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On February 6, 1989, the Federal Home Loan Bank Board contacted Mid
America Institute to inquire whether it would undertake an
independent, academically oriented analysis of the insolvency
resolution crisis in the thrift industry. The Senate Banking
Committee, during the course of hearings on the thrift crisis, had
suggested to the Bank Board tile desirability of an independent
assessment of Bank: Board and FSLIC resolution methodology,
specifically as it related to the controversy surrounding the
December deals, the Southwest Plan, and the possibility that tax
considerations were driving certain deals. The Bank Board had
already initiated studies from industry-oriented perspectives.
Therefore, it felt that an academic perspective would provide both
a valuable addition to the process, and by the nature of academia,
perhaps the best prospect of a credible and independent viewpoint.
The Bank Board was prepared to give an appropriately structured
Task Force virtually unlimited access to all personnel, documents
and resources that the Task Force felt necessary to come to an
uncompromising assessment. The only significant constraint imposed
was that a report had to be available prior to the start of the
next round of Senate Banking Committee hearings on March 1, 1989.
The Task Force would be given complete discretion as to the scope
and coverage of the report, but it was requested that the topic of
the December deals, particularly the associated tax considerations,
be a significant part of the report.
This study is an independent scholarly analysis of the economics of
the grain futures contracts of the Chicago Board of Trade. The
study was made possible by a research grant to the MidAmerica
Institute from the Chicago Board of Trade, and we gratefully
acknowledge this financial support, as well as the information and
vast body of experience made available to us by the Division of
Economic Analysis and members of the Exchange. Several other
organizations also provided invaluable help from the inception of
this study through the full process, either in the form of
information, or through discussion: the Commodity Futures Trading
Commission, the U.S. Department of Agriculture, the National Grain
and Feed Association, the American Soybean Association, the Senate
Committee on Agriculture, Nutrition and Forestry, the House
Committee on Agriculture, the General Accounting Office, and the
Center for the Study of Futures and Options Markets at Virginia
Polytechnic and State University. We express our thanks. The
primary authors wish to extend a special word of apprecia tion to
Michael Brennan, Merton Miller, Richard Roll, Hans Stoll and Lester
Telser, who served as members of the Resource Panel for the study.
While key strengths of the study reflect their input, ultimate
responsibility for the analysis rests with the primary authors."
Deterrence of market manipulation is central to the entire
regulatory and legal framework governing the operation of American
commodity futures markets. However, despite all of the regulatory,
scholarly, and legal scrutiny of market manipulation, the subject
is widely misunderstood. Federal commodity and securities laws
prohibit manipulation, but do not define it. Scholarly research has
failed to analyze adequately the causes or effects of manipulation,
and the relevant judicial decisions are confused, confusing, and
contradictory. The aim of this book is to illuminate the process of
market manipulation by presenting a rigorous economic analysis of
this phenomenon, including the conditions that facilitate it and
its effects on market users and others. The conclusions of this
analysis are used to examine critically some legal and regulatory
anti-manipulation policies. The Economics, Law and Public Policy of
Market Power Manipulation concludes with a set of robust and
realistic tests that regulators and jurists can apply to detect and
deter manipulation.
Deterrence of market manipulation is central to the entire
regulatory and legal framework governing the operation of American
commodity futures markets. However, despite all of the regulatory,
scholarly, and legal scrutiny of market manipulation, the subject
is widely misunderstood. Federal commodity and securities laws
prohibit manipulation, but do not define it. Scholarly research has
failed to analyze adequately the causes or effects of manipulation,
and the relevant judicial decisions are confused, confusing, and
contradictory. The aim of this book is to illuminate the process of
market manipulation by presenting a rigorous economic analysis of
this phenomenon, including the conditions that facilitate it and
its effects on market users and others. The conclusions of this
analysis are used to examine critically some legal and regulatory
anti-manipulation policies. The Economics, Law and Public Policy of
Market Power Manipulation concludes with a set of robust and
realistic tests that regulators and jurists can apply to detect and
deter manipulation.
This study is an independent scholarly analysis of the economics of
the grain futures contracts of the Chicago Board of Trade. The
study was made possible by a research grant to the MidAmerica
Institute from the Chicago Board of Trade, and we gratefully
acknowledge this financial support, as well as the information and
vast body of experience made available to us by the Division of
Economic Analysis and members of the Exchange. Several other
organizations also provided invaluable help from the inception of
this study through the full process, either in the form of
information, or through discussion: the Commodity Futures Trading
Commission, the U.S. Department of Agriculture, the National Grain
and Feed Association, the American Soybean Association, the Senate
Committee on Agriculture, Nutrition and Forestry, the House
Committee on Agriculture, the General Accounting Office, and the
Center for the Study of Futures and Options Markets at Virginia
Polytechnic and State University. We express our thanks. The
primary authors wish to extend a special word of apprecia tion to
Michael Brennan, Merton Miller, Richard Roll, Hans Stoll and Lester
Telser, who served as members of the Resource Panel for the study.
While key strengths of the study reflect their input, ultimate
responsibility for the analysis rests with the primary authors."
Commodities have become an important component of many investors'
portfolios and the focus of much political controversy over the
past decade. This book utilizes structural models to provide a
better understanding of how commodities' prices behave and what
drives them. It exploits differences across commodities and
examines a variety of predictions of the models to identify where
they work and where they fail. The findings of the analysis are
useful to scholars, traders and policy makers who want to better
understand often puzzling - and extreme - movements in the prices
of commodities from aluminium to oil to soybeans to zinc.
Commodities have become an important component of many investors'
portfolios and the focus of much political controversy over the
past decade. This book utilizes structural models to provide a
better understanding of how commodities' prices behave and what
drives them. It exploits differences across commodities and
examines a variety of predictions of the models to identify where
they work and where they fail. The findings of the analysis are
useful to scholars, traders and policy makers who want to better
understand often puzzling - and extreme - movements in the prices
of commodities from aluminium to oil to soybeans to zinc.
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