Stabilizing prices in commodity markets: Price bounds versus private stockholding
Journal of Policy Modeling(1997)
摘要
The price stabilizing impact of private stockholding is compared with the price stabilizing impact of a centrally imposed band-width price policy (buffer stock) on the basis of monthly data of the Indian natural rubber market covering the period 1978–1991. The quantitative analysis reveals that the elasticity of speculative stock demand is three to four times higher without price policy. Simulated prices confirm the stabilizing impact of private stock behavior: the hypothesis that a band-width price policy is more effective in stabilizing prices than private stockholding cannot be confirmed.
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