scholarly journals EXAMINATION OF VOLATILITY STRUCTURE BETWEEN TURKISH STOCK MARKET AND COMMODITY MARKETS: A PERSPECTIVE FOR THE PERIOD OF 2015-2019

2020 ◽  
Vol 8 (1) ◽  
pp. 351-370
Author(s):  
Cumhur ŞAHİN
Keyword(s):  
Stock Market ◽  
Commodity Prices ◽  
Commodity Markets ◽  
Raw Material ◽  
Crude Oil Price ◽  
Conditional Correlation ◽  
Volatility Clustering ◽  
Modern Times ◽  
Natural Gas Prices ◽  
Usage Area

Commodity markets, both in the past and in modern times, have had an extraordinary economic impact on individuals and societies. Although it is not known exactly when and where commodity markets started, it is thought that it started about 6000 years ago with rice trade in China. Commodities, as raw material providers used in production, have an intensive usage area. This study aims to examine the global commodity prices such as gold ounce price, silver ounce price, copper price, Brent crude oil price, and natural gas prices, and the volatility structure in the Borsa Istanbul 100 index, representing the Turkey Stock Market. For this purpose, daily closing prices for the period of 2015 January-2019 December were examined in the study. To investigate the time evolution of correlations between the commodities and stock market, the dynamic conditional correlation (DCC) GARCH model is used. The results show that the volatility between the BIST 100 index and commodity prices has constant effects and a comprehensive volatility clustering arises.

The Economics of Commodities and Commodity Markets

2018 ◽  
Author(s):  
Florian Ielpo
Keyword(s):  
Raw Materials ◽  
Commodity Prices ◽  
Essential Element ◽  
Commodity Markets ◽  
Production Costs ◽  
Demand And Supply ◽  
Spot Prices ◽  
Supply Shocks ◽  
The Business Cycle

This chapter covers the economic fundamentals of commodity markets (i.e., what shapes the evolution of the price of raw materials) in three steps. First, it covers the theories explaining why the futures curve can be upward or downward sloping, an essential element for commodity producing companies. The evolution of inventories and hedging pressures are the two dominant sources of explanation. Second, the chapter reviews the fundamentals of commodity spot prices: technologies, supply, demand, and speculation. Production costs draw the long-term evolution of prices, but demand and supply shocks can trigger substantial variations in commodity prices. Third, the chapter presents how commodity prices interact with the business cycle. Commodities are influenced by the world activity but can also have a material impact on it.

scholarly journals Contribution of Cyanotoxins to the Ecotoxicological Role of Lichens

Toxins ◽  
2021 ◽  
Vol 13 (5) ◽  
pp. 321
Author(s):  
Dobri Ivanov ◽  
Galina Yaneva ◽  
Irina Potoroko ◽  
Diana G. Ivanova
Keyword(s):  
Research Methods ◽  
Raw Material ◽  
Modern Times ◽  
Effective Application ◽  
The World ◽  
The Common

The fascinating world of lichens draws the attention of the researchers because of the numerous properties of lichens used traditionally and, in modern times, as a raw material for medicines and in the perfumery industry, for food and spices, for fodder, as dyes, and for other various purposes all over the world. However, lichens being widespread symbiotic entities between fungi and photosynthetic partners may acquire toxic features due to either the fungi, algae, or cyano-procaryotes producing toxins. By this way, several common lichens acquire toxic features. In this survey, recent data about the ecology, phytogenetics, and biology of some lichens with respect to the associated toxin-producing cyanoprokaryotes in different habitats around the world are discussed. Special attention is paid to the common toxins, called microcystin and nodularin, produced mainly by the Nostoc species. The effective application of a series of modern research methods to approach the issue of lichen toxicity as contributed by the cyanophotobiont partner is emphasized.

