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تجارت کالا
THE ECONOMICS OF COMMODITY TRADING FIRMS
INTRODUCTION 4 I THE BASICS OF COMMODITY TRADING 6 A Commodity Transformations 6 B Value Creation in Commodity Trading 7 C Commodity Trading Firms 9 II THE RISKS OF COMMODITY TRADING 12 A Risk Categories 12 B Risk Management 17 III RISK MANAGEMENT BY COMMODITY TRADING FIRMS 21 A Introduction 21 B The Risk Management Process 22 C Managing Flat Price Risk and Basis Risk 22 D Risk Measurement 24 E Managing Credit Risk 27 F Managing Liquidity Risk 28 G Managing Freight Risk 28 H Managing Other Risks 28 I Paper Trading 29 IV COMMODITY FIRM FINANCING, CAPITAL STRUCTURE, AND OWNERSHIP 31 A The Financing of Commodity Trading Firms 31 B The Liability Structures of Commodity Trading Firms 33 C The Ownership of Commodity Trading Firms: Public vs.
Private 34 D Commodity Trading Firms as Financial Intermediaries 36 V COMMODITY FIRM ASSET OWNERSHIP AND VERTICAL INTEGRATION 40 A The Physical Asset Intensity of Commodity Trading Firms 40 B Asset Ownership by Commodity Trading Firms 42 VI SYSTEMIC RISK AND COMMODITY TRADING: ARE COMMODITY TRADING FIRMS TOO BIG TO FAIL?
49 A Introduction 49 B Analysis of the Systemic Risk of Commodity Trading Firms 50 AFTERWORD 58 APPENDIX A 60 Source Data For International Trade Flow in Commodities APPENDIX B 62 Trading Activity and Physical Asset Ownership for Leading Commodity Trading Firms
Yet, even though this activity traces its origins into prehistory, commodity trading is often widely misunderstood, and, as a consequence, it is often the subject of controversy.
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