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In this testament to the distinguished career of H.S. Houthakker a
number of Professor Houthakker's friends, former colleagues and
former students offer essays which build upon and extend his many
contributions to economics in aggregation, consumption, growth and
trade. Among the many distinguished contributors are Paul
Samuelson, Werner Hildenbrand, John Muellbauer and Lester Telser.
The book also includes four previously unpublished papers and notes
by its distinguished dedicatee.
Louis Phlips The stabilisation of primary commodity prices, and the
related issue of the stabilisation of export earnings of developing
countries, have traditionally been studied without reference to the
futures markets (that exist or could exist) for these commodities.
These futures markets have in turn been s udied in isolation. The
same is true for the new developments on financial markets. Over
the last few years, in particular sine the 1985 tin crisis and the
October 1987 stock exchange crisis, it has become evident that
there are inter actions between commodity, futures, and financial
markets and that these inter actions are very important. The more
so as trade on futures and financial markets has shown a
spectacular increase. This volume brings together a number of
recent and unpublished papers on these interactions by leading
specialists (and their students). A first set of papers examines
how the use of futures markets could help stabilising export
earnings of developing countries and how this compares to the
rather unsuccessful UNCTAD type interventions via buffer stocks,
pegged prices and cartels. A second set of papers faces the fact,
largely ignored in the literature, that commodity prices are
determined in foreign currencies, with the result that developing
countries suffer from the volatility of exchange rates of these
currencies (even in cases where commodity prices are relatively
stable). Financial markets are thus explicitly linked to futures
and commodity markets."
In this testament to the distinguished career of H.S. Houthakker a
number of Professor Houthakker's friends, former colleagues and
former students offer essays which build upon and extend his many
contributions to economics in aggregation, consumption, growth and
trade. Among the many distinguished contributors are Paul
Samuelson, Werner Hildenbrand, John Muellbauer and Lester Telser.
The book also includes four previously unpublished papers and notes
by its distinguished dedicatee.
Louis Phlips The stabilisation of primary commodity prices, and the
related issue of the stabilisation of export earnings of developing
countries, have traditionally been studied without reference to the
futures markets (that exist or could exist) for these commodities.
These futures markets have in turn been s udied in isolation. The
same is true for the new developments on financial markets. Over
the last few years, in particular sine the 1985 tin crisis and the
October 1987 stock exchange crisis, it has become evident that
there are inter actions between commodity, futures, and financial
markets and that these inter actions are very important. The more
so as trade on futures and financial markets has shown a
spectacular increase. This volume brings together a number of
recent and unpublished papers on these interactions by leading
specialists (and their students). A first set of papers examines
how the use of futures markets could help stabilising export
earnings of developing countries and how this compares to the
rather unsuccessful UNCTAD type interventions via buffer stocks,
pegged prices and cartels. A second set of papers faces the fact,
largely ignored in the literature, that commodity prices are
determined in foreign currencies, with the result that developing
countries suffer from the volatility of exchange rates of these
currencies (even in cases where commodity prices are relatively
stable). Financial markets are thus explicitly linked to futures
and commodity markets."
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