The Smugglers' Trade: A Neglected Aspect of English Commercial Development

1952 ◽  
Vol 2 ◽  
pp. 131-157 ◽  
Author(s):  
G. D. Ramsay
Keyword(s):  
Eighteenth Century ◽  
Foreign Trade ◽  
Free Trade ◽  
Technical Skill ◽  
The Other ◽  
Raw Material ◽  
Commercial Development ◽  
Illicit Trade ◽  
Modern Times ◽  
Victorian Age

Some share—fluctuating and uncertain, but assuredly significant—of English foreign trade in modern times is to be credited to smugglers, who were ever busy in evading customs regulations and prohibitions. Mere administrative watchfulness and thoroughness could never do more than damp their activities; it was only the triumph of free trade in the early Victorian age that deprived them of their livelihood, and until then they were able to match by increase of cunning and of organization the ever more elaborate network of the customs system—its spies, its coastguards and its cutters as well as its routine officials at the ports. The smuggler flourished right down to the end of the period of protection, despite sporadic seizures by the revenue officers. In the first half of the nineteenth century, French wines, brandies and luxury textiles were being punctually shipped across the Channel in the teeth of prohibitions. In the other direction, we know, for instance, of the existence in the same period of so remarkable á phenomenon as the muslin manufacture of Tarare, near Lyons, which relied for its raw material upon the assured supply of English yarn owled abroad. But it was probably the eighteenth century, when customs regulations were at their most burdensome and complicated, that marked the classic epoch of illicit trade, the period in which the technical skill of both breakers and defenders of the law might earn the highest rewards.

scholarly journals Volatility Spillovers Arising from the Financialization of Commodities

2018 ◽  
Vol 11 (4) ◽  
pp. 72 ◽  
Author(s):  
Wing Chan ◽  
Bryce Shelton ◽  
Yan Wu
Keyword(s):  
Commodity Prices ◽  
Spillover Effects ◽  
Realized Volatility ◽  
Commodity Markets ◽  
Exchange Traded Funds ◽  
Volatility Transmission ◽  
Volatility Spillovers ◽  
The Difference ◽  
Index Investment ◽  
The Impact

This paper examines whether the proliferation of new index products, such as commodity-tracking exchange-traded funds (ETFs), amplified the volatility transmission channel introduced by financialization. This paper focuses on the volatility spillover effects among crude oil, metals, agriculture, and non-energy commodity markets. The results show financialization has an impact on the volatility of commodity prices, predominantly for non-energy commodities. However, the impact on volatility is not symmetric across all commodities. The analysis of index investment and investors’ positions in futures markets shows that, when a relationship exists, it is generally negatively correlated with the realized volatility of non-energy commodities. Using realized volatility in the difference-in-difference model provides estimates that are inconsistent with other findings that non-energy commodities, traded as a part of indices, have experienced higher volatility. The results are similar to the index investment and futures market analysis, where increased participation by investors through new investment products has put download pressure on realized volatility.

scholarly journals A New Class of Heavy-Tailed Distribution and the Stock Market Returns in Germany

2017 ◽  
Vol 4 (2) ◽  
pp. 13 ◽  
Author(s):  
John Oden ◽  
Kevin Hurt ◽  
Susan Gentry
Keyword(s):  
Stock Market ◽  
Global Economy ◽  
Heavy Tails ◽  
Financial Sector ◽  
Superior Performance ◽  
Market Returns ◽  
Stock Market Returns ◽  
Volatility Clustering ◽  
Empirical Performance ◽  
Heavy Tailed

As the fourth largest economy over the world, Germany’s financial sector plays a key role in the global economy. As one of the most important components of the financial sector, the equity market played a more and more important role. Thus, risk management of its stock market is crucial for welfare of its market participants. To account for the two stylized facts, volatility clustering and conditional heavy tails, we take advantage of the framework in Guo (2016) and consider empirical performance of the GARCH model with normal reciprocal inverse Gaussian distribution in fitting the German stock return series. Our results indicate the NRIG distribution has superior performance in fitting the stock market returns.

