency Contracting Market: Private Sector Self regulation and United States Government Monitoring of Procurement of Stability Operations Services

    Science.gov (United States)

    2016-01-01

    statements of work would be useful in ensuring ethical govern- ment procurement practices. Conclusions The United States conducts diplomatic, defense...THE EVOLVING CONTINGENCY CONTRACTING MARKET: PRIVATE SECTOR SELF-REGULATION AND UNITED STATES GOVERNMENT MONITORING OF PROCUREMENT OF STABILITY...MARKET: PRIVATE SECTOR SELF-REGULATION AND UNITED STATES GOVERNMENT MONITORING OF PROCUREMENT OF STABILITY OPERATIONS SERVICES Whitney Grespin January

  10. The impact of junk food marketing regulations on food sales: an ecological study.

    Science.gov (United States)

    Kovic, Y; Noel, J K; Ungemack, J A; Burleson, J A

    2018-06-01

    To evaluate the impact of junk food broadcast marketing policies on nationwide junk food sales and identify policy characteristics effective in reducing sales. Country policy data (n = 79) were categorized in a thorough literature review and analysed using a repeated measures design against data on food sales per capita. Study conducted in United States, 2017. Countries with junk food broadcast marketing policies saw a decrease in junk food sales per capita after implementation, while those without said policies saw an increase (p = 0.013). Countries with statutory policies saw a decrease in sales per capita, while those with only self-regulation saw an increase (p = 0.004). Audience restrictions (p = 0.024) and standardized nutrition criteria (p = 0.008) were policy characteristics significantly associated with a decrease in sales per capita. Utilizing a novel approach to evaluate junk food broadcast marketing policies, the study demonstrated that countries with statutory policies saw a significant decrease in junk food sales per capita not seen in countries with no or only self-regulatory policies. To effectively reduce exposure to child-targeted junk food marketing, governments should establish strong, comprehensive statutory regulations. Additionally, countries that implement junk food marketing policies can use food sales data to track policy effectiveness. © 2018 World Obesity Federation.

  11. The Financial Industry's Challenge of Developing Commodity Derivatives

    NARCIS (Netherlands)

    Pennings, J.M.E.; Meulenberg, M.T.G.

    1999-01-01

    With a constant new stream of financial services coming to the market, each often more exotic and complicated than the last, the financial services industry, which includes commodity derivatives exchanges, brokerage houses and banks providing price risk reduction services (the so-called hedging

  12. Modelling Long Memory Volatility in Agricultural Commodity Futures Returns

    NARCIS (Netherlands)

    R. Tansuchat (Roengchai); C-L. Chang (Chia-Lin); M.J. McAleer (Michael)

    2009-01-01

    textabstractThis paper estimates the long memory volatility model for 16 agricultural commodity futures returns from different futures markets, namely corn, oats, soybeans, soybean meal, soybean oil, wheat, live cattle, cattle feeder, pork, cocoa, coffee, cotton, orange juice, Kansas City wheat,

  13. Modelling Long Memory Volatility in Agricultural Commodity Futures Returns

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael); R. Tansuchat (Roengchai)

    2012-01-01

    textabstractThis paper estimates a long memory volatility model for 16 agricultural commodity futures returns from different futures markets, namely corn, oats, soybeans, soybean meal, soybean oil, wheat, live cattle, cattle feeder, pork, cocoa, coffee, cotton, orange juice, Kansas City wheat,

  14. Competition, regulation, and pricing behaviour in the Spanish retail gasoline market

    International Nuclear Information System (INIS)

    Contin-Pilart, Ignacio; Correlje, Aad F.; Blanca Palacios, M.

    2009-01-01

    The restructuring of the Spanish oil industry produced a highly concentrated oligopoly in the retail gasoline market. In June 1990, the Spanish government introduced a system of ceiling price regulation in order to ensure that 'liberalization' was accompanied by adequate consumer protection. By 1998, prices were left to the 'free' market. This paper examines the pricing behaviour of the retail gasoline market using multivariate error correction models over the period January 1993 (abolishment of the state monopoly)-December 2004. The results suggest that gasoline retail prices respond symmetrically to increases as well as to decreases in the spot price of gasoline both over the period of price regulation (January 1993-September 1998) and over the period of free market (October 1998-December 2004). However, once the ceiling price regulation was abolished, cooperation emerged between the government and the major operators, Repsol-YPF and Cepsa-Elf, to control the inflation rate. This resulted in a slower rate of adjustment of gasoline retail prices when gasoline spot prices went up, as compared with the European pattern. Finally, the Spanish retail margin was by the end of our timing period of analysis, as in the starting years after the abolishment of the state monopoly, above the European average. This pattern confirms our political economic hypothesis, which suggests that the Spanish government and the oil companies were working together in reducing the inflation, in periods of rising oil and gasoline prices. It is also inferred that explaining the pricing pattern in energy markets may require different hypothesis than the classical perspective, involving just firms taking advantage of market power

  15. Competition, regulation, and pricing behaviour in the Spanish retail gasoline market

    Energy Technology Data Exchange (ETDEWEB)

    Contin-Pilart, Ignacio [Departamento de Gestion de Empresas, Universidad Publica de Navarra, Campus de Arrosadia, 31006 Pamplona (Spain); Correlje, Aad F. [Section Economics of Infrastructures, Faculty of Technology, Policy and Management, Delft University of Technology, P.O. Box 5015, 2600 GA Delft (Netherlands); Clingendael International Energy Programme (Netherlands); Blanca Palacios, M. [Departamento de Estadistica e Investigacion Operativa, Universidad Publica de Navarra, Campus de Arrosadia, 31006 Pamplona (Spain)

    2009-01-15

    The restructuring of the Spanish oil industry produced a highly concentrated oligopoly in the retail gasoline market. In June 1990, the Spanish government introduced a system of ceiling price regulation in order to ensure that 'liberalization' was accompanied by adequate consumer protection. By 1998, prices were left to the 'free' market. This paper examines the pricing behaviour of the retail gasoline market using multivariate error correction models over the period January 1993 (abolishment of the state monopoly)-December 2004. The results suggest that gasoline retail prices respond symmetrically to increases as well as to decreases in the spot price of gasoline both over the period of price regulation (January 1993-September 1998) and over the period of free market (October 1998-December 2004). However, once the ceiling price regulation was abolished, cooperation emerged between the government and the major operators, Repsol-YPF and Cepsa-Elf, to control the inflation rate. This resulted in a slower rate of adjustment of gasoline retail prices when gasoline spot prices went up, as compared with the European pattern. Finally, the Spanish retail margin was by the end of our timing period of analysis, as in the starting years after the abolishment of the state monopoly, above the European average. This pattern confirms our political economic hypothesis, which suggests that the Spanish government and the oil companies were working together in reducing the inflation, in periods of rising oil and gasoline prices. It is also inferred that explaining the pricing pattern in energy markets may require different hypothesis than the classical perspective, involving just firms taking advantage of market power. (author)

  16. Model rules and regulations for a global CO2 emissions credit market

    International Nuclear Information System (INIS)

    Sandor, R.L.; Cole, J.B.; Kelly, M.E.

    1994-01-01

    On 21 April 1993, on the occasion of Earth Day, the United States affirmed its commitment to reducing emissions of greenhouse gases to their 1990 levels by the year 2000. In doing so, the United States joined the European Union (EU), Japan, and approximately 141 other countries that had either committed themselves to this international objective or subscribed to the general principles contained in the United Nations Framework Convention on Climate Change, signed at UNCED, Rio de Janeiro, June 1992. The commitment of these three trading groups provides the basis for recommending that a market for tradeable carbon dioxide (CO 2 ) emission entitlements among these groups be implemented as soon as an initial set of rules and regulations can be drafted. The goal of a tradeable CO 2 entitlement or credit market is to lower the cost of limiting emissions. The Costs of CO 2 emission abatement are lowered because the market encourages more emission reductions to be produced by the most efficient resources. The ability easily to selI CO 2 credits created through large emission cuts allows cost recovery by, and incentives for, the most efficient sources of emission reductions. The purpose of this paper is to stimulate debate by providing model rules and regulations for a tradeable CO 2 emission credit market. The trading rules and regulations proposed here are meant to initiate a process whereby participants will iterate toward a final set of rules and regulations. Therefore, our proposal should create a point of departure for further adjustments and transformation to the initial set of recommendations. A specific proposal will be advanced at this point in order to provide a basis for the conceptualization of this global market. Moreover, this specific proposal will help focus dialogue and may provide insight into the general recommendations presented in the balance of this paper

  17. Understanding the role and value of marketing communications by a regulated, monopoly firm

    Science.gov (United States)

    Guzek, Frederick J.

    2003-10-01

    Expenditures on advertising and other marketing efforts have been found to generate profits for the firm and savings for the consumer in competitive industries. However, prior research has not addressed the use of these practices by price-regulated monopolies such as electric utility companies. Surprisingly, many utilities spend substanstially on advertising and sales despite having a captive customer base. Moreover, a unique feature within electric utilities is that much utility advertising involves demarketing, with a view to lessen strain on the system and to help avoid situations demanding high-cost energy. In this context, I ask the following questions: Is spending on marketing by monopoly firms justified? Does the consumer pay a higher price for electricity because of marketing or do shareholders pay for it? Do such activities provide a net welfare benefit? Finally, do measurable differences in marketing expenditures exist along the continuum from heavily regulated to nearly competitive markets? I analyze data from the Federal Energy Regulatory Commission and from the National Regulatory Research Institute. I find a significant positive relationship between advertising and net income, supporting the notion that advertising expenditures benefit the utility firm. I do not, however, find a significant relationship between marketing effort and consumer price, suggesting that consumers may not be bearing the expense of such practices. I also investigate the manner in which advertising improves net earnings. Speciifically, I find that advertising is negatively related to indirect expenses in this industry. Surprisingly, advertising is also negatively related to electricity consumption. Overall, the results suggest that advertising creates value by reducing indirect expenses without raising prices. These finds thus support the premise of a net welfare gain. Finally, I also find that progress toward deregulation and the level of advertising expenditures are

  18. DEVELOPMENT OF THE HEAT PUMP MARKET IN POLAND IN RELATION TO NEW LEGAL REGULATIONS

    Directory of Open Access Journals (Sweden)

    Anna Wachowicz-Pyzik

    2015-10-01

    Full Text Available Heat pump market in Poland is one of the most dynamically developing branches of renewable energy sources (RES. Installations using different types of low-temperature heat pumps are becoming more and more popular especially among owners of detached houses. The article presents the characteristics of the heat pump market in Poland in recent years. Most important changes introduced on 20 February 2015 in the Act on Renewable Energy Sources (Journal of Laws 2015 pos. 478, were discussed. Also future prospects associated with increased use of heat pumps installations in the face of new regulations were analyzed.

  19. Liberalisation and Market Opening Versus Energy Policy and Regulation Proposals: the German Experiences

    International Nuclear Information System (INIS)

    Wieners, J.

    2001-01-01

    In 1998 the German electricity market became fully liberalised for competition. Prices for all consumer groups recorded a considerable drop. Service centres accepted measures for cost reduction, new strategies resulted in mergers. However, in view of economic efficiency, the German Government set life surroundings as the primary task. With new electricity market regulation numerous grants were introduced into renewable energy sources as well as the combined production of heat and electricity, which had a destabilising effect on all price savings on the part of the competition.(author)

  20. Industry self-regulation of food marketing to children: reading the fine print.

    Science.gov (United States)

    Hebden, Lana; King, Lesley; Kelly, Bridget; Chapman, Kathy; Innes-Hughes, Christine

    2010-12-01

    despite the evidence showing the negative influences of food marketing on children's dietary beliefs and behaviours, and risk of adiposity, regulatory action to limit unhealthy food marketing has made little progress within Australia. Our aim was to describe and critically examine the Australian Food and Grocery Council's (AFGC) approach to self-regulate food marketing to Australian children through the Responsible Marketing to Children Initiative (Initiative). the Initiative's core principles and the commitments of the 16 signatory companies (as at December 2009) were assessed in terms of their capacity to limit unhealthy food advertising in media accessed by children. All information was publicly available from AFGC and signatory company websites (September- December 2009). limitations of the Initiative included inadequate definitions for when and where food marketing to children can occur, and permissive definitions of foods considered appropriate for advertising. The study also identified numerous examples of ongoing food marketing to children by AFGC companies that illustrate these limitations. until one reads the fine print, the self-regulatory commitments of companies signed to the AFGC Initiative may appear to be responsible. However, this study shows that the commitments are permissive and allow companies to circumvent the stated intent of the Initiative.

  1. Should the regulator allow citizens to participate in tradable permits markets?

    International Nuclear Information System (INIS)

    Rousse, Olivier

    2008-01-01

    Since the seminal paper written by Weitzman (1974), the 'prices vs. quantities' debate regarding choice of policy instrument under imperfect information and uncertainty has been an ongoing concern for economists, especially in the field of the environment. In this debate, several papers have recommended that the regulator allow pollution victims (citizens) to participate in tradable permits markets. According to this literature, when pollution victims purchase and withhold (i.e. destroy) emission rights from polluting firms, this means that the overall quota is not efficient and that welfare gains will be realised. In this paper, we present further theoretical results showing that citizen participation in tradable quotas markets may become welfare decreasing. Indeed, citizens can aggravate the first error made by the regulator if they are also under uncertainty about the marginal benefit curve or if they exhibit strong enough risk aversion. Therefore, we recommend that the regulator limit citizen participation to a certain percentage of permits. In doing so, we extend the 'prices versus quantities' debate to simultaneous uncertainty and risk aversion by showing that a marketable permits system offers the regulator an opportunity to control the negative effects of agents' (citizens' and firms') risk aversion on welfare. (author)

  2. Proceedings of the 11th forum: Croatian Energy Day: Regulation problems relating to energy service markets

    International Nuclear Information System (INIS)

    2002-01-01

    The main goals of the majority of processes and developments relating to energy sectors of today present the enhancement of energy sector efficiency, ensuring of stable financial sources and safe return of the means invested through practice of activities at the market of energy and energy services, i.e. public services or monopoly. This is to be achieved by means of energy sector restructuring and liberalisation, pluralism of ownership and transparency of the organisational and management scheme. Thereby, an important role and significance for the realisation of these aims, for the development and energy market functioning on the national level, as well as for the achievement of reciprocity and complementarity of national markets with regional and multi-national energy markets, is held by models and forms of energy activity regulation. In a limited sense, the regulation itself should constitute an adequate stimulating framework for free energy flows, transparent and non- discriminating conditions for the utilisation of transmission and transportation systems and networks, protection of supplier choice rights, pluralism of ownership and ownership rights, protection of energy and energy services' quality, environmental protection, protection of purchasers and consumers and protection of energy subjects. For all these reasons, aspects and problems appertaining to energy sector and energy activities' regulation have been chosen as the theme and contents of the 11th Forum. Various countries have undertaken and implemented or are in the process of implementation of different models and contents referring to energy sector and energy activity regulation. Experience and legislative practice are quoted as the main criteria. The aim of this Forum is to set forth and clarify experiences and solutions connected to the regulation of energy activities in numerous European countries or in the world

  3. 22 CFR 201.64 - Application of the price rules to commodities.

