A survey of emerging derivatives markets

Emerging Markets Finance and Trade

Volumn 44, Issue 2, 2008, Pages 39-69

  Lien, Donald ^a   Zhang, Mei ^b  

^a UNIVERSITY OF TEXAS AT SAN ANTONIO   (United States)

^b SHANGHAI LIXIN UNIVERSITY OF ACCOUNTING AND FINANCE   (China)

Author keywords

Commodity derivatives; Emerging markets; Financial derivatives; Hedging; Price discovery; Price stabilization

Indexed keywords

EID: 42449107455     PISSN: 1540496X     EISSN: None     Source Type: Journal    
DOI: 10.2753/REE1540-496X440203     Document Type: Article

References (185)

1. Adam-Muller, A.F.A. 2000. "Hedging Price Risk When Real Wealth Matters." Journal of International Money and Finance 19, no. 4: 549-560.
2. Adrangi, B., and A. Chatrath. 1998. "Futures Commitments and Exchange Rate Volatility." Journal of Business Finance and Accounting 25, nos. 3-4: 501-520.
3. Agmon, T., and R. Eldor. 1985. "Currency Options Cope with Uncertainty." In International Financial Management: Theory and Application, ed. D.R. Lessard, pp. 356-358. New York: John Wiley.
4. Alba, P.; A. Bhattacharya; S. Claessens; S. Ghosh; and L. Hernandez. 1998. "Volatility and Contagion in a Financially Integrated World: Lessons from East Asia's Recent Experience." Paper presented at the PAFTAD 24 conference Asia Pacific Financial Liberalization and Reform, Chiangmai, Thailand, May 20-22.
5. Allen, F., and D. Gale. 2000. Comparing Financial Systems. Cambridge, MA: MIT Press.
6. Anderson, R.W., and M. Sundaresan. 1984. "Futures Markets and Monopoly." In The Industrial Organization of Futures Markets, ed. R.W. Anderson, pp. 75-105. Lexington, MA: Lexington Books.
7. Antoniou, A., and A.J. Foster. 1992. "The Effect of Futures Trading on Spot Price Volatility: Evidence for Brent Crude Oil Using GARCH." Journal of Business Finance and Accounting 19, no. 4: 473-484.
8. Antoniou, A., and P. Holmes. 1995. "Futures Trading, Information, and Spot Price Volatility: Evidence for the FTSE-100 Stock Index Futures Contract Using GARCH." Journal of Banking and Finance 19, no. 1: 117-129.
9. Bahr, R., and A.G. Malliaris. 1998. "Volume and Volatility in Foreign Currency Futures Markets." Review of Quantitative Finance and Accounting 10, no. 3: 285-302.
10. Bank for International Settlements (BIS). 2002. Triennial Central Bank Survey: Foreign Exchange and Derivatives Market Activity in 2001. Basel.
11. Bawa, V.S. 1975. "Optimal Rules for Ordering Uncertain Prospects." Journal of Financial Economics 2, no. 1: 95-121.
12. _. 1978. "Safety-First, Stochastic Dominance, and Optimal Portfolio Choice." Journal of Financial and Quantitative Analysis 33, no. 2: 255-271.
13. Beelders, O., and J. Massey. 2003. "The Relationship Between Spot and Futures Index Contracts After the Introduction of Electronic Trading on the Johannesburg Stock Exchange." Working Paper, Department of Economics, Emory University, Atlanta, GA.
14. Bekaert, G., and C.R. Harvey. 2003. "Emerging Markets Finance." Journal of Empirical Finance 10, nos. 1-2: 3-55.
15. Bekaert, G., and R. Hodrick. 1992. "Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets." Journal of Finance 47, no. 2: 467-509.
16. Bodurtha, J.N. 2005. "Divergent FAS-133 and IAS 39 Interest Rate Risk Hedge Effectiveness: Problem and Remedies." Journal of Derivatives Accounting 2, no. 1: 1-12.
17. Bray, M. 1981. "Futures Trading, Rational Expectations, and the Efficient Markets Hypothesis." Econometrica 49, no. 3: 575-596.
