Agribusiness and Commodity Risk: Strategies and Management
本书收录17篇论文，系统梳理农业大宗商品市场的运营环境、风险管理工具及新兴议题，适合从业者、学者及政策制定者参考。
This edited volume on agribusiness and commodity risk by the well-known Risk Books series includes seventeen individual papers that together provide a rigorous and thoughtful survey of the operating and institutional environments, risk management concepts and techniques and emerging issues facing risk management practitioners operating throughout agricultural commodity markets. The authors bring to their contributions highly credible perspectives and expertise from industry, banking and finance, academia and international donor organisations. Most of the individual papers are relatively brief and usually more technical in nature, whereas a few are substantially more conceptual. The selection of papers is well balanced between developed and developing country settings that nicely reflect the global nature of agriculture and the global transmission of risk in agricultural markets. To briefly outline, the volume is organised in five topical areas that include: (i) an introduction of the uniqueness of agricultural production (relative to other industrial sectors) that manifests innovation in risk management and significant government intervention, followed by a review of the meaning and sources of risk in agribusiness and commodity markets, (ii) a broad yet succinct review of the standard exchange-traded instruments for price risk and over-the-counter products tailored to specific risk exposure not met in exchange markets, (iii) a selection of papers that examine the influence of market participants on commodity risk management strategies, that provide an analysis of the use, effectiveness and drivers of hedging strategies and that give an introduction to risk management techniques specifically designed to facilitate greater access to financial resources by developing country smallholders, (iv) a section that focuses on the measurement of credit risk exposure associated with financial derivatives and management strategies to minimise unintended risk exposures when using derivatives for price risk management, and (v) a sampling of risk and finance issues in agricultural markets including those emerging from international banking and finance standards (Basel II) negotiations, the management of collateral and collateral risk of a lender and a review of issues encountered when seeking to ease financial constraints for developing country small holders through a warehouse receipt system.