    Science.gov (United States)

    2010-04-01

    .... 201.64 Section 201.64 Foreign Relations AGENCY FOR INTERNATIONAL DEVELOPMENT RULES AND PROCEDURES... purchase price of a commodity exceeds the price in comparable export sales or in comparable domestic sales... the determination of any prevailing market price of any commodity or any prevailing price or maximum...

  4. 7 CFR 250.57 - Commodity schools.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Commodity schools. 250.57 Section 250.57 Agriculture... TERRITORIES AND POSSESSIONS AND AREAS UNDER ITS JURISDICTION National School Lunch Program (NSLP) and Other Child Nutrition Programs § 250.57 Commodity schools. (a) Categorization of commodity schools. Commodity...

  5. The impact of price-cap regulations on market entry by generic pharmaceutical firms.

    Science.gov (United States)

    Zhang, Wei; Sun, Huiying; Guh, Daphne; Anis, Aslam H

    2017-04-01

    In 1998, the province of Ontario, Canada implemented price-cap '70/90' regulations: the first generic must be priced at ≤70% of the associated brand-name price and subsequent generics must be priced at ≤90% of the first generics' price. The price-cap was further lowered to 50% in 2006 and 25% in 2010 for all generic drugs regardless of the first or subsequent generic entrants. This study assessed the impact of such price-cap regulations on market entry by generic firms using the formulary database from 9 provinces (January 2004-March 2013). A logistic regression was estimated to compare the probability of entry during the three policy periods in Ontario ('70/90', '25', versus '50'). Since different price-caps were subsequently introduced in other provinces, Alberta, British Columbia, New Brunswick and Saskatchewan, difference-in-differences was used to compare market entry. In Ontario, compared with the period '50', generic firms were 76% and 63% less likely to enter markets in the periods '25' and '70/90', respectively. The difference-in-differences showed that the entry probability decreased the most in Ontario during the '25' period from the '50' period. Lowering the price-cap level to 25% leads to a significantly lower probability of market entry by generic firms.

  6. Regulations for pressurized equipment in the European Single Market - construction of steam boilers, containers and pipelines

    International Nuclear Information System (INIS)

    Grassmuck, J.

    1992-01-01

    The impulses produced by the data of the standardized EC Single Market have now reached pressurized equipment in the field of EC Guidelines and European standardisation. This must be regarded as a great challenge to the interested and concerned parties. All efforts to represent the interested parties in European Committees must be made. In order to reach the goal quickly and successfully, a considerable readiness to compromise is, however, necessary. At the end of the development process, a comprehensible, standardized set of regulations will be available for pressurized equipment throughout Europe. The regulations will consist of national ones converted into European Guidelines and Standards. (orig.) [de

  7. Auctioneers vs. commissaires-priseurs: The carnival mirror of profession regulation in the international art market

    Directory of Open Access Journals (Sweden)

    Elisabetta Lazzaro

    2013-06-01

    Full Text Available This paper is a comparative analysis of the recent evolution of the French and the Anglo-Saxon profession regulations of auctioneers in terms of entry barriers and exercise of the profession. Firstly, following Stephen and Love's (1999 framework of the regulation of legal profession, we highlight the differences between regulations focussing on different levels (entry restrictions, advertising, fees, fee contracts, and organisational form. We show that French commissaire-priseurs and Anglo-Saxon auctioneers are bounded to quite opposed rules, relating to both the level of regulation (licensing against registration or certification and the scope of this regulation. Secondly, we try to assess the success of these regulations in terms of economic efficiency by comparing the international markets shares of French and Anglo-Saxon auctioneers. We further highlight how a weak regulation can disturb prices mechanisms and, in some cases, favour speculation. The discussion of some emblematic scandals highlights distortions provoked by a strong, as well as a weak regulation

  8. Alcohol regulation, communication strategies and underage alcohol consumption in Spain: Implications for social marketing

    OpenAIRE

    Rodríguez Sánchez, Carla; Sancho-Esper, Franco

    2016-01-01

    Purpose. The purpose of this paper is twofold. First, it examines the communication strategies pursued by firms related to alcohol beverages in Spain during a decade with major changes in alcohol marketing regulations. Second, it analyzes the relationship between these strategies and underage alcohol consumption before and after 2007. Design/methodology/approach. Panel data methodology is implemented using data from ESTUDES national survey (average sample size 26,000 interviews, 2004-2010) an...

  9. How does the tobacco industry attempt to influence marketing regulations? A systematic review.

    Directory of Open Access Journals (Sweden)

    Emily Savell

    Full Text Available The Framework Convention on Tobacco Control makes a number of recommendations aimed at restricting the marketing of tobacco products. Tobacco industry political activity has been identified as an obstacle to Parties' development and implementation of these provisions. This study systematically reviews the existing literature on tobacco industry efforts to influence marketing regulations and develops taxonomies of 1 industry strategies and tactics and 2 industry frames and arguments.Searches were conducted between April-July 2011, and updated in March 2013. Articles were included if they made reference to tobacco industry efforts to influence marketing regulations; supported claims with verifiable evidence; were written in English; and concerned the period 1990-2013. 48 articles met the review criteria. Narrative synthesis was used to combine the evidence.56% of articles focused on activity in North America, Europe or Australasia, the rest focusing on Asia (17%, South America, Africa or transnational activity. Six main political strategies and four main frames were identified. The tobacco industry frequently claims that the proposed policy will have negative unintended consequences, that there are legal barriers to regulation, and that the regulation is unnecessary because, for example, industry does not market to youth or adheres to a voluntary code. The industry primarily conveys these arguments through direct and indirect lobbying, the promotion of voluntary codes and alternative policies, and the formation of alliances with other industrial sectors. The majority of tactics and arguments were used in multiple jurisdictions.Tobacco industry political activity is far more diverse than suggested by existing taxonomies of corporate political activity. Tactics and arguments are repeated across jurisdictions, suggesting that the taxonomies of industry tactics and arguments developed in this paper are generalisable to multiple jurisdictions and can

  10. Gas market distorting effects of imbalanced gas balancing rules: Inefficient regulation of pipeline flexibility

    International Nuclear Information System (INIS)

    Keyaerts, Nico; Hallack, Michelle; Glachant, Jean-Michel; D'haeseleer, William

    2011-01-01

    This paper analyzes the value and cost of line-pack flexibility in liberalized gas markets through examination of the techno-economic characteristics of gas transport pipelines and the trade-offs between different ways to use the infrastructure: transport and flexibility. Line-pack flexibility is becoming increasingly important as a tool to balance gas supply and demand over different periods. In the European liberalized market context, a monopolist unbundled network operator offers regulated transport services and flexibility (balancing) services according to the network code and balancing rules. Therefore, gas policy makers should understand the role and consequences of line-pack regulation. The analysis shows that the line-pack flexibility service has an important economic value for the shippers and the TSO. Furthermore, the analysis identifies distorting effects in the gas market due to inadequate regulation of line-pack flexibility: by disregarding the sunk costs of flexibility in the balancing rules, the overall efficiency of the gas system is decreased. Finally, the analysis demonstrates that the actual costs of line-pack flexibility are related to the peak cumulative imbalance throughout the balancing period. Any price for pipeline flexibility should, therefore, be based on the related trade-off between the right to use the line-pack flexibility and the provision of transport services. - Research Highlights: →Line-pack flexibility is a main gas balancing instrument. →Capacity related costs of line-pack flexibility depend on peak cumulative imbalances. →Line-pack pricing rules determine choice between ex ante and ex post balancing. →Inefficient line-pack regulation causes gas market distortions.

  11. Commodity team motivation and performance

    DEFF Research Database (Denmark)

    Englyst, Linda; Jørgensen, Frances; Johansen, John

    2008-01-01

    In this article, an in-depth single case study is presented in order to explore and discuss the functioning of commodity teams in a global sourcing context. Specifically, the study aimed at identifying factors that may influence team members' motivation to participate in activities that create...... opportunities for synergy and coordination of purchasing. In the teams studied, motivation appeared to be influenced to some degree by a number of factors, including rewards, leadership behaviours, goal setting, and the career goals of the commodity team members. In some cases, inconsistencies between...

  12. Commodity Team Motivation and Performance

    DEFF Research Database (Denmark)

    Englyst, Linda; Jørgensen, Frances; Johansen, John

    2008-01-01

    In this article, an in-depth single case study is presented in order to explore and discuss the functioning of commodity teams in a global sourcing context. Specifically, the study aimed at identifying factors that may influence team members' motivation to participate in activities that create...... opportunities for synergy and coordination of purchasing. In the teams studied, motivation appeared to be influenced to some degree by a number of factors, including rewards, leadership behaviours, goal setting, and the career goals of the commodity team members. In some cases, inconsistencies between...

  13. Medical devices and the Middle East: market, regulation, and reimbursement in Gulf Cooperation Council states

    Directory of Open Access Journals (Sweden)

    Howard JJ

    2014-11-01

    Full Text Available Jason J Howard Division of Paediatric Orthopaedics, Department of Surgery, Sidra Medical and Research Center, Doha, Qatar Abstract: With some of the richest economies in the world, the Gulf Cooperation Council (GCC is undergoing rapid growth not only in its population but also in health care expenditure. Despite the GCC's abundance of hydrocarbon-based wealth, the drivers of the medical device industry in the GCC are still in flux, with gains yet to be made in areas of infrastructure, regulation, and reimbursement. However, the regional disease burden, expanding health insurance penetration, increasing privatization, and a desire to attract skilled expatriate health care providers have led to favorable conditions for the medical device market in the GCC. The purpose of this article is to investigate the current state of the GCC medical device industry, with respect to market, regulation, and reimbursement, paying special attention to the three largest medical device markets: Saudi Arabia, the United Arab Emirates, and Qatar. The GCC would seem to represent fertile ground for the development of medical technologies, especially those in line with the regional health priorities of the respective member states. Keywords: medical devices, regulation, reimbursement, Middle East 

  14. Bringing smart pills to market: FDA regulation of ingestible drug/device combination products.

    Science.gov (United States)

    Avery, Matthew; Liu, Dan

    2011-01-01

    Imagine a pill that, after you swallow it, can track its position in your body. Or imagine a pill that can transmit a message to a doctor to tell him that you have taken your bitter medicine. Pills like this already exist. These so-called smart pills are an emerging type of medical therapy. However, this nascent technology has yet to reach the market and developers of these novel therapies face significant regulatory challenges. This article predicts how the Food and Drug Administration will regulate smart pills and shows how the current regulatory regime is inadequate. The article then proposes modifying the current regulatory regime to encourage development of smart pills and other innovative combination products by: (1) regulating combination products based on their "novel mode of action" rather than their "primary mode of action," (2) creating a marketing approval pathway specifically for combination products, and (3) eliminating regulations that require sponsors to get marketing approval from multiple centers within FDA and providing regulatory guidance specifically for ingestible drug/device combination products.

  15. 17 CFR 1.1 - Fraud in or in connection with transactions in foreign currency subject to the Commodity Exchange...

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Fraud in or in connection with... Securities Exchanges COMMODITY FUTURES TRADING COMMISSION GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Definitions § 1.1 Fraud in or in connection with transactions in foreign currency subject to the...

  16. Economic and institutional dynamics of electricity markets deregulation: the interaction between sectoral regulation and antitrust policy

    International Nuclear Information System (INIS)

    Fontanel, B.

    2009-01-01

    The purpose of this study is to define regulatory intervention as a part of a global monitoring procedure allowing the definition and adaptation of market structures and rules, given the observed behavior of market participants. Nevertheless, the possible inefficiency in its (decisional) coordination with competition authorities implies further analysis. We thus adopt a comparative methodology based on the studying PJM and NETA wholesale markets. This analysis enables us to stress two possible 'models' in the distribution and coordination of monitoring powers. The first one privileges a strong 'informational coordination' between the sectoral regulator and the Transmission System Operator. By contrast, the second model is characterized by a constrained informational coordination, leading to a greater 'decisional convergence' between regulatory intervention and antitrust policy. Lastly, we put these conclusions into perspective with the specific issue of the achievement of an efficient and integrated European market for electricity. In particular, we stress the need for a single regulatory agency, which should be given autonomous decisional powers in the adoption of regional markets reform initiatives (author)

  17. Government-guided market regulation in the Federal Republic of Germany. Zur staatlichen Marktregulierung in der Bundesrepublik

    Energy Technology Data Exchange (ETDEWEB)

    Soltwedel, R; Busch, A; Gross, A; Laaser, C F

    1987-01-01

    The major part of the expertise 'Deregulation Potentials in the Federal Republic of Germany' - theoretical fundaments, justifying analysis of the regulation and the proposals relating to deregulation - was published as 'Kieler Studie No. 202'. However, the synopsis of the relevant legal prescriptions of the regulation systems, the historical development courses of regulations, analytic excursions and statistical information about the structures of the markets could not be included in the investigation. This gap is now closed by the special issue 'Government-guided market regulation in the Federal Republic of Germany'. Among others, it deals with the regulation of the supplying industry: it shows the structures of the most important sections and the market-regulating acts of the government: competition-restricting instruments, price regulation by the government and the restraint to contract. (orig./HSCH).