18. Briys, E.; M. Crouhy; and H. Schlesinger. 1993. "Optimal Hedging in a Futures Market with Background Noise and Basis Risk." European Economic Review 37, no. 5: 949-960.
19. Broil, U., and I. Zilcha. 1992. "Exchange Rate Uncertainty, Futures Markets, and the Multinational Firm." European Economic Review 36, no. 4: 815-826.
20. Broil, U.; J.E. Wahl; and I. Zilcha. 1995. "Indirect Hedging of Exchange Rate Risk." Journal of International Money and Finance 14, no. 5: 667-678.
21. Cavalleri, L., and G. Corsetti. 1997. "Arbitrage Mechanisms Leading to Currency Crisis: A Theoretical Perspective." Working Paper, Department of Economics, Yale University, New Haven, CT.
22. Cha, H.J. 2002. "Analysis of the Sluggish Development of the Secondary Market for Korean Government Bonds, and Some Proposals." Working Paper, Bank of Korea, Seoul.
23. Chang, E.C.; J.W. Cheng; and J.M. Pinegar. 1999. "Does Futures Trading Increase Stock Market Volatility? The Case of the Nikkei Stock Index Futures Markets." Journal of Banking and Finance 23, no. 5: 727-753.
24. Chang, R., and G. Majnoni. 1999. "International Contagion: Implications for Policy." Working paper prepared for World Bank conference Contagion: How It Spreads and How It Can Be Stopped. Washington, DC, February 3-4, 2000.
25. Chari, V.V., and R. Jagannathan. 1990. "The Simple Analytics of Commodity Futures Markets: Do They Stabilize Prices? Do They Raise Welfare?" Federal Reserve Bank of Minneapolis Quarterly Review 14, no. 5: 12-24.
26. Chari, V.V.; R. Jagannathan; and J. Larry. 1990. "Price Stability and Futures Trading in Commodities." Quarterly Journal of Economics 104, no. 2: 527-534.
27. Chatrath, A.; S. Ramchander; and F. Song. 1996. "The Role of Futures Trading Activity in Exchange Rate Volatility." Journal of Futures Markets 16, no. 5: 561-584.
28. Chen, A., and L. Kao. 2006. "The Benefit of Excluding Institutional Investors from Fixed-Price IPOs." Emerging Markets Finance and Trade 42, no. 6 (November-December): 5-24.
29. Cheng, M.H., and H.H. Kang. 2007. "Price Formation Process of an Emerging Futures Market: Call Auction Versus Continuous Auction." Emerging Markets Finance and Trade 43, no. 1 (January-February): 74-97.
30. Cheung, C.S.; C.C.Y. Kwan; and P.C.Y. Yip. 1990. "The Hedging Effectiveness of Options and Futures: AMean-Gini Approach." Journal of Futures Markets 10, no. 1: 61-73.
31. Chiang, M.H., and C.Y. Wang. 2002. "The Impact of Futures Trading on Spot Index Volatility: Evidence from Taiwan Index Futures." Applied Economics Letters 9, no. 6: 381-385.
32. Chou, H.C; W.N. Chen; and D.H. Chen. 2006a. "The Expiration Effects of Stock Index Derivatives: Empirical Evidence from the Taiwan Futures Exchange." Emerging Markets Finance and Trade 42, no. 5 (September-October): 81-102.
33. Chou, P.H.; M.C. Lin; and M.T. Yu. 2006b. "Margins and Price Limits in Taiwan's Stock Index Futures Market." Emerging Markets Finance and Trade 42, no. 1 (January-February): 62-88.
34. Chow, Y.F.; H.M. Yung; and H. Zhang. 2003. "Expiration Effects: The Case of Hong Kong. " Journal of Futures Markets 23, no. 1: 67-86.
35. Claessens, S., and J. Coleman. 1991. "Hedging Commodity Price Risks in Papua New Guinea." Policy Research Working Paper WPS-749, World Bank, Washington, DC.
36. Claessens, S., and R.C. Duncan. 1993. "Managing Commodity Price Risk in Developing Countries." World Bank, Washington, DC.
37. Claessens, S., and T. Glaessner. 1997. "Are Financial Sector Weakness Undermining the East Asian Miracle?" World Bank, Washington, DC.
38. Claessens, S., and P. Varangis. 1991. "Hedging Crude Oil Imports in Developing Countries." Policy Research Working Paper WPS-755, World Bank, Washington, DC.
39. Clifton, E.V. 1985. "The Currency Futures Market and Interbank Foreign Exchange Trading." Journal of Futures Markets 5, no. 3: 375-384.
40. Cooper, D.J., and R.G. Donaldson. 1998. "A Strategic Analysis of Corners and Squeezes." Journal of Financial and Quantitative Analysis 33, no. 1: 117-137.
41. Corden, W.M. 1998. "The Asian Crisis: Is There a Way Out?" Working Paper, Institute of South East Asian Studies, National University of Singapore, Singapore.
42. Corsetti, G.; P. Pesenti; and N. Roubini. 1999. "What Caused the Asian Currency and Financial Crisis?" Japan and the World Economy 11, no. 3: 305-373.
43. Danthine, J.P. 1978. "Information, Futures Prices, and Stabilizing Speculation." Journal of Economic Theory 17 (February): 79-98.
44. Dasgupta, B. 1999. "Role of Commodity Futures Market in Spot Price Stabilization, Production, and Inventory Decisions with Reference to India." Working Paper, Department of Economics, University of Connecticut, Storrs.
45. De Bandt, O., and P. Hartmann. 2000. "Systematic Risk: A Survey." Working Paper, European Central Bank, Frankfurt, Germany.
46. De Gregorio, J., and R.G. Valdes. 2001. "Crisis Transmission: Evidence from the Debt, Tequila, and Asian Flu Crises." World Bank Economic Review 15, no. 2: 289-324.
47. Dodd, R. 2000. "The Role of Derivatives in the East Asian Financial Crisis." Working Paper Series III, Center for Economic Policy Analysis, New York.
48. _. 2003. "Consequences of Liberalizing Derivatives Markets." Working Paper, Financial Policy Forum Derivatives Study Center, Washington, DC.
49. Dornbusch, R. 1998. "Asian Crisis Themes." Working Paper, Economics Department, Massachusetts Institute of Technology, Cambridge.
50. Dornbusch, R.; Y.C. Park; and S. Claessens. 2000. "Contagion: Understanding How It Spreads." iWorld Bank Research Observer 15, no. 2: 177-197.
51. Duffe, D. 1999. "Credit Swap Valuation." Financial Analyst Journal 55, no. 1: 73-87.
52. Dungey M.; R. Fry; B.G. Hermosillo; and V.L. Martin. 2005. "Empirical Modeling of Contagion: A Review of Methodologies." Quantitative Finance 5, no. 1: 9-24.
53. Eaker, M.R., and D. Grant. 1985. "Optimal Hedging of Uncertain and Long-Term Foreign Exchange Exposure." Journal of Banking and Finance 9, no. 2: 221-231.
54. Ederington, L.H. 1979. "The Hedging Performance of the New Futures Markets." Journal of Finance 34, no. 1: 157-170.
55. Edwards, F.R. 1988. "Does Futures Trading Increase Stock Market Volatility?" Financial Analysts Journal 44, no. 1 (January-February): 63-69.
56. Eichengreen, B.; A. Rose; and C. Wyplosz. 1996. "Contagious Currency Crises." Working Paper no. 5681, National Bureau of Economic Research, Cambridge, MA.
57. Ely, D.P. 1991. "Derivatives Securities and Cash Market Stability." Applied Economics 23, no. 2: 391-402.
58. Esquivel, G., and F. Larrain. 2000. "Determinants of Currency Crises." Trimestre Economico 67, no. 1: 191-237.
59. Eun, C., and B. Resnick. 1988. "Exchange Rate Uncertainty, Forward Contracts, and International Portfolio Selection." Journal of Finance 43, no. 1: 197-216.
60. Feiger, G.M., and B. Jacquillat. 1979. "Currency Option Bonds, Puts and Calls on Spot Exchange, and the Hedging of Contingent Foreign Earnings." Journal of Finance 34, no. 5: 1129-1139.
61. Feldstein, M. 1998. "Refocusing the IMF." Foