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Zeszyt CCCLIX (3) 2004

Michał A. Jerzak

The futures market as a tool for agricultural commodity price-hedging under the conditions of state interventionism in Poland

Rynek terminowy jako narzędzie gwarancji cen towarów rolnych w warunkach interwencjonizmu państwowego w Polsce

Abstract: The Polish agricultural market in the last decade has been marked by considerable instability and fluctuations in the economic factors influencing production. Research has shown that Poland does provide conditions for the existence of agricultural futures markets, their effectiveness, however, depends on the political attitudes towards agriculture. The clash between the functioning of the futures market and the direct state interventionism in the grains market has led to the breakdown of the derivative instruments market on the commodity exchange. If interventionist policies are to be implemented without causing a head-on collision with the market tools for price-hedging and without lessening the impact thereof, it is required that intermediary forms of state intervention-ism be followed, which would allow the participants of the market to be actively involved in the circulation of goods.

Keywords: commodities futures market, state interventionism, agricultural commodi-ties, commodities exchange

PDF in in english Full text available in english in Adobe Acrobat format:
www.jard.edu.pl/vol359/issue3/art_7.pdf

For citation: 2004 The futures market as a tool for agricultural commodity price-hedging under the conditions of state interventionism in Poland. . Rocz. AR Pozn. 359,Ekonomia 3: 67 - 74;