  18. 7 CFR 1599.11 - Use of commodities and sale proceeds.

    Science.gov (United States)

    2010-01-01

    ... SERVICE, DEPARTMENT OF AGRICULTURE McGOVERN-DOLE INTERNATIONAL FOOD FOR EDUCATION AND CHILD NUTRITION... sell the donated commodities at a reasonable market price in the economy where the sale occurs. The...

  19. Into the void: Regulating pesticide use in Colorado's commercial cannabis markets.

    Science.gov (United States)

    Subritzky, Todd; Pettigrew, Simone; Lenton, Simon

    2017-04-01

    In 2014, Colorado implemented the world's first seed-to-sale recreational cannabis market under a commercial model. This paper aims to provide a thick descriptive account that gives insight into the issues and complexities of Colorado's pioneering and evolving attempt to regulate the use of pesticides on commercial cannabis plantations. The paper examines multiple data sets including: (i) Colorado State Government documents; (ii) recreational cannabis regulations; (iii) mass and niche media publications (n=175); (iv) face-to-face interviews with key stakeholders, including seniors, regulators and industry executives (n=8); and (v) field notes from relevant conferences and cultivation facility tours in Denver in October, 2016. Two key issues are identified. First, a public safety threat has arisen relating to application of pesticides on cannabis with intensified toxicity in concentrated products of particular concern. Second, as a pioneering jurisdiction, Colorado faces a considerable knowledge gap. To expand collective learning on this issue, for which no regulatory template and little research exists, state regulators tapped industry and other stakeholder expertise while attempting to ensure public safety goals were achieved and regulatory capture by industry was limited. Four years since the recreational cannabis market in Colorado was legalised, the State continues to grapple with the pesticide issue as testing regulations and cultivation standards are yet to be finalised. While more work is needed, Colorado has made significant progress in developing regulations relating to this complex matter. As governments of countries such as Canada and US states, including California, contemplate changes to recreational cannabis laws, Colorado's experience can assist regulators in other jurisdictions considering policy change. Copyright © 2017 Elsevier B.V. All rights reserved.

  20. Regulations as a Tool to Increase Consumer Protection on the European Retail Payment Market

    Directory of Open Access Journals (Sweden)

    Janina Harasim

    2018-03-01

    Full Text Available Aim/purpose - The purpose of the paper is to identify the main areas of customers' threats concerning using financial services and the in-depth review of European industry- -specific consumer regulations concerning current accounts and payments. Design/methodology/approach - Desk research including in-depth analysis of industry- specific consumer regulations referring to current accounts and payment services having the character of EU directives and regulations, European Commission reports, and documents. Findings - The paper shows that consumers' interests are threatened even when they use basic financial services as current account and combined payment instruments. The analysis based on of desk resources has revealed that the regulations give effect to customer protection only if they strictly correspond to defined areas of threats and particular types of risks. Research implications/limitations - The experience of the recent financial crisis proved that the asymmetry of knowledge and information was one of the crucial reasons disrupting customers' position on financial markets. Research findings will help to identify gaps in regulations and develop the quality of further initiatives aimed on informing customers about the implementation of regulations and improving their financial literacy level. Originality/value/contribution - The payment products are rarely discussed in the literature in the context of consumers' protection and financial regulations. This paper contributes to the debate by providing an overview of financial consumer protection issues concerning retail payments.(original abstract

  1. The Evolution of the Theory and Practice of State Regulation of Addictive Goods Markets

    Directory of Open Access Journals (Sweden)

    Roman Yuryevich Skokov

    2016-03-01

    Full Text Available The article discusses the evolution of state regulation of the market of addictive goods and services in the context of the periodization of ideas about the role of the state in the economy in general, in historical and economic era, in the formation of the species of addictive goods markets. In the age of mercantilism the sphere of regulation of addictive goods markets was not the subject of attention of economists, but in practice there is an idea of the need for state protectionism. During its criticism in the framework of the theory of physiocrats and in the beginning of the classical school, alcohol products become a subject of research of economists, as the major source of budgetary funds. The abolition of serfdom, the development of private industrial activity, changing the farming tax system to the excise tax, indicate the penetration of traditional liberal principles in domestic economy in the field of addictive goods. The German historical schools focused on the active role of the state with respect to national peculiarities of the economy, found support and development in the works of Russian scientists that support the alcohol and tobacco monopoly. In the Soviet period the principles of Marxist political economy were formed on the basis of total nationalization of production and distribution of allowed addictive goods. The margin school is characterized by psychological interpretation of economic processes in the field of addictive goods under the conditions of perfect competition, in particular the role of consumers in the pricing. In the period of theoretical struggle of monetarism against keynesianism, which coincided with the drug boom, there were areas of economics of crime and punishment, drugs. In the neoliberalism period the antiprohibitionist movement was formed in the field of addictive goods. Changing some postulates of neoclassical economics by neo-institutional economic theory contributed to the development of empirical

  2. The International Code of Marketing of Breast-milk Substitutes: lessons learned and implications for the regulation of marketing of foods and beverages to children.

    Science.gov (United States)

    Lutter, Chessa K

    2013-10-01

    To identify lessons learned from 30 years of implementing the International Code of Marketing of Breast-milk Substitutes (‘the Code’) and identify lessons learned for the regulation of marketing foods and beverages to children. Historical analysis of 30 years of implementing the Code. Latin America and the Caribbean. None. Legislation to restrict marketing of breast-milk substitutes is necessary but not sufficient; equally important are the promulgation of implementing regulations, effective enforcement and public monitoring of compliance. A system of funding for regular monitoring of compliance with legislation should be explicitlyd eveloped and funded from the beginning. Economic sanctions, while important, are likely to be less effective than reports that affect a company’s public image negatively. Non-governmental organizations play a critical role in leveraging public opinion and galvanizing consumer pressure to ensure that governments adopt regulations and companies adhere to them. Continual clinical, epidemiological and policy research showing the link between marketing and health outcomes and between policy and better health is essential. Implementation of the Code has not come easily as it places the interests of underfinanced national governments and international and non-governmental organizations promoting breast-feeding against those of multinational corporations that make hundreds of millions of dollars annually marketing infant formulas. Efforts to protect, promote and support breast-feeding have been successful with indicators of breast-feeding practices increasing globally. The lessons learned can inform current efforts to regulate the marketing of foods and beverages to children.

  3. Commodity hardware and software summary

    International Nuclear Information System (INIS)

    Wolbers, S.

    1997-04-01

    A review is given of the talks and papers presented in the Commodity Hardware and Software Session at the CHEP97 conference. An examination of the trends leading to the consideration of PC's for HEP is given, and a status of the work that is being done at various HEP labs and Universities is given

  4. Impact assessment of commodity standards

    NARCIS (Netherlands)

    Ruben, Ruerd

    2017-01-01

    Voluntary commodity standards are widely used to enhance the performance of tropical agro-food chains and to support the welfare and sustainability of smallholder farmers. Different methods and approaches are used to assess the effectiveness and impact of these certification schemes at

  5. Does Excluding Cross-commodity Interactions Matter? Beef and Lamb in Australia

    OpenAIRE

    Dent, Siobahn K.; Piggott, Roley R.; O'Donnell, Christopher J.; Griffith, Garry R.

    2003-01-01

    Australian broadacre agriculture is typified by strong cross-commodity relationships, where sheep and cattle grazing enterprises compete for pasture and both compete with wheat and other crops for land. Further, some commodities produced by multi-product farms are also used in the production of final products that are substitutes in demand, such as beef and lamb. Economic analyses of the beef market, for example, should also include consideration of the market for the related product, lamb. I...

  6. Papaya Development Model As A Competitive Local Superior Commodity

    Directory of Open Access Journals (Sweden)

    Reny Sukmawani

    2014-12-01

    Full Text Available The aim of this research is to study the comparative advantage and papaya competitive and to design its development model by using the approach of local base agriculture development. This research uses survey method. The resulting research shows that papaya is a base commodity that has comparative advantage and competitive. The development papaya in the district of Sukabumi is quite good bases on eight superior creations. But in order to be the main sector in economic development and has a competition, the development of papaya must concern to its influence factors. In supporting papaya development as a competitive local superior commodity, it needs to be done some efforts are as follows: (1 increase a skillful worker; (2 improve business management; (3 increase papaya productivity by using technology and study papaya planted technology in specific local superior commodity; (4 develop the involvement of the business relation; (5 provide market information and information technology network; and (6 improve infrastructures.

  7. Obesity and industry self-regulation of food and beverage marketing

    DEFF Research Database (Denmark)

    Ronit, Karsten; Jensen, Jørgen Dejgård

    2014-01-01

    Objective: Obesity is a growing concern at national and international levels, and it is increasingly recognized that the industry plays a role and needs to be involved to halt the obesity epidemic. The objective of this study is to describe, analyse and evaluate research on industry self-regulati......Objective: Obesity is a growing concern at national and international levels, and it is increasingly recognized that the industry plays a role and needs to be involved to halt the obesity epidemic. The objective of this study is to describe, analyse and evaluate research on industry self......-regulation regarding food and beverage marketing and nutrition labelling. Design: Five databases were searched for combinations of the search terms: obesity, nutrition, food, beverages, industry, self-regulation, labelling, advertising and marketing, and papers were selected on the basis of paper titles......, and subsequently on the basis of abstracts. Results: Of the 4978 identified publications, 22 were included in the final review. The studies show that commitments in industry self-regulation schemes tend to be relatively vague and permissive, that the measurable effects of the self-regulations tend to be relatively...

  8. New market based price regulation on combined heat and power in Denmark

    International Nuclear Information System (INIS)

    Koch, Jesper; Nielsen, Marianne; Hansen, Anders B.; Lawaetz, Henrik

    2003-01-01

    Major economic risks can become reality when local co-generation plants (L-CHP ) meet the full market penetration with new market based price regulation. Co-generation produces more than 50% of the national electricity consumption and half of the production is generated from L-CHP. The new price regulation is assumed to take action in 2004. The paper will present an analysis of a market based price regulation on the L-CHP-sector. The paper will spotlight on L-CHP in district heating systems supplying heat for domestic purposes. When smaller and medium sized CHP sell electricity they are paid an average price of 46 Euro per MWh. The return of selling electricity shall primarily cover the expenditure of buying gas for electricity production and writing off investments cost of a CHP-plant. With the framework of today it is a fact that the plants (in average) are only slightly competitive compared to individual heat production plants. When CHP meet market conditions there is a high risk that electricity prices will be reduced significantly (prices of 20 - 30 Euro per MWh) for a longer period. Significantly reduced electricity prices will result in dramatically increased heat prices. If no action is taken there will be a potential risk that heat consumers in the smaller and medium sized cities together must pay an extra bill of 200 million Euro each year. It corresponds to an average increase of the heating bill of 300 - 500 Euro per year for an average house. This is far from acceptable. There will also be a high risk that companies with industrial CHP will permanently convert to heat only boiler and only use their CHP occasionally because CHP plants might not be cost-effective when electricity prices are low. These effects can cause a significant increase of the national CO 2 emission

  9. Using commodity-indexed financing to fund OPEC/Alaska's development projects

    International Nuclear Information System (INIS)

    Essayyad, Musa

    1992-01-01

    An impediment to the process of economic diversification in OPEC and Alaska is the lack of favourable access to local and international capital markets to finance development projects, particularly mineral resource development. This paper highlights the importance of commodity-indexed bonds, including oil- and gold- indexed bonds, as a financing alternative to supplement the supply shortage of loanable funds from conventional, local and international commercial banks. The indexation concept is discussed, features of different bonds issued to date are contrasted and the benefits and risks for borrowers and investors are highlighted. An analysis is made of the experience of OPEC and Alaska in using commodity-indexed bonds and the feasibility of Alaska and some OPEC countries entering into commodity-linked-financed joint ventures is examined. Future prospects for commodity-linked bonds are explored. Not withstanding the fact that the immediate market timing is unfavourable, the long-term benefits of commodity-indexed securities are recognized. (U.K.)

  10. Regulation of distribution grid prices at the beginning of market liberalisation - Experience in Norway and Sweden

    International Nuclear Information System (INIS)

    Filippini, M.; Wind, J.; Luchsinger, C.

    2001-01-01

    This report for the Swiss Federal Office of Energy (SFOE) reviews the experience gained in the deregulation of electricity distribution grids in Norway and Sweden and compares it with the possible options for Switzerland. The report looks at the requirements placed on the future Swiss regulation of electricity distribution grids and the various regulation models such as Rate-of-Return, Price-Cap, Revenue-Cap and Benchmarking that could be used in the short and long term. The choice of Sweden and Norway from the list of countries with liberalised electricity markets is discussed. The results of the study of the two countries are discussed individually, including the structure of the sector, the various stages of deregulation, the main characteristics encountered at the start of deregulation, regulation of grid prices at the beginning of liberalisation and experience gained in each case. The report is supplemented by a comprehensive list of the sources used

  11. Commodity Systems Assessment Methodology of Postharvest Losses in Vegetable Amaranths: The Case of Tamale, Ghana

    Directory of Open Access Journals (Sweden)

    Mildred Osei-Kwarteng

    2017-01-01

    Full Text Available A semistructured questionnaire based on the commodity system assessment methodology (CSAM was used to determine postharvest losses in vegetable amaranths (VA. Fifty producers and retailers were randomly selected from five and four major VA producing areas and markets, respectively, and interviewed. Data obtained were subjected to descriptive statistical analyses. The survey revealed that absence of laws, regulation, incentives, and inadequate technical information affected the production of VA. The utmost preproduction challenge was poor quality seeds with poor seed yield (35%, low viability (19%, and nontrueness (46%. It was noted that some cultural practices including planting pattern and density, irrigation, and fertiliser use had effects on postharvest losses. Some postharvest practices used were cleaning with water, trimming, sorting, and grading. Usually the produce was transported to marketing centers by cars and motor cycle trailers. Generally poor temperature management after harvest was a big challenge for the postharvest handling of VA. The potential of vegetable amaranths as a commodity in the study area can be enhanced by providing the necessary institutional support, incentives, and use of good management practices along the value chain. An interdisciplinary approach and quantification of losses along the chain are recommended for any future study.

  12. Education: Commodity, Come-On, or Commitment?

    Science.gov (United States)

    Moore, John W.

    2000-07-01

    July 4, and the glass art shown on pages 812-816, remind us that freedom is fragile. Through their governments, citizens of democracies have traditionally made strong commitments to education on grounds that without it individuals would not be able to act responsibly and to make wise decisions in voting booths and public meetings. All citizens have a stake in everyone's education, because a better-educated citizenry benefits all of society. In this country such a commitment has produced a system of public schools and public universities that offers opportunities to many who otherwise could not afford a level of education commensurate with their talents. But there are signs that this commitment to public education is flagging. Many students, teachers, and administrators view education as merely a way to enhance personal prosperity. How often have you heard the statistic that a college education pays for itself through increased earning power, even if it costs $20,000-30,000 per year? Investing in education pays off just as investing in the stock market does, provided you wait long enough. Attending a better school gets you a better job and a better income. In other words, a certified level of education is a commodity-something that is useful and can be turned to commercial advantage. Viewing education as a commodity has several consequences. First, if education is a means to better employment rather than better citizenship, why should anyone pay for it other than the person who benefits? Why should I pay taxes to help someone else get a better job when I could be spending the money for my own benefit? Education as a commodity makes such attitudes reasonable, though not commendable, and the result is lessened support for public education. Second, those who supply education as an economic good should be rewarded, and those who are much better at educating should be rewarded much more. Hence the fear of Arthur Levine, president of Teachers College, Columbia University

  13. The effect of labour market regulation on domestic workers in Orchards and Soshanguve, Pretoria

    Directory of Open Access Journals (Sweden)

    Andrew Matjeke

    2012-01-01

    Research purpose: The purpose of this article was to analyse and compare the effects of, and level of compliance with, the regulation of the domestic worker sector in two very different residential areas in Pretoria. Motivation for the study: Researchers have conducted all previous micro-study investigations of the topic in Langenhoven Park, Bloemfontein. We need more micro-level studies to investigate the effects of regulating this labour market because areas with different socioeconomic conditions may yield different results. Research design, approach and method: The researchers followed a quantitative micro- research design using structured questionnaires. They used the research methodology applied in similar micro-studies as the basis of the survey to make the results comparable. They used the criterion sampling technique. Respondents completed 87 questionnaires in Orchards and 89 in Soshanguve. Main findings: Evidence suggests that areas in close proximity to one another in the same metropolis yield significant differences in the wages or salaries and non-wage working conditions of domestic workers. A blanket approach to identifying and monitoring the effects of the legislation for this sector is not an appropriate one. Practical/managerial implications: The sector needs micro-studies over an extended period and in different areas to form a more nuanced picture of this multifaceted labour market. This study emphasised the necessity for improved monitoring of the existing legislation. Contribution/value-add: This is the first micro-study to compare the effects of regulating the domestic workers sector of two residential areas with different socioeconomic characteristics. The results will give authorities a better understanding of the level of compliance with, and effects of, the regulation of domestic workers. It will also guide the monitoring of, and enforcement decisions for, this labour market.

  14. Overview of plant dosimetry in agricultural commodities

    International Nuclear Information System (INIS)

    Khedkar, Kalpana C.

    2014-01-01

    Extensive research carried out for more than three decades at Bhabha Atomic Research Centre, Bombay and other laboratories in India had conclusively established application of radiation processing of food for catering to the domestic and export market. A major milestone of food irradiation was reached in the country when Board of Radiation and Isotope Technology, a constituent unit of Department of Atomic Energy had set up 'SPICE PLANT' at Vashi, Navi Mumbai in the year 2000. It was first demonstration plant for radiation processing of spices for hygienisation purpose. For expanding scope of applications in agricultural sector, the next step in this direction was taken by BARC for setting up 'KRUSHAK' plant at Lasalgaon, Nashik. This was the first plant for low dose application of gamma radiation in agricultural commodities i.e. for sprout inhibition in onion and potatoes

  15. Commodity derivatives pricing with inventory effects

    DEFF Research Database (Denmark)

    Bach, Christian; Dziubinski, Matt P.

    We introduce tractable models for commodity derivatives pricing with inventory and volatility eects, and illustrate with applications to the oil market. We contribute to the existing literature in several respects. First, whereas the previous literature uses futures data for investigating...... the relationship between inventory and volatility, we use the information available in options traded on futures. Second, performance assessment in the previous literature has primarily evolved around explaining moments of data or forecasting prices of futures. Instead, we asses the performance of our model...... by considering both the ability of explaining prices in-sample and out-of-sample - assessing both the pricing-performance and the hedging-performance of the models. Third, we model the futures surface rather than the spot price process, and from the no-arbitrage relationship between spot and futures prices we...

  16. Historical review of European gasoline lead content regulations and their impact on German industrial markets

    Energy Technology Data Exchange (ETDEWEB)

    Hagner, C. [GKSS-Forschungszentrum Geesthacht GmbH (Germany). Inst. fuer Hydrophysik

    1999-07-01

    Environmental protection policies in the automobile market were not implemented until the motorisation of the masses in the 1960s caused an increasing environmental burden. The rising air pollution was considered a latent danger for humans, animals and plants. In the years up to 1985 the EU passed several regulations to limit the mass pollutants CO, CxHy and NOx. Germany was the first EU-member nation to also be concerned with lead in gasoline, passing reduction regulations as early as in 1971. In 1986, several EU-member nations implemented the supply of unleaded gasoline. This decision was predominantly based on information about widespread forest damage. The reduction of lead emissions due to these regulations could be verified in different environmental systems. An example of this was the decline of atmospheric lead concentrations and human blood lead levels in Germany. The German mineral oil and automobile markets were also affected. The price trend of unleaded fuel was heavily influenced by tax incentives which benefited not only the gasoline traders but also the consumers. With regard to the distribution system, the market positions particularly of the medium-sized traders and the independent importers were weakened. In the automobile market, favourable terms of competition were experienced by producers who had already gained experience with catalyst systems in the U.S.-market. The gasoline lead content regulations had no effects on further economic indicators, except for competition. (orig.) [German] Infolge der Massenmotorisierung in den 60er Jahren stieg die Umweltbelastung durch den Automobilverkehr stark an. Luftverschmutzung durch Kraftfahrzeuge wurde erstmalig als latente Gefahr fuer die Gesundheit von Mensch, Tier und Pflanze wahrgenommen. Dies charakterisierte den Beginn der Umweltpolitik im Automobilsektor. Bis 1985 verabschiedete die Europaeische Union (EU) mehrere Rahmenrichtlinien zur Reduktion der Luftschadstoffe CO, CxHy und NOx. 1971 war

  17. State Regulation of the Savings Market Within the Context of “New Economy” Imperatives

    Directory of Open Access Journals (Sweden)

    Valeriya Viktorovna Litvin

    2015-12-01

    Full Text Available In the conditions of “new economy” which today is being shaped due to unprecedented progress of science and technology, and information revolution, we observe significant intensification of insecurity and instability risks as well as scaling-up and devastating impact of the downturn. Financial security of many countries and stable functioning of the national savings schemes are under threat which makes impossible expanded reproduction and further social welfare growth. In addition, over the last decades the financial component of crises has gained its role, new financial technologies and assets have become the key reason for the downturn. In this regard, the study of new potential threats of savings market volatility as a savings system core acquires special relevance. Based on the analysis of the main imperfections of savings market under the conditions of new economy, this article defines and analyzes priority directions of the state activity targeted at ensuring sustainability of the national savings system. The author outlines the scope of legal regulation for the savings market, reveals the peculiarities of its monopolization in the conditions of globalization taking into account specifics of this process on the post-industrial stage of civilization development. Manifestations of external effects in savings market have been investigated as well as mechanisms of neutralizing the negative externalities and encouraging positive ones. Both implications of information incomplete character and internalities referring to it have been examined. The methods to increase market savings saturation with information have been considered. The role of state guarantees to ensure sustainability and stability of the national savings systems development has been shown. Performance criteria for institutions in charge to guarantee savings return have been defined. Directions of improving the state system of safeguards have been offered. Mechanism of

  18. Liberalization of the natural gas market, public interests and regulations urge

    International Nuclear Information System (INIS)

    Pisuisse, C.S.

    2004-01-01

    Developments in the last two years showed that liberalization of the gas market comes with all kind of new and complex regulation. Examples are rules regarding supply permits, the introduction of a supplier of last resort and planning and building obligations for network operators. In the article an oversight of these rules has been given. The regulations are mainly based on public services interests, especially security of supply. It becomes clear that politicians on the one hand are in favour of liberalization, but on the other hand won't accept the accompanying risks for especially the smaller consumers. Security of supply has to be guaranteed under all circumstances. It is obvious that this layer of new rules results in an administrative burden for the parties on the market. Moreover, as a result of these rules the possibilities for real competition, which are already limited due to the special characteristics of the Gas market, have become less and less. In the mean time, the question arises whether it is still realistic to speak of liberalization. It is also doubtful whether the households will still benefit from the possibilities of freedom of choice. Within the coming months the so called second Gas directive has to be implemented. Members of Parliament should realize that, during this implementation process there is no room left to build in additional certainties for consumers [nl

  19. Medical devices and the Middle East: market, regulation, and reimbursement in Gulf Cooperation Council states.

    Science.gov (United States)

    Howard, Jason J

    2014-01-01

    With some of the richest economies in the world, the Gulf Cooperation Council (GCC) is undergoing rapid growth not only in its population but also in health care expenditure. Despite the GCC's abundance of hydrocarbon-based wealth, the drivers of the medical device industry in the GCC are still in flux, with gains yet to be made in areas of infrastructure, regulation, and reimbursement. However, the regional disease burden, expanding health insurance penetration, increasing privatization, and a desire to attract skilled expatriate health care providers have led to favorable conditions for the medical device market in the GCC. The purpose of this article is to investigate the current state of the GCC medical device industry, with respect to market, regulation, and reimbursement, paying special attention to the three largest medical device markets: Saudi Arabia, the United Arab Emirates, and Qatar. The GCC would seem to represent fertile ground for the development of medical technologies, especially those in line with the regional health priorities of the respective member states.

  20. Marketing alcohol to young people: implications for industry regulation and research policy.

    Science.gov (United States)

    Jackson, M C; Hastings, G; Wheeler, C; Eadie, D; Mackintosh, A M

    2000-12-01

    This paper focuses on the marketing of alcohol to young people in the United Kingdom, but the lessons that emerge have international significance. Alcohol is a global enterprise and recent consolidation means that it is controlled by a decreasing number of expanding multi-nationals. Alcohol companies are able to allocate significant resources to researching consumer preferences, developing new products and promoting them on an international level. Recent years have seen a growth in the value that youth culture attaches to brand labels and symbols and a move away from the healthy-living ethos. The alcohol industry's response to these trends has been to design alcoholic beverages that appeal to young people, using well-informed and precisely targeted marketing strategies. This has led to growing concerns about the implications for public health and a demand for tighter controls to regulate alcohol marketing practices. In the United Kingdom, controls on alcohol are piecemeal and reactive and the current system of voluntary regulation appears ineffective. This paper argues for more research to establish current industry practice and inform the development of a comprehensive regulatory structure and system of monitoring.

  1. THE PROBLEM OF REGULATING THE MARKET OF COLLECTIVE INVESTMENTS IN RUSSIA IN CONDITIONS OF FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    N. Redko

    2016-01-01

    Full Text Available At the moment the Bank of Russia became the megaregulator of the fi nancial market of Russia that opens new opportunities and prospects for development on the one hand, with another - there is a full monopolization of control and supervision of its participants. The author of article describes actual problems of regulation of the market of collective investments, relying on the existing practice of activity of management companies. Analyzing a situation from the point of view of protection of interests of the investor, and also for development of this sector of economy he suggests to shift focus in regulation. The main attention, in his opinion, needs to be turned on involvement of the experts conducting practicians and analysts in the sphere of professional and trust management for development of optimal solutions of the existing problems of the fi nancial market, and also for creation of the transparent and healthy economic environment of his activity. Aiming efforts at the development of innovative instruments of collective investment, it is possible to make signifi cant progress in overcoming of the crisis phenomena in fi nancial sector of economy

  2. Commodity exchanges - Function and operation

    International Nuclear Information System (INIS)

    Levin, R.A.

    1991-01-01

    The author discusses the potential impacts that a futures market may have on the international trade of uranium. The discussion first centers around the New York Mercantile Exchange. The following market aspects are discussed: long-term contracting; spot market; commoditization and pricing; and advantages, disadvantages, risks, and provisions of futures market contracts

  3. 17 CFR 240.15c3-1b - Adjustments to net worth and aggregate indebtedness for certain commodities transactions...

    Science.gov (United States)

    2010-04-01

    ... contracts; and (B) The value attributed to any commodity option which is not traded on a contract market... for inventory and forward contracts in the inter-bank market in those foreign currencies which are... broker or dealer which is a purchaser of a commodity option which is traded on a contract market the...

  4. 78 FR 9575 - Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Change to...

    Science.gov (United States)

    2013-02-11

    ... reserve oil in such manner as to accurately account for its receipt, storage, and disposition. In a rule... FR] Marketing Order Regulating the Handling of Spearmint Oil Produced in the Far West; Change to Administrative Rules Regarding the Transfer and Storage of Excess Spearmint Oil AGENCY: Agricultural Marketing...

  5. The European Energy Regulators Group and the realization of the internal energy market

    International Nuclear Information System (INIS)

    Lavrijssen, S.A.C.M.

    2006-01-01

    The role of the European Energy Regulators Group (ERGEG) in the realization of the internal energy market is discussed. It is concluded that the ERGEG has already achieved significant results in dealing with several complex technical and legal problems that hamper market integration in the energy sector. However, it is a fundamental problem that the ERGEG is neither an EU institution nor a national institution, resulting in a lack of its democratic accountability and in the legal protection against the actions taken by the ERGEG. Therefore, the future success of the ERGEG will depend on the ability of the European legislator to find answers to the question how to ensure that the ERGEG fulfils its tasks in a legitimate way [nl

  6. Launch prices for new pharmaceuticals in the heavily regulated and subsidized Spanish market, 1995-2007.

    Science.gov (United States)

    Puig-Junoy, Jaume; López-Valcárcel, Beatriz González

    2014-06-01

    This paper provides empirical evidence on the explanatory factors affecting introductory prices of new pharmaceuticals in a heavily regulated and highly subsidized market. We collect a data set consisting of all new chemical entities launched in Spain between 1997 and 2005, and model launch prices following an extended version of previous economic models. We found that, unlike in the US and Sweden, therapeutically "innovative" products are not overpriced relative to "imitative" ones after having controlled for other factors. Price setting is mainly used as a mechanism to adjust for inflation independently of the degree of innovation. The drugs that enter through the centralized EMA approval procedure are overpriced, which may be a consequence of market globalization and international price setting. Copyright © 2014 Elsevier Ireland Ltd. All rights reserved.

  7. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    There is not enough marketing of dentistry; but there certainly is too much selling of poor quality service that is being passed off as dentistry. The marketing concept makes the patient and the patients' needs the ultimate criteria of marketing efforts. Myths and good practices for effective marketing that will promote oral health are described under the traditional four "Ps" categories of "product" (best dental care), "place" (availability), "promotion" (advertising and other forms of making patients aware of available services and how to use them), and "price" (the total cost to patients of receiving care).

  8. The new regulation of natural gas market; La nueva regulacion del mercado del gas natural

    Energy Technology Data Exchange (ETDEWEB)

    Gallego Anabitarte, A.; Rodriguez de Santiago, J. M. [Universidad Autonoma de Madrid (Spain)

    1998-12-31

    We examine the regime governing the gas market in Spain under Law 34/98 of 7 October. The law distinguishes between regulated activities and non-regulated activities. This gives rise to the abandonment by the State of their right to regulate activities related with the gas sector and the opening of said market to free competition. The law privates said activities, through its sets forth that the Sate retains the right and thus must guarantee the supply of gas, as well at sets forth the conditions for rendering such services to individuals. The law also deals with property issues over the networks and the right of third parties to access them; we examine a series of legal explanations concerning these issues. Lastly, the provides that the legal relationship governed by said law changes from a system of State franchise in order to carry on an activity, to a system of prior authorizations subject to a number of ancillary clauses. (Author) 34 refs.

  9. Depository Accounting of Securities in the Ukrainian Stock Market Regulation System

    Directory of Open Access Journals (Sweden)

    Veriha Hanna V.

    2016-02-01

    Full Text Available The aim of the article is to study the procedures, technologies, prudential regulation of depository accounting of securities in the system of the Ukrainian stock market infrastructure and identify directions of its improvement. The article analyzes the dynamics of the number of licenses issued by types of professional activity in the stock market. The necessity for further improvement of mechanisms of the updated system of depository accounting of securities in Ukraine has been proved. There have been developed the following recommendations: to improve the unified rules of accounting and regulation support of the system of risk management of depository activity; develop tools for prudential regulation of depository activity and strengthen the control over fulfillment of prudential standards by the Central Depository and depository institutions; create the necessary conditions for the practical implementation of legal norms concerning establishment of clearing institutions and increase in the level of competition between depositaries; expand the correspondent relations of the Central Depository in relation to the establishment of international depositary relations for the liberalization of the international movement of securities; use segregated accounts providing the possibility of storage of client funds separately from the funds of the transfer bank to protect the capital of the issuer and investor from risks of any force majeure situations; mediate the movement of funds at implementing dividend payments through participants of the accounting system: issuer-the Central Depository-depository institution-depositor.

  10. De-regulated electric power markets and operating nuclear power plants: the case of British energy

    International Nuclear Information System (INIS)

    Hewlett, James G.

    2005-01-01

    One issue addressed in almost all electric power restructuring/de-regulation plans in both the United States (US) and the United Kingdom (UK) was the recovery of operating nuclear power plant's spent fuel disposal costs and the expenditures to decommission the units when they are retired. Prior to restructuring, in theory at least, in both countries, electricity consumers were paying for the back end costs from operating nuclear power plants. Moreover, in virtually all cases in the US, states included special provisions to insure that consumers would continue to do so after power markets were de-regulated. When power markets in the UK were initially restructured/de-regulated and nuclear power privatized, the shareholders of British Energy (BE) were initially responsible for these costs. However, after electricity prices fell and BE collapsed, the British government shifted many of the costs to future taxpayers, as much as a century forward. If this was not done, the book value of BE's equity would have been about -3.5 billion pounds. That is, BE's liabilities would have been about -3.5 billion pounds greater than their assets. It is difficult to see how BE could remain viable under such circumstances

  11. 7 CFR 226.5 - Donation of commodities.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Donation of commodities. 226.5 Section 226.5 Agriculture Regulations of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE CHILD NUTRITION PROGRAMS CHILD AND ADULT CARE FOOD PROGRAM Assistance to States § 226.5 Donation...

  12. 1993 commodity flow survey : state summaries

    Science.gov (United States)

    1997-06-01

    This report summarizes the Commodity Flow Survey (CFS) state reports released between February 1996 and July 1996 by the Bureau of the Census and the 1993 Commodity Flow Survey: Preliminary Observations by the Bureau of Transportation Statistics. Inf...

  13. Econometrics as evidence? Examining the 'causal' connections between financial speculation and commodities prices.

    Science.gov (United States)

    Williams, James W; Cook, Nikolai M

    2016-10-01

    One of the lasting legacies of the financial crisis of 2008, and the legislative energies that followed from it, is the growing reliance on econometrics as part of the rulemaking process. Financial regulators are increasingly expected to rationalize proposed rules using available econometric techniques, and the courts have vacated several key rules emanating from Dodd-Frank on the grounds of alleged deficiencies in this evidentiary effort. The turn toward such econometric tools is seen as a significant constraint on and challenge to regulators as they endeavor to engage with such essential policy questions as the impact of financial speculation on food security. Yet, outside of the specialized practitioner community, very little is known about these techniques. This article examines one such econometric test, Granger causality, and its role in a pivotal Dodd-Frank rulemaking. Through an examination of the test for Granger causality and its attempts to distill the causal connections between financial speculation and commodities prices, the article argues that econometrics is a blunt but useful tool, limited in its ability to provide decisive insights into commodities markets and yet yielding useful returns for those who are able to wield it.

  14. Aromatherapy Oils: Commodities, Materials, Essences

    OpenAIRE

    Barcan, Ruth

    2014-01-01

    This article examines the essential oils that are the central tools of aromatherapy and uses them as a case study for different approaches to material culture. It considers the conceptual and political implications of thinking of essential oils as, in turn, commodities, materials and essences. I argue that both cultural studies and aromatherapy have something to learn from each other. Classic materialist approaches might do well to focus more attention on the material properties and effects o...

  15. Self-regulation by industry of food marketing is having little impact during children's preferred television.

    Science.gov (United States)

    Potvin Kent, Monique; Dubois, Lise; Wanless, Alissa

    2011-10-01

    To examine the efficacy of self-regulation of food marketing to children by comparing, during children's preferred viewing on television, the differences in food/beverage marketing between two groups of corporations: 17 corporations participating in the Canadian Children's Food and Beverage Advertising Initiative (CAI) and 35 corporations not participating (non-CAI) in this initiative. The food/beverage marketing activities of CAI and non-CAI corporations during 99.5 hours of children's preferred viewing on television were compared. First, the preferred television viewing of 272 children aged 10-12 years from Ontario and Quebec who completed TV viewing journals for a seven-day period was determined. A total of 32 television stations were simultaneously recorded, and a content analysis of children's preferred viewing was conducted and included coding all food/beverage promotions and their nutritional content. Each food/beverage promotion was classified by corporation type (i.e., CAI or non-CAI). The CAI was responsible for significantly more food/beverage promotions, and used media characters and repetition more frequently in their food/beverage promotions than the non-CAI group. Nutritionally, the CAI food/beverage promotions were higher in fats, sugar, sodium and energy per 100 grams. A significantly greater proportion of the CAI food/beverage promotions were considered 'less healthy' compared to the non-CAI promotions. With the exception of the four corporations that did not market to children at all, the commitments that have been made in the CAI are not having a significant impact on the food and beverage marketing environment on television which is viewed by 10-12-year-olds.

  16. Founding Digital Currency on Imprecise Commodity

    OpenAIRE

    Yuan, Zimu; Xu, Zhiwei

    2015-01-01

    Current digital currency schemes provide instantaneous exchange on precise commodity, in which "precise" means a buyer can possibly verify the function of the commodity without error. However, imprecise commodities, e.g. statistical data, with error existing are abundant in digital world. Existing digital currency schemes do not offer a mechanism to help the buyer for payment decision on precision of commodity, which may lead the buyer to a dilemma between having to buy and being unconfident....

  17. The gas and electric power markets opening in Europe, the implementation of the regulation authorities

    International Nuclear Information System (INIS)

    2001-12-01

    Because the gas and the electric power are not simple goods, the opening of their market needs a whole reflexion where the governments must be involved. To analyse this opening, this report presents in a first part the traditional organization of the gas and electric power sectors marked by the strong presence of the government and the end of this organization at the end of the years 1980. It details then the new regulation, the operators and the effects of the competition. In a last part it provides propositions for the institutional framework in France. (A.L.B.)

  18. Strategies of diversification in regulated energy markets: the natural gas and electric power industries in Mexico

    Energy Technology Data Exchange (ETDEWEB)

    Bazan Gonzalez, Gerado; Elizalde Baltierra, Alberto; Eibenschutz Hartman, Juan

    2007-07-01

    The aim of this work is to show a structured and systematic approach to analyze the strategies of diversification undertaken by the State-owned companies Petroleos Mexicanos and Comision Federal de Electricidad, during the period 1938-2006, in the Mexican energy market that has been strongly dominated by the State control. Furthermore, we explore the future of these strategies by using a Strengthens, Weaknesses, Opportunities and Threats (SWOT) matrix. This analyze also include changes in regulation that should happen in order to consolidated the proposed strategies. (auth)

  19. The Influence Of Highway Transportation Infrastructure Condition Toward Commodity Production Generation for The Resilience Needs at Regional Internal Zone

    Science.gov (United States)

    Akbardin, Juang; Parikesit, Danang; Riyanto, Bambang; Mulyono, Agus Taufik

    2018-02-01

    The poultry commodity consumption and requirement is one of the main commodities that must be fulfilled in a region to maintain the availability of meat from poultry. Poultry commodity production is one of the production sectors that have a clean environment resistance. An increasing of poultry commodity generation production requires a smooth distribution to arrive at the processing. The livestock location as a commodity production is placed at a considerable far distance from residential and market locations. Zones that have poultry commodity production have an excess potential to supply other zones that are lacking in production to the consumption of these commodities. The condition of highway transportation infrastructure that is very diverse with the damage level availability in a zone has an influence in the supply and demand of poultry commodity requirement in the regional internal of Central Java province. In order to know the effect of highway transportation infrastructure condition toward the poultry commodity movement, demography factor and availability of freight vehicles will be reviewed to estimate the amount of poultry commodity movement generation production. Thus the poultry commodity consumption requirement that located in the internal - regional zone of central java province can be adequated from the zone. So it can be minimized the negative impacts that affect the environment at the zone in terms of comparison of the movement attraction and generation production at poultry commodity in Central Java.

  20. 77 FR 55183 - Effectiveness of Licensing Procedures for Agricultural Commodities to Cuba

    Science.gov (United States)

    2012-09-07

    ...] Effectiveness of Licensing Procedures for Agricultural Commodities to Cuba AGENCY: Bureau of Industry and... Administration Regulations for the export of agricultural commodities to Cuba. BIS will include a description of...), to Cuba. Requirements and procedures associated with such authorization are set forth in Sec. 740.18...

  1. 75 FR 54594 - Effectiveness of Licensing Procedures for Agricultural Commodities to Cuba

    Science.gov (United States)

    2010-09-08

    ...] Effectiveness of Licensing Procedures for Agricultural Commodities to Cuba AGENCY: Bureau of Industry and... Administration Regulations for the export of agricultural commodities to Cuba. BIS will include a description of...), to Cuba. Requirements and procedures associated with such authorization are set forth in section 740...

  2. Evaluation of NEB energy markets and supply monitoring function

    International Nuclear Information System (INIS)

    2003-09-01

    Canada's National Energy Board regulates the exports of oil, natural gas, natural gas liquids and electricity. It also regulates the construction, operation and tolls of international and interprovincial pipelines and power lines. It also monitors energy supply and market developments in Canada. The Board commissioned an evaluation of the monitoring function to ensure the effectiveness and efficiency of the monitoring activities, to identify gaps in these activities and to propose recommendations. The objectives of the monitoring mandate are to provide Canadians with information regarding Canadian energy markets, energy supply and demand, and to ensure that exports of natural gas, oil, natural gas liquids and electricity do not occur at the detriment of Canadian energy users. The Board ensures that Canadians have access to domestically produced energy on terms that are as favourable as those available to export buyers. The following recommendations were proposed to improve the monitoring of energy markets and supply: (1) increase focus and analysis on the functioning of gas (first priority) and other commodity markets, (2) increase emphasis on forward-looking market analysis and issue identification, (3) demonstrate continued leadership by encouraging public dialogue on a wide range of energy market issues, (4) improve communication and increase visibility of the NEB within the stakeholder community, (5) build on knowledge management and organizational learning capabilities, (6) improve communication and sharing of information between the Applications and Commodities Business Units, and (7) enhance organizational effectiveness of the Commodities Business Unit. figs

  3. Network governance in electricity distribution: Public utility or commodity

    International Nuclear Information System (INIS)

    Kuenneke, Rolf; Fens, Theo

    2005-01-01

    This paper addresses the question whether the operation and management of electricity distribution networks in a liberalized market environment evolves into a market driven commodity business or might be perceived as a genuine public utility task. A framework is developed to classify and compare different institutional arrangements according to the public utility model and the commodity model. These models are exemplified for the case of the Dutch electricity sector. It appears that the institutional organization of electricity distribution networks is at the crossroads of two very different institutional development paths. They develop towards commercial business if the system characteristics of the electricity sector remain basically unchanged to the traditional situation. If however innovative technological developments allow for a decentralization and decomposition of the electricity system, distribution networks might be operated as public utilities while other energy services are exploited commercially. (Author)

  4. Boom or bust : developing countries' rough ride on the commodity price rollercoaster

    International Nuclear Information System (INIS)

    Brown, O.; Gibson, J.

    2006-10-01

    Current high commodity prices are driven by strong demand from the emerging economies of China and India in addition to high consumption in the United States. Many developing countries are experiencing massive windfall revenues from high commodity prices. However, commodity prices are highly volatile in the short term, and can vary as much as 50 per cent in a single year. While developed country producers are supported by subsidies and social safety nets, developing countries and smallholder producers feel the extent of commodity price volatility more directly. Many developing countries are becoming locked into the production and export of primary commodities whose volatile prices are declining over the long term, and over which they have very little control. Price volatility makes sound fiscal planning difficult for both countries and producers. Price booms and busts also drive social inequalities, livelihood inequalities, and corruption. Price swings can cause conflict over valuable land and resources, and does not create incentives for sound environmental stewardship. This paper described the impacts of commodity price volatility in developing countries with the aim of promoting discussion about what can be done to help stabilize revenues for countries as well as producers. Price trends and their importance were reviewed, and the theoretical benefits of liberalized commodity markets were examined. Previous attempts to stabilize commodity prices were reviewed. It was concluded that the best long-term solution to the commodity price problem is economic diversification. Recommendations for promoting economic diversification were provided. 43 refs., 1 tab., 2 figs

  5. Modelling the rand and commodity prices: A Granger causality and cointegration analysis

    Directory of Open Access Journals (Sweden)

    Xolani Ndlovu

    2014-11-01

    Full Text Available This paper examines the ‘commodity currency’ hypothesis of the Rand, that is, the postulate that the currency moves in line with commodity prices, and analyses the associated causality using nominal data between 1996 and 2010. We address both the short run and long run relationship between commodity prices and exchange rates. We find that while the levels of the series of both assets are difference stationary, they are not cointegrated. Further, we find the two variables are negatively related, with strong and significant causality running from commodity prices to the exchange rate and not vice versa, implying exogeneity in the determination of commodity prices with respect to the nominal exchange rate. The strength of the relationship is significantly weaker than other OECD commodity currencies. We surmise that the relationship is dynamic over time owing to the portfolio-rebalance argument and the Commodity Terms of Trade (CTT effect and, in the absence of an error correction mechanism, this disconnect may be prolonged. For commodity and currency market participants, this implies that while futures and forward commodity prices may be useful leading indicators of future currency movements, the price risk management strategies may need to be recalibrated over time.

  6. Power marketing and renewable energy

    International Nuclear Information System (INIS)

    Fang, J.M.

    1997-01-01

    Power marketing refers to wholesale and retail transactions of electric power made by companies other than public power entities and the regulated utilities that own the generation and distribution lines. The growth in power marketing has been a major development in the electric power industry during the last few years, and power marketers are expected to realize even more market opportunities as electric industry deregulation proceeds from wholesale competition to retail competition. This Topical Issues Brief examines the nature of the power marketing business and its relationship with renewable power. The information presented is based on interviews conducted with nine power marketing companies, which accounted for almost 54% of total power sales by power marketers in 1995. These interviews provided information on various viewpoints of power marketers, their experience with renewables, and their respective outlooks for including renewables in their resource portfolios. Some basic differences exist between wholesale and retail competition that should be recognized when discussing power marketing and renewable power. At the wholesale level, the majority of power marketers stress the commodity nature of electricity. The primary criteria for developing resource portfolios are the same as those of their wholesale customers: the cost and reliability of power supplies. At the retail level, electricity may be viewed as a product that includes value-added characteristics or services determined by customer preferences

  7. Regulation of CO2 markets. Report of the mission entrusted to Michel PRADA, honorary Finance general inspector

    International Nuclear Information System (INIS)

    2009-01-01

    This report first discusses the current operation of the CO 2 emission permit European market and notices that its development took place in a context characterized by a light, incomplete and heterogeneous regulation, and that it therefore needs a better framework to make a carbon price emerge which will be robust on a long term in Europe. It shows that this market is presently mainly a by-product market and must be better structured. It highlights the uncertainty due to the lack of a homogeneous law qualification of CO 2 emission permits. It stresses the need of a stronger control of participants while preserving the open market principle, the need of a greater transparency and greater regulation stability, the implementation of a prevention and sanction framework. It proposes a quick setting up of a supervision architecture integrated to the CO 2 European market

  8. The Scenario Approach in the State Regulation of Addictive Goods Market

    Directory of Open Access Journals (Sweden)

    Roman Yuryevich Skokov

    2015-12-01

    Full Text Available The article presents alternative scenarios of the state regulation of the markets for addictive goods and services which include alcohol and alcohol-containing products, tobacco products, energy drinks, drugs, gambling games. The author reveals the content of inertial, modernizational, monopolistic and prohibitionist scenarios, and systematizes the effective measures which are used in the international practice of state regulation for reducing the number of challenges connected with the consumption of addictive goods and for adequate use of industrial capacities. The analysis conducted in the article touched upon the traditional practical measures on reducing shadow economic activity, realizing home-made products and substitutes, regulating the economic and physical availability, restricting advertising, sponsorship and sales promotion, as well as the measures aimed at the change of consumer behavior in the conditions associated with increased risk, prevention, diagnosis, treatment and rehabilitation. It is determined that none of these measures is not implemented to the full extent in Russia because they are used under the conditions of informal and shadow offers, corruption in government bodies, lobbying, administrative barriers and low-level administrative and business ethics. The author composed a rating of measures effectiveness under alternative scenarios. On the basis of this analysis and the assessment of the development and status of modern society, the theory and practice of regulating addictive goods markets, the conclusion was made about the socio-economic advantages of the state monopoly which allows to minimize the private interest in increasing sales and gaining over-profits, adequately reflects the public interest, standardizes and unifies physical and economic accessibility of these goods and services, proves its efficiency in domestic practice and the experience of Scandinavian countries.

  9. Is the medical loss ratio a good target measure for regulation in the individual market for health insurance?

    Science.gov (United States)

    Karaca-Mandic, Pinar; Abraham, Jean M; Simon, Kosali

    2015-01-01

    Effective January 1, 2011, individual market health insurers must meet a minimum medical loss ratio (MLR) of 80%. This law aims to encourage 'productive' forms of competition by increasing the proportion of premium dollars spent on clinical benefits. To date, very little is known about the performance of firms in the individual health insurance market, including how MLRs are related to insurer and market characteristics. The MLR comprises one component of the price-cost margin, a traditional gauge of market power; the other component is percent of premiums spent on administrative expenses. We use data from the National Association of Insurance Commissioners (2001-2009) to evaluate whether the MLR is a good target measure for regulation by comparing the two components of the price-cost margin between markets that are more competitive versus those that are not, accounting for firm and market characteristics. We find that insurers with monopoly power have lower MLRs. Moreover, we find no evidence suggesting that insurers' administrative expenses are lower in more concentrated insurance markets. Thus, our results are largely consistent with the interpretation that the MLR could serve as a target measure of market power in regulating the individual market for health insurance but with notable limited ability to capture product and firm heterogeneity. Copyright © 2013 John Wiley & Sons, Ltd.

  10. The Behavioural Law and Economics of the Precautionary Principle in the EU and Its Impact on Internal Market Regulation

    NARCIS (Netherlands)

    Purnhagen, K.

    2014-01-01

    The precautionary principle contributes to “the social” of internal market regulation as it counterbalances the loss aversion and availability bias of regulators who may too hastily endorse measures based to further the fundamental freedoms instead of fundamental rights and environmental protection.

  11. The Porta Palazzo farmers’ market: local food, regulations and changing traditions

    Directory of Open Access Journals (Sweden)

    Rachel Eden Black

    2005-05-01

    Full Text Available Cet article s’intéresse à l’impact des réglementations sur les marchés de producteurs en Italie, ainsi qu’à l’approvisionnement local et les choix du consommateur. En regardant la vie quotidienne du marché, on réalise que les réglementations ne sont pas seulement imposées, mais aussi négociées et interprétées en fonction des besoins locaux. Des changements dans les attitudes concernant l’hygiène des aliments dévoilent un discours sur la modernité et met en valeur la lutte de la nouvelle Italie pour s’adapter à une société de plus en plus « consumériste »tout en cherchant à garder les traditions et l’ alimentation locale. Malgré la compétition des hypermarchés et les réglementations de plus en plus restrictives, les marchés de producteurs ont une clientèle très fidèle et la plus jeune génération a commencé à s’intéresser à l’alimentation produite localement. Ce nouveau groupe a en plus un grand désir de participer à la vie sociale du marché, aspect qui rend ces institutions publiques uniques.This article looks at the impact of regulations on farmers’ markets in Italy, local food supply and provisioning choices. By exploring the everyday running of the market, it becomes clear that regulations are not just imposed, but rather negotiated and interpreted to fit local needs. Changing attitudes towards food hygiene also uncover discourses of modernity and struggles to adapt to the new Italian ‘consumer society’ while holding onto tradition and local food. Despite competition from supermarkets and increasingly restrictive regulations, farmers’ markets in Italy have a faithful core group of clients and interest is slowly growing on the part of a young generation who want to eat locally and share in the social life of the market.

  12. Agent-based Modeling Simulation Analysis on the Regulation of Institutional Investor's Encroachment Behavior in Stock Market

    Directory of Open Access Journals (Sweden)

    Yang Li

    2014-05-01

    Full Text Available Purpose: This study explores the effective regulation of institutional investor's encroachment behavior in stock market. Given the theoretical and practical importance, the present study examines the effect of the self-adaptive regulation strategy (adjusting the regulation factors such as punishment and the probability of investigating successfully in time for the sake of the small & medium-sized investor protection.Design/methodology/approach: This study was carried out through game theory and agent-based modeling simulation. Firstly, a dynamic game model was built to search the core factors of regulation and the equilibrium paths. Secondly, an agent-based modeling simulation model was built in Swarm to extend the game model. Finally, a simulation experiment (using virtual parameter values was performed to examine the effect of regulation strategy obtained form game model.Findings: The results of this study showed that the core factors of avoiding the institutional investor's encroachment behavior are the punishment and the probability of investigating successfully of the regulator. The core factors embody as the self-adaptability and the capability of regulator. If the regulator can adjust the regulation factors in time, the illegal behaviors will be avoided effectively.Research limitations/implications: The simulation experiment in this paper was performed with virtual parameter values. Although the results of experiment showed the effect of self-adaptive regulation, there are still some differences between simulation experiment and real market situation.Originality/value: The purpose of this study is to investigate an effective regulation strategy of institutional investor's encroachment behavior in stock market in order to maintain market order and protect the benefits of investors. Base on the game model and simulation model, a simulation experiment was preformed and the result showed that the self-adaptive regulation would be effective

  13. Health consumers and stem cell therapy innovation: markets, models and regulation.

    Science.gov (United States)

    Salter, Brian; Zhou, Yinhua; Datta, Saheli

    2014-05-01

    Global health consumer demand for stem cell therapies is vibrant, but the supply of treatments from the conventional science-based model of innovation is small and unlikely to increase in the near future. At the same time, several models of medical innovation have emerged that can respond to the demand, often employing a transnational value chain to deliver the product. Much of the commentary has approached the issue from a supply side perspective, demonstrating the extent to which national and transnational regulation fails to impose what are regarded as appropriate standards on the 'illicit' supply of stem cell therapies characterized by little data and poor outcomes. By contrast, this article presents a political economic analysis with a strong demand side perspective, arguing that the problem of what is termed 'stem cell tourism' is embedded in the demand-supply relationship of the health consumer market and its engagement with different types of stem cell therapy innovation. To be meaningful, discussions of regulation must recognize that analysis or risk being sidelined by a market, which ignores their often wishful thinking.

  14. Nano-food packaging: an overview of market, migration research, and safety regulations.

    Science.gov (United States)

    Bumbudsanpharoke, Nattinee; Ko, Seonghyuk

    2015-05-01

    Recently, food packages produced with nanoparticles, "nano-food packaging," have become more available in the current market. However, although the use of nanomaterials is increasing in food packaging applications, concern over toxicity affects consumer perceptions and acceptance. Quite a number of commercialized forms of nano-food packaging are coated or composited product with inorganic materials, for example, nanosilver and nanoclay as representative examples. Several studies have shown the possibility of nanomaterial migration from packaging or containers to foodstuff. The debate is still ongoing among researchers about the extent of migration and whether it is negligible and safe. Government agencies and stakeholders must hurry to determine use limitations and release conclusive legislation and regulations as soon as possible since nano-food packaging may have great impacts on human health. This paper aims to review the availability of nano-food packaging in the current market, report case studies on nanomaterial migration, and present the current status of safety regulations and management of nano-food packaging in leading countries across regions. This review should enable governments and researchers to develop further nanomaterial risk assessment studies. © 2015 Institute of Food Technologists®

  15. State of play in direct-to-consumer genetic testing for lifestyle-related diseases: market, marketing content, user experiences and regulation.

    Science.gov (United States)

    Saukko, Paula

    2013-02-01

    Direct-to-consumer (DTC) genetic tests have aroused controversy. Critics have argued many of the tests are not backed by scientific evidence, misguide their customers and should be regulated more stringently. Proponents suggest that finding out genetic susceptibilities for diseases could encourage healthier behaviours and makes the results of genetics research available to the public. This paper reviews the state of play in DTC genetic testing, focusing on tests identifying susceptibilities for lifestyle-related diseases. It will start with mapping the market for the tests. The paper will review (1) research on the content of the online marketing of DTC tests, (2) studies on the effects of DTC genetic tests on customers and (3) academic and policy proposals on how to regulate the tests. Current studies suggest that the marketing of DTC genetic tests often exaggerates their predictive powers, which could misguide consumers. However, research indicates that the tests do not seem to have major negative effects (worry and confusion) but neither do they engender positive effects (lifestyle change) on current users. Research on regulation of the tests has most commonly suggested regulating the marketing claims of the companies. In conclusion, the risks and benefits of DTC genetic tests are less significant than what has been predicted by critics and proponents, which will be argued reflects broader historical trends transforming health and medicine.

  16. Safety Margins and Their Economical Value in a De-regulated Market

    International Nuclear Information System (INIS)

    Vidard, Michel

    2002-01-01

    The definition of safety margins is sometimes ambiguous. Depending on assumptions used to evaluate the evolution of plant parameters and on acceptance criteria, the same design could well turn out to have positive, zero, or negative margin for the same operating situation. Very often, considering that an optimized reactor would have to operate with zero margin compared to at least one safety criterion, designers or utilities considered in their analyses penalizing assumptions. This was done for example either considering reduced component capability or very high core peaking factors, the latter generally exceeding by far what would be anticipated in perturbed situations. This approach has three major drawbacks: -having a reasonable understanding of the real importance of safety margins is difficult, -if a non-conservatism is identified in a methodology, there is a high risk of being in a no-compliance situation from a regulatory standpoint, -it leads to a limitation on allowable electrical output and constraints on technical specifications for example. In a regulated market, such a situation can be tolerable as the final customer has to pay the extra financial burden in any case. In a de-regulated market, the situation is significantly different. The final customer can choose his supplier, and is likely to go to those offering the best prices, i.e. those making optimal use of their available resources. There is so a need for better understanding of real plant capabilities. Revisiting assumptions used for evaluating safety margins is so highly recommended, if not imperative, to electricity companies. This will helpful to reshape company strategies in case of evolution of market conditions. (author)

  17. The influence of the European paediatric regulation on marketing authorisation of orphan drugs for children.

    Science.gov (United States)

    Kreeftmeijer-Vegter, Annemarie Rosan; de Boer, Anthonius; van der Vlugt-Meijer, Roselinda H; de Vries, Peter J

    2014-08-05

    Drug development for rare diseases is challenging, especially when these orphan drugs (OD) are intended for children. In 2007 the EU Paediatric Drug Regulation was enacted to improve the development of high quality and ethically researched medicines for children through the establishment of Paediatric Investigation Plans (PIPs). The effect of the EU Paediatric Drug Regulation on the marketing authorisation (MA) of drugs for children with rare diseases was studied. Data on all designated orphan drugs, their indication, MA, PIPs and indication group (adult or child) were obtained from the European Medicines Agency (EMA). The outcome and duration of the process from orphan drug designation (ODD) to MA, was compared, per indication, by age group. The effect of the Paediatric Drug Regulation, implemented in 2007, on the application process was assessed with survival analysis. Eighty-one orphan drugs obtained MA since 2000 and half are authorised for (a subgroup of) children; another 34 are currently undergoing further investigations in children through agreed PIPs. The Paediatric Drug Regulation did not significantly increase the number of ODDs with potential paediatric indications (58% before vs 64% after 2007 of ODDs, p = 0.1) and did not lead to more MAs for ODs with paediatric indications (60% vs 43%, p = 0.22). ODs authorised after 2007 had a longer time to MA than those authorised before 2007 (Hazard ratio (95% CI) 2.80 (1.84-4.28), p < 0.001); potential paediatric use did not influence the time to MA (Hazard ratio (95% CI) 1.14 (0.77-1.70), p = 0.52). The EU Paediatric Drug Regulation had a minor impact on development and availability of ODs for children, was associated with a longer time to MA, but ensured the further paediatric development of drugs still off-label to children. The impact of the Paediatric Drug Regulation on research quantity and quality in children through PIPs is not yet clear.

  18. Natural gas : a highly lucrative commodity

    International Nuclear Information System (INIS)

    Anon.

    2000-01-01

    Exploration and production of natural gas has become highly profitable as natural gas is becoming a leading future commodity. With new technology, high demand and environmental benefits, natural gas is the preferred choice over petroleum as the leading source of energy to heat home and businesses. Canada is the world's third largest producer of natural gas with its Sable Offshore Energy Project being the fourth largest producing natural gas basin in North America. The basin will produce high quality sweet natural gas from 28 production wells over the course of the next 20 to 25 years. The gas will be transported to markets through Nova Scotia, New Brunswick and into the Northeastern United States via the Maritimes and Northeast Pipeline. The 1051 kilometer underground gas pipeline is currently running laterals to Halifax, Nova Scotia and Saint John, New Brunswick. Market studies are being conducted to determine if additional lines are needed to serve Cape Breton, Prince Edward Island and northern New Brunswick. A recent survey identified the following 5 reasons to convert to natural gas: (1) it is safe, (2) it is reliable, (3) it is easy to use, (4) it is cleaner burning and environmentally friendly compared to other energy sources, and (5) it saves the consumer money

  19. Stationarity changes in long-run energy commodity prices

    International Nuclear Information System (INIS)

    Zaklan, Aleksandar; Abrell, Jan; Neumann, Anne

    2016-01-01

    Situated at the intersection of the literatures on speculative storage and non-renewable commodity scarcity, this paper considers whether changes in persistence have occurred in long-run U.S. prices of the energy commodities crude oil, natural gas and bituminous coal. We allow for a structural break when testing for a break in persistence to avoid a change in the stochastic properties of prices being confounded by an unaccounted-for deterministic shift in the price series. We find that coal prices are trend stationary throughout their evolution and that oil prices change from stationarity to non-stationarity in the decade between the late 1960s to late 1970s. The result on gas prices is ambiguous. Our results demonstrate the importance of accounting for a possible structural shift when testing for breaks in persistence, while being robust to the exact date of the structural break. Based on our analysis we caution against viewing long-run energy commodity prices as being non-stationary and conclude in favor of modeling commodity market fundamentals as stationary, meaning that speculative storage will tend to have a dampening effect on prices. We also cannot reject that long-run prices of coal and, with some hesitation, gas follow a Hotelling-type rule. In contrast, we reject the Hotelling rule for oil prices since the late 1960s/early 1970s. - Highlights: • This paper contributes to the literatures on speculative storage and scarcity. • We test if long-run U.S. coal, oil and gas prices became non-stationary. • We pre-test for structural breaks when testing for changes in persistence. • Coal prices are found to be trend stationary, oil prices become non-stationary. • We caution against modeling commodity market fundamentals as non-stationary.

  20. Regulating Market Entry of Low-Cost Private Schools in Sub-Saharan Africa : Towards a Theory of Private Education Regulation

    OpenAIRE

    Baum, Donald R.; Cooper, Rachel; Lusk-Stover, Oni

    2018-01-01

    This study provides a comparative assessment of policies governing private schools in twenty countries in Sub-Saharan Africa. Findings suggest that current regulatory systems are failing to adequately address the negative externalities and failures of private schooling markets. Insufficient capacity on the part of governments is a contributor to uneven policy implementation and creates opportunities for rent-seeking and corruption. Onerous market entry regulations offer constraints on the gro...

  1. Commodity Team Motivation and Performance

    DEFF Research Database (Denmark)

    Englyst, Linda; Jørgensen, Frances; Johansen, John

    2007-01-01

    This article explores factors influencing the motivation and performance of commodity teams in a global sourcing context. Several challenges are related to the classical dilemma of matrix organization, but with particular implications in this specific context of purchasing. We report on a reward...... system which was intended to support collective team effort, yet enhanced conflicts of interest in the matrix structure, discuss leadership, goal alignment and career tracks, and debate when and whether a team structure is appropriate in the pursuit of corporate purchasing synergies. The article is based...

  2. A Historical Overview of the Regulation of Market Abuse in South ...

    African Journals Online (AJOL)

    In an early attempt to combat market abuse in the South African financial markets, legislation such as the Companies Act, the Financial Markets Control Act and the Stock Exchanges Control Act were enacted. However, these Acts failed to effectively curb market abuse activities that were allegedly rife in the financial markets.

  3. Legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading; Marktmissbrauchsrechtliche Regelungen des WpHG und der REMIT-VO im Stromspothandel

    Energy Technology Data Exchange (ETDEWEB)

    Retsch, Alexander T.

    2014-07-01

    The thesis on legal market abuse regulations of WpHG (law on stock trading) and the REMIT-VO in the electricity spot trading include the discussion of the following issues: market abuse, its forms of appearance (market manipulation, insider trade, insider information), electricity spot trading, relevant legislative frame, market abuse regulations (WpHG), interdiction of market manipulation and related regulations.

  4. An empirical investigation of spatial differentiation and price floor regulations in retail markets for gasoline

    Science.gov (United States)

    Houde, Jean-Francois

    In the first essay of this dissertation, I study an empirical model of spatial competition. The main feature of my approach is to formally specify commuting paths as the "locations" of consumers in a Hotelling-type model of spatial competition. The main consequence of this location assumption is that the substitution patterns between stations depend in an intuitive way on the structure of the road network and the direction of traffic flows. The demand-side of the model is estimated by combining a model of traffic allocation with econometric techniques used to estimate models of demand for differentiated products (Berry, Levinsohn and Pakes (1995)). The estimated parameters are then used to evaluate the importance of commuting patterns in explaining the distribution of gasoline sales, and compare the economic predictions of the model with the standard home-location model. In the second and third essays, I examine empirically the effect of a price floor regulation on the dynamic and static equilibrium outcomes of the gasoline retail industry. In particular, in the second essay I study empirically the dynamic entry and exit decisions of gasoline stations, and measure the impact of a price floor on the continuation values of staying in the industry. In the third essay, I develop and estimate a static model of quantity competition subject to a price floor regulation. Both models are estimated using a rich panel dataset on the Quebec gasoline retail market before and after the implementation of a price floor regulation.

  5. Children's recall of fast food television advertising-testing the adequacy of food marketing regulation.

    Science.gov (United States)

    Bernhardt, Amy M; Wilking, Cara; Gilbert-Diamond, Diane; Emond, Jennifer A; Sargent, James D

    2015-01-01

    In the United States, the fast food companies McDonald's and Burger King participate in marketing self-regulation programs that aim to limit emphasis on premiums and promote emphasis of healthy food choices. We determine what children recall from fast food television advertisements aired by these companies. One hundred children aged 3-7 years were shown McDonald's and Burger King children's (MDC & BKC) and adult (MDA & BKA) meal ads, randomly drawn from ads that aired on national US television from 2010-11. Immediately after seeing the ad, children were asked to recall what they had seen and transcripts evaluated for descriptors of food, healthy food (apples or milk), and premiums/tie-ins. Premiums/tie-ins were common in children's but rarely appeared in adult ads, and all children's ads contained images of healthy foods (apples and milk). Participants were significantly less likely to recall any food after viewing the children's vs. the adult ad (MDC 32% [95% confidence interval 23, 41] vs. MDA 68% [59, 77]) p advertising indicate that industry self-regulation failed to achieve a de-emphasis on toy premiums and tie-ins and did not adequately communicate healthy menu choices. The methods devised for this study could be used to monitor and better regulate advertising patterns of practice.

  6. Current Status of Mycotoxin Contamination of Food Commodities in Zimbabwe

    Directory of Open Access Journals (Sweden)

    Nancy Nleya

    2018-05-01

    Full Text Available Agricultural products, especially cereal grains, serve as staple foods in sub-Saharan Africa. However, climatic conditions in this region can lead to contamination of these commodities by moulds, with subsequent production of mycotoxins posing health risks to both humans and animals. There is limited documentation on the occurrence of mycotoxins in sub-Saharan African countries, leading to the exposure of their populations to a wide variety of mycotoxins through consumption of contaminated foods. This review aims at highlighting the current status of mycotoxin contamination of food products in Zimbabwe and recommended strategies of reducing this problem. Zimbabwe is one of the African countries with very little information with regards to mycotoxin contamination of its food commodities, both on the market and at household levels. Even though evidence of multitoxin occurrence in some food commodities such as maize and other staple foods exist, available published research focuses only on Aspergillus and Fusarium mycotoxins, namely aflatoxins, deoxynivalenol (DON, trichothecenes, fumonisins, and zearalenone (ZEA. Occurrence of mycotoxins in the food chain has been mainly associated with poor agricultural practices. Analysis of mycotoxins has been done mainly using chromatographic and immunological methods. Zimbabwe has adopted European standards, but the legislation is quite flexible, with testing for mycotoxin contamination in food commodities being done voluntarily or upon request. Therefore, the country needs to tighten its legislation as well as adopt stricter standards that will improve the food safety and security of the masses.

  7. Current Status of Mycotoxin Contamination of Food Commodities in Zimbabwe.

    Science.gov (United States)

    Nleya, Nancy; Adetunji, Modupeade Christianah; Mwanza, Mulunda

    2018-05-03

    Agricultural products, especially cereal grains, serve as staple foods in sub-Saharan Africa. However, climatic conditions in this region can lead to contamination of these commodities by moulds, with subsequent production of mycotoxins posing health risks to both humans and animals. There is limited documentation on the occurrence of mycotoxins in sub-Saharan African countries, leading to the exposure of their populations to a wide variety of mycotoxins through consumption of contaminated foods. This review aims at highlighting the current status of mycotoxin contamination of food products in Zimbabwe and recommended strategies of reducing this problem. Zimbabwe is one of the African countries with very little information with regards to mycotoxin contamination of its food commodities, both on the market and at household levels. Even though evidence of multitoxin occurrence in some food commodities such as maize and other staple foods exist, available published research focuses only on Aspergillus and Fusarium mycotoxins, namely aflatoxins, deoxynivalenol (DON), trichothecenes, fumonisins, and zearalenone (ZEA). Occurrence of mycotoxins in the food chain has been mainly associated with poor agricultural practices. Analysis of mycotoxins has been done mainly using chromatographic and immunological methods. Zimbabwe has adopted European standards, but the legislation is quite flexible, with testing for mycotoxin contamination in food commodities being done voluntarily or upon request. Therefore, the country needs to tighten its legislation as well as adopt stricter standards that will improve the food safety and security of the masses.

  8. Commodity Tracker: Mobile Application for Food Security Monitoring in Haiti

    Science.gov (United States)

    Chiu, M. T.; Huang, X.; Baird, J.; Gourley, J. R.; Morelli, R.; de Lanerolle, T. R.; Haiti Food Security Monitoring Mobile App Team

    2011-12-01

    Megan Chiu, Jason Baird, Xu Huang, Trishan de Lanerolle, Ralph Morelli, Jonathan Gourley Trinity College, Computer Science Department and Environmental Science Program, 300 Summit Street, Hartford, CT 06106 megan.chiu@trincoll.edu, Jason.baird@trincoll.edu, xu.huang@trincoll.edu, trishan.delanerolle@trincoll.edu, ralph.morelli@trincoll.edu, jonathan.gourley@trincoll.edu Price data for Haiti commodities such as rice and potatoes have been traditionally recorded by hand on paper forms for many years. The information is then entered onto computer manually, thus making the process a long and arduous one. With the development of the Haiti Commodity Tracker mobile app, we are able to make this commodity price data recording process more efficient. Officials may use this information for making inferences about the difference in commodity prices and for food distribution during critical time after natural disasters. This information can also be utilized by governments and aid agencies on their food assistance programs. Agronomists record the item prices from several sample sites in a marketplace and compare those results from other markets across the region. Due to limited connectivity in rural areas, data is first saved to the phone's database and then retransmitted to a central server via SMS messaging. The mobile app is currently being field tested by an international NGO providing agricultural aid and support in rural Haiti.

  9. The influence of biofuels, economic and financial factors on daily returns of commodity futures prices

    International Nuclear Information System (INIS)

    Algieri, Bernardina

    2014-01-01

    Biofuels production has experienced rapid growth worldwide as one of the several strategies to promote green energy economies. Indeed, climate change mitigation and energy security have been frequent rationales behind biofuel policies, but biofuels production could generate negative impacts, such as additional demand for feedstocks, and therefore for land on which to grow them, with a consequent increase in food commodity prices. In this context, this paper examines the effect of biofuels and other economic and financial factors on daily returns of a group of commodity futures prices using Generalized Autoregressive Conditional Heteroskedasticity (GARCH) family models in univariate and multivariate settings. The results show that a complex of drivers are relevant in explaining commodity futures returns; more precisely, the Standard and Poor's (S and P) 500 positively affects commodity markets, while the US/Euro exchange rate brings about a decline in commodity returns. It turns out, in addition, that energy market returns are significant in explaining commodity returns on a daily basis, while monetary liquidity is not. This would imply that biofuel policy should be carefully monitored in order to avoid excessive first-generation subsidization, which would trigger a fuel vs. food conflict. - Highlights: • The effects of biofuels and other economic and financial factors on daily returns of commodity futures prices are examined. • A GARCH methodology in univariate and multivariate settings is adopted. • The results show that a complex of drivers is relevant in explaining commodity futures returns. • Energy market returns play a significant role in pushing commodity returns. • The increase in monetary liquidity does not contribute to changes in futures returns on a daily basis

  10. Television food marketing to children revisited: the Federal Trade Commission has the constitutional and statutory authority to regulate.

    Science.gov (United States)

    Pomeranz, Jennifer L

    2010-01-01

    The evidence reveals that young children are targeted by food and beverage advertisers but are unable to comprehend the commercial context and persuasive intent of marketing. Although the First Amendment protects commercial speech, it does not protect deceptive and misleading speech for profit. Marketing directed at children may fall into this category of unprotected speech. Further, children do not have the same First Amendment right to receive speech as adults. For the first time since the Federal Trade Commission's original attempt to regulate marketing to children in the 1970s (termed KidVid), the political, scientific, and legal climate coalesce to make the time well-suited to reevaluate the FTC's authority for action. This paper analyzes the constitutional authority for the FTC to regulate television food marketing directed at children as deceptive in light of the most robust public health evidence on the subject.

  11. 48 CFR 470.202 - Acquisition of commodities for United States Agency for International Development (USAID) programs.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Acquisition of commodities... Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE FOOD ASSISTANCE PROGRAMS COMMODITY...) programs. (a) Lowest landed cost and delivery considerations. (1) Except as provided in paragraphs (a)(3...

  12. The Ivorian pineapple : social action within the international pineapple commodity network

    NARCIS (Netherlands)

    Willems, S.

    2006-01-01

    Today, a significant part of the agricultural commodities that we find at markets in the West are cultivated in developing countries. Many of these products are shipped around the world, passing through a complex network of actors involved in production, distribution and marketing activities. Who

  13. [Qualitative characteristics and classification study on commodity specification and grade standard of Panax notoginseng].

    Science.gov (United States)

    Liu, Da-Hui; Xu, Na; Guo, Lan-Ping; Jin, Yan; Cui, Xiu-Ming; Yang, Ye; Zhu, Xin-Yan; Zhan, Zhi-Lai; Huang, Lu-Qi

    2016-03-01

    Through the markets investigations and literature surveying, this paper investigates and analyzes the qualitative characteristics and commodity condition of Panax notoginseng. And the samples collected from market and origin were analyzed in order to revise the commodity specification and grade standard of P. notoginseng combined with production practice. In this paper, the authors divide the P. notoginseng into 4 commodity specification which are root (including Cunqi and Dongqi ), Rhizome and rootlet according to different parts and harvest time. And the root were divided into 8 grade which are 20, 30, 40, 60, 80, 120, countless and substandard. The density and internal components between the different commodity specification and grade of P. notoginseng were also compared. As well as the effect of different producing area, cultivation years and harvesting time on the commodity specification and grade of P. notoginseng were researched. On this basis, we revise and improve the commodity specification and grade standard of P. notoginseng. Moreover, we suggest the quality control indexes of P. notoginseng should be developed according to the different medicinal part and commodity specification in CHP. In order to guide the standardized production of traditional Chinese medicine and ensure the quality of medicinal materials, the cultivation years and density of each medicinal materials should also be indicated in CHP. Copyright© by the Chinese Pharmaceutical Association.

  14. The Transformation of Swedish Shipping, 1970-2010: Markets, regulation, strategies and know-how

    DEFF Research Database (Denmark)

    Sjögren, Hans; Lennerfors, Thomas Taro; Poulsen, René Taudal

    2012-01-01

    of shipping markets, shipping regulations, company strategies, maritime know-how, and financial resources on the development of Swedish shipping from 1970 to 2010. A comparison is made between, on the one hand, the direction taken by two failing companies and, on the other, the courses followed by two......Since the early 1970s, as shipping has undergone a period of structural change, Swedish shipping has rapidly declined from a position of global importance. The Swedish-controlled fleet has dwindled, and the structure of the industry itself has changed. This article explores the influence...... companies that managed to grow despite difficult conditions. On a broader level, the article traces the development of expertise in a declining industry....

  15. Testing optimal punishment mechanisms under price regulation : the case of the retail market for gasoline

    International Nuclear Information System (INIS)

    Gagne, R.; Versaevel, B.

    2003-01-01

    The effects of a price floor on price wars in the retail market for gasoline were analyzed. The authors selected a theoretical model which assumed a Bertrand oligopoly supergame, where firms initially collude by charging the monopolistic price. Once a deviation from this strategy is detected by the firms, a switch to a lower price is made in what can be called a punishment phase (price war), before returning to collusive prices. A natural experiment for the testing of the model was provided by the introduction of a price floor regulation in the Quebec retail market for gasoline in 1996. A Markov Switching Model with two latent states was used to simultaneously identify the periods of price-collusion/price war, and also to estimate the parameters which characterized each state. The results indicated that the intensity of price wars was reduced by the introduction of the price floor, but the expected duration of those wars was raised. 14 refs., 5 tabs., 1 fig

  16. Testing optimal punishment mechanisms under price regulation : the case of the retail market for gasoline

    Energy Technology Data Exchange (ETDEWEB)

    Gagne, R. [Montreal Univ., Quebec, PQ (Canada). Ecole des Hautes Etudes Commerciales; Van Norden, S. [Montreal Univ., Quebec, PQ (Canada). Ecole des Hautes Etudes Commerciales]|[Centre for Interuniversity Research and Analysis on Organizations, Montreal, PQ (Canada); Versaevel, B.

    2003-09-01

    The effects of a price floor on price wars in the retail market for gasoline were analyzed. The authors selected a theoretical model which assumed a Bertrand oligopoly supergame, where firms initially collude by charging the monopolistic price. Once a deviation from this strategy is detected by the firms, a switch to a lower price is made in what can be called a punishment phase (price war), before returning to collusive prices. A natural experiment for the testing of the model was provided by the introduction of a price floor regulation in the Quebec retail market for gasoline in 1996. A Markov Switching Model with two latent states was used to simultaneously identify the periods of price-collusion/price war, and also to estimate the parameters which characterized each state. The results indicated that the intensity of price wars was reduced by the introduction of the price floor, but the expected duration of those wars was raised. 14 refs., 5 tabs., 1 fig.

  17. Food marketing targeting children: unveiling the ethical perspectives in the discourse on self-regulation.

    Science.gov (United States)

    Silva, Dillian Adelaine Cesar da; Cunha, Antonio Carlos Rodrigues da; Cunha, Thiago Rocha da; Rosaneli, Caroline Filla

    2017-07-01

    When it comes to food marketing, children are one of the major targets. Regulatory actions can play a strategic role in health protection. The objective of this research was to characterize the ethical perspective in the discourse against state regulatory actions on food marketing directed at children, aiming to understand the context of the discourse's production and how it creates meaning. The methodology adopted was qualitative, with documentary analysis and use of concepts and procedures from Discourse Analysis. The work of Hans Jonas, specifically his Responsibility Principle, and Garrafa and Port's Intervention Bioethics oriented the analysis. The self-regulation discourse analysis showed an ethical perspective in which relations of consumption predominate over the children´s vulnerability. The rhetorical excess is constant, as well as the use of resources like naturalization, untruthfulness, ideological dissimulation and euphemism. An erasure of social conflicts takes place, and an ahistorical perspective is present. The discourse does not align with Jonas´ Responsibility Principle, nor those of Intervention Bioethics. Lastly, the ethical perspective of the discourse represents a double paradox, because it is a business discourse that hides its competitive roots and metamorphoses into an ethical one.

  18. Regulation and market power in the Spanish liquefied petroleum gas industry: Progress or failure?

    International Nuclear Information System (INIS)

    Bello, Alejandro; Huerta, Emilio

    2007-01-01

    This paper presents a detailed study of the structure, market power and competition in the distribution sector for liquefied petroleum gas (LPG), within Spain. It is a segment of energy consumption and supply that is not often given serious attention, despite the fact that LPG is a crucial source of energy to many households, in many countries in Europe and in the rest of the world. Despite formally being an open and liberalized sector, the Spanish LPG market is characterized by high concentration within the industry; Repsol Butano, the dominant operator, practically controls the entire value chain. These structural characteristics probably justify state intervention in the form of price fixing, in order to guarantee accessible prices for final consumers. Nevertheless, applying this tool has had negative effects on the opening and liberalization process. On the one hand, it fails to encourage entry or an increase in the participation of new operators; on the other, it has considerably deteriorated the economic and financial performance of the distribution agents that are subjected to two strong forces. First, the dominant operator looks after its own interests and its income; and second, the Government tries to defend the interests of final consumers by fixing prices that inadequately remunerate the activity. This shows the contradictory regulatory actions that try to promote competition, and then establish mechanisms to regulate activity by fixing prices that act as price limits. These government set prices discourage new competitors from entering. (author)

  19. Regulation and market power in the Spanish liquefied petroleum gas industry: Progress or failure?

    Energy Technology Data Exchange (ETDEWEB)

    Bello, Alejandro; Huerta, Emilio [Departamento de Gestion de Empresas, Universidad Publica de Navarra, Campus de Arrosadia, 31006 Pamplona, Navarra (Spain)

    2007-07-15

    This paper presents a detailed study of the structure, market power and competition in the distribution sector for liquefied petroleum gas (LPG), within Spain. It is a segment of energy consumption and supply that is not often given serious attention, despite the fact that LPG is a crucial source of energy to many households, in many countries in Europe and in the rest of the world. Despite formally being an open and liberalized sector, the Spanish LPG market is characterized by high concentration within the industry; Repsol Butano, the dominant operator, practically controls the entire value chain. These structural characteristics probably justify state intervention in the form of price fixing, in order to guarantee accessible prices for final consumers. Nevertheless, applying this tool has had negative effects on the opening and liberalization process. On the one hand, it fails to encourage entry or an increase in the participation of new operators; on the other, it has considerably deteriorated the economic and financial performance of the distribution agents that are subjected to two strong forces. First, the dominant operator looks after its own interests and its income; and second, the Government tries to defend the interests of final consumers by fixing prices that inadequately remunerate the activity. This shows the contradictory regulatory actions that try to promote competition, and then establish mechanisms to regulate activity by fixing prices that act as price limits. These government set prices discourage new competitors from entering. (author)

  20. On the link between oil and commodity prices: a panel VAR approach

    International Nuclear Information System (INIS)

    Bremond, Vincent; Hache, Emmanuel; Joets, Marc

    2013-12-01

    The aim of this paper is to study the relationships between the price of oil and a large dataset of commodity prices, relying on panel data settings. Using second generation panel co-integration tests, our findings show that the WTI and commodity prices are not linked in the long term. Nevertheless, considering our results in causality tests, we show that short-run relations exist, mainly from the price of crude oil to commodity prices. We thus implement a panel VAR estimation with an impulse response function analysis. Two main conclusions emerge: (i) fast co-movements are highlighted, while (ii) market efficiency is emphasized. (authors)