International Monetary Fund
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April 2023Speculation by Commodity Index Funds
The Impact on Food and Energy Prices
by Scott H. Irwin, Dwight R. Sanders
Commodity futures prices exploded in 2007-08 and concerns about a new type of participant in commodity futures markets began to emerge. Market participants, regulators, and civic organizations began raising concerns that inflows from new "commodity index" investments were driving the increases in commodity prices instead of economic fundamentals. The main argument was that unprecedented buying pressure from these speculative long-only futures traders created massive bubbles that resulted in prices substantially exceeding fundamental value. At the time, it was not uncommon to link concerns about speculation and high prices to world hunger, food crises, and civil unrest. Naturally, this outcry resulted in numerous regulatory proposals to restrict speculation in commodity futures markets through transaction taxes, speculative position limits, and even the bizarre idea of a "virtual reserve" whereby a public agency would take futures positions opposite speculators. At the core, these assertions raised major economic questions about the efficiency of price discovery in commodity futures markets. Moreover, these so-called remedies did not come without a potential cost. Burdensome regulations would increase compliance and risk sharing costs across the global food system-lowering prices for producers and increasing costs to consumers. To guide this debate, a rigorous approach was needed to understand the dynamics between prices and commodity index activity. This book documents a curated selection of papers on the impact of index investment on commodity futures prices. The chronology of the papers roughly follows the timeline of our involvement in the world-wide debate about commodity speculation as it evolved after 2007. The 10 papers follow the evolving speculation debate with new author forwards highlighting the contribution and impact. Policy-makers, researchers, and market participants will find this not only as useful documentation of the debate; but, also a natural starting point when high commodity prices inevitably create the next speculation backlash.
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Humanities & Social SciencesMarch 2023Golden Mummies of Egypt
Interpreting identities from the Graeco-Roman period
by Campbell Price, Julia Thorne
Golden Mummies of Egypt presents new insights and a rich perspective on beliefs about the afterlife during an era when Egypt was part of the Greek and Roman worlds (c. 300 BCE-200 CE). This beautifully illustrated book, featuring photography by Julia Thorne, accompanies Manchester Museum's first-ever international touring exhibition. Golden Mummies of Egypt is a visually spectacular exhibition that offers visitors unparalleled access to the museum's outstanding collection of Egyptian and Sudanese objects - one of the largest in the UK.
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March 1992Ein ganzer Mann
Roman. Aus dem Amerikanischen von Maria Carlsson
by Reynolds Price, Maria Carlsson
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Veterinary medicineNovember 2002Animal Domestication and Behavior
by Edward O Price
Written by a world authority on animal behaviour this is a highly original contribution to the subject that covers behaviour and domestication of farm, zoo and companion animals. This book synthesizes existing knowledge of the process of domestication and how it has affected the behaviour of captive wild and domesticated animals. Three broad themes are addressed in the Chapter structure :Genetic contributions to the process of domestication, Experimental contributions to the process of domestication and The process of feralization (i.e. the adaptation of domesticated animals when returned to their natural habitat).
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Animal husbandryOctober 2008Principles and Applications of Domestic Animal Behavior
by Edward O Price
In order to understand and manage animals in their natural or captive environments we must first understand why animals do what they do and recognize limitations in their ability to adapt to different environments. Drawing on the author’s considerable experience in both teaching and research, this introductory-level textbook describes the basic principles underlying animal behavior and how those concepts can be used in managing the care of domestic and captive wild animals, covering four key themes: development of behavior, biological rhythms, social behavior and behavioral aspects of animal management. Extensively illustrated with many practical examples and over 150 photos and figures.
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May 1987Ein langes glückliches Leben
Roman. Aus dem Amerikanischen übersetzt von Margaret Sander
by Reynolds Price, Margaret Sander
