Gelişmekte olan ülkelerde tarım ürünlerinin gelecek (futures) ve opsiyon (options) piyasaları: Türkiye örneği
Küçük Resim Yok
Tarih
2002
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Trakya Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
ÖZET Doktora Tezi GELİŞMEKTE OLAN ÜLKELERDE TA UM ÜRÜNLERİNİN FUTURES (GELECEK) VE OPTIONS (01 S İYON) PİYASALARI: TÜRKİYE ÖRNEC E.Recep ERBAY Trakya Üniversitesi, Tekirdağ Zira ı Fakültesi Tarım Ekonomis i Bolü
SUMMARY Ph.D Thesis FUTURES AND OPTIONS MARKET ONAGRICULTURAL PRODUCTS İN DEVELOPING COVNTRIES: CASESTUDYOF TURKEY E. Recep ERBAY Trakya University Faculty of Agriculture Department of Agricultural Economics Advisor: Prof.Dr. İ. Hakkı İNAN 2002, Pages: 179 Jury: Prof.Dr. Sudi APAK Prof.Dr. İ. Hakkı İNAN Prof.Dr. Nurettin YILDIRAK Prof.Dr. Erkan REHBER Yrd.Doç.Dr. Okan GAYTANCIO?LU Futures Markets is the most evaluated issue during the 1990s in Turkey. in particular, futures markets are seen as significant tools in order to reduce financial obligations of the government in agricultural supports and for the application of free market mechanism. Hovvever, futures markets must not be accepted as the alternative of support policies. Futures markets could be used as a risk transfer instrument by the help of the commodity exchange tradition for the trade of farm products and the policies based on the board tradition. Board of Directors are interviewed at the regional exchanges having high volume of commodity sales which are important in trade and an investigation approach is used for the study subject from the point of current commodity exchange system. Nevertheless, prices formed at commodity exchanges regarding products (sunflovver, wheat and cotton) covered by the study and the.vvorld prices are compared and prices of the past are analysed. The other side of the research is concerning the intervievvs made with industrialists. Thus, it was aimed to determine the basic knowledge of the concerned persons related to the futures markets, more important the probable benefits from the vievvpoint of industrialists and possible problems that can be faced. in the light of obtained fmdings, the opinions of exchange administrators and industrialists are determined as close to each other and point of vievvs are made together under certain groups. Shortage of information and infrastructure are the most important problems determined as the result of research findings derived from cluster and factorial analyses. Besides, problems occurred due to the structure of agricultural production, capital structure and uncertain inflation are the problems worth to mention. Moreover, legal and tax dimensions form anotlıer group. Long term plans that will be made and reducing price risk for the future are the majör benefits provided by futures markets. in addition, futures markets appear to be useful in order to have free market economy functioning. Hovvever, the change of the state's position in agricultural supports also may result in benefits for public fînance. A liquid and deep exchange market must be constituted by learning the experiences of other countries so as to gain mentioned benefits. Öne of the necessary conditions for the function of futures markets is the existence of a deep cash market, in any case, price fluctuation for the concerned commodity which will be subject to the futures market is a feature desired. This feature seems to be valid for the prices in Turkey. When taken into consideration the formation process of futures markets as "cash market- forvvard market-futures contracts-option markets". firstly some applications that are needed in the transition period in order to form an infrastructure should be implemented Consequently, the futures markets seem to be an important tool so as to catch up with the vvorld developing and to integrate with international markets. Nevertheless, to benefit from these tools efficiently and to contribute to national economy. information establishment has to be supplied together with infrastructure and structural arrangements. Thus, futures markets applications can be started with sunflower, wheat and cotton and be followed by other products, interest and foreign currencies. KEYWORDS: Futures Contracts, options. exchange, agricultural policy, forward
SUMMARY Ph.D Thesis FUTURES AND OPTIONS MARKET ONAGRICULTURAL PRODUCTS İN DEVELOPING COVNTRIES: CASESTUDYOF TURKEY E. Recep ERBAY Trakya University Faculty of Agriculture Department of Agricultural Economics Advisor: Prof.Dr. İ. Hakkı İNAN 2002, Pages: 179 Jury: Prof.Dr. Sudi APAK Prof.Dr. İ. Hakkı İNAN Prof.Dr. Nurettin YILDIRAK Prof.Dr. Erkan REHBER Yrd.Doç.Dr. Okan GAYTANCIO?LU Futures Markets is the most evaluated issue during the 1990s in Turkey. in particular, futures markets are seen as significant tools in order to reduce financial obligations of the government in agricultural supports and for the application of free market mechanism. Hovvever, futures markets must not be accepted as the alternative of support policies. Futures markets could be used as a risk transfer instrument by the help of the commodity exchange tradition for the trade of farm products and the policies based on the board tradition. Board of Directors are interviewed at the regional exchanges having high volume of commodity sales which are important in trade and an investigation approach is used for the study subject from the point of current commodity exchange system. Nevertheless, prices formed at commodity exchanges regarding products (sunflovver, wheat and cotton) covered by the study and the.vvorld prices are compared and prices of the past are analysed. The other side of the research is concerning the intervievvs made with industrialists. Thus, it was aimed to determine the basic knowledge of the concerned persons related to the futures markets, more important the probable benefits from the vievvpoint of industrialists and possible problems that can be faced. in the light of obtained fmdings, the opinions of exchange administrators and industrialists are determined as close to each other and point of vievvs are made together under certain groups. Shortage of information and infrastructure are the most important problems determined as the result of research findings derived from cluster and factorial analyses. Besides, problems occurred due to the structure of agricultural production, capital structure and uncertain inflation are the problems worth to mention. Moreover, legal and tax dimensions form anotlıer group. Long term plans that will be made and reducing price risk for the future are the majör benefits provided by futures markets. in addition, futures markets appear to be useful in order to have free market economy functioning. Hovvever, the change of the state's position in agricultural supports also may result in benefits for public fînance. A liquid and deep exchange market must be constituted by learning the experiences of other countries so as to gain mentioned benefits. Öne of the necessary conditions for the function of futures markets is the existence of a deep cash market, in any case, price fluctuation for the concerned commodity which will be subject to the futures market is a feature desired. This feature seems to be valid for the prices in Turkey. When taken into consideration the formation process of futures markets as "cash market- forvvard market-futures contracts-option markets". firstly some applications that are needed in the transition period in order to form an infrastructure should be implemented Consequently, the futures markets seem to be an important tool so as to catch up with the vvorld developing and to integrate with international markets. Nevertheless, to benefit from these tools efficiently and to contribute to national economy. information establishment has to be supplied together with infrastructure and structural arrangements. Thus, futures markets applications can be started with sunflower, wheat and cotton and be followed by other products, interest and foreign currencies. KEYWORDS: Futures Contracts, options. exchange, agricultural policy, forward
Açıklama
Doktora
Anahtar Kelimeler
Ekonomi, Economics