scholarly journals US INVESTMENTS IN PRIORITY SECTORS OF THE ECONOMY OF KAZAKHSTAN

THE BULLETIN ◽  
2020 ◽  
Vol 5 (387) ◽  
pp. 199-207
Author(s):  
G. Т. Shakulikova ◽  
◽  
Zh. K. Yerzhanova ◽  
Zh. Zh. Gabbassova ◽  
R. A. Karabassov ◽  
...  
Keyword(s):  
Comparative Analysis ◽  
Stock Market ◽  
Foreign Investment ◽  
Mining Industry ◽  
Raw Material ◽  
Key Factors ◽  
Investment Funds ◽  
The Public ◽  
Advantages And Disadvantages ◽  
Returns On Investment

In the conditions of self-isolation, a small and medium business suffered as a result of a pandemic, however, large business remained afloat due to large “long money”. Large business in Kazakhstan is mainly a raw material business, i.e., the mining industry, as a priority, has not suspended its activities. The tasks in the field of attracting investment remained the same. For Kazakhstan, in the direction of attracting foreign investment, firstly, it is worth identifying competitive sectors of the economy. Secondly, clearly understand the key factors in the development of these industries. Thirdly, to conduct a comparative analysis and assess the advantages and disadvantages in relation to other countries, which will be the main competitors in this industry. Fourth, identify potential investors. Fifth, optimize the activities of the coordinating agency or body that is responsible for investments in Kazakhstan. For US investors, the stock market in Kazakhstan is very small. It presents mainly companies in the mining and financial sectors of the economy, as well as the public sector. The limited financing opportunities in the stock market do not allow providing higher returns on investment funds, and this in turn negatively affects the influx of potential investors and investors.

COMMODITY EXCHANGE AS AN INNOVATION-INSTITUTIONAL ELEMENT OF THE DEVELOPMENT OF INTERNATIONAL COMMODITY MARKETS

2019 ◽  
pp. 52-59
Author(s):  
Andrii BLAHODATNYI
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Precious Metals ◽  
Commodity Markets ◽  
Asia Pacific ◽  
Stock Exchanges ◽  
Commodity Exchange ◽  
International Commodity ◽  
Futures Options ◽  
Geographical Regions

The article examines the role of the commodity exchange as an innovative and institutional element in the development of international commodity markets. The current trends in the development of the international commodity stock market have been determined, compared to the volumes of world futures and options for 2018-2019, the number of outstanding contracts and their changes have been investigated. The transformation processes inherent in the international commodity exchange are considered and characterized. The structure of the international stock market by geographical regions is reflected. Trading volumes in different regions of 2019 are compared to 2018. Analysis of futures, options index of the capital index, interest rate trading, energy futures, options trading and precious metals trade have been done. The results of the world's largest stock exchanges by volume of trading in 2018-2019 are presented. One of the criteria examined is the volume of trading on the Intercontinental Exchange, which is due to the lower level of activity on all its subsidiaries in Europe, North America and the Asia-Pacific region. The current state of stock exchange trade in Ukraine is analysed, examples of obstacles for the effective functioning of stock exchanges of Ukraine are given. The development of commodity exchanges in Ukraine over recent years is considered, with an indication of the tendency of their development. Examples of commodities are indicated that will be used for the development of the commodity stock market of Ukraine. The statistical information on the number and structure of exchanges by specialization, their characteristics and role are investigated. The conclusions on the stock role market in an economy have been formed. The international experience of trading on the exchanges is generalized. The evolution of the stock market from the fair to the modern electronic stock market with its advantages and convenience is noted. The conclusions of the development of stock exchange trade in Ukraine are summarized: namely obstacles to its development and misunderstanding of advantages. Suggestions for successful development of stock exchange trading are given in accordance with world experience and national peculiarities. Key words: commodity exchange, futures, option, stock trading, international commodity exchanges, agricultural products, market infrastructure, stock exchange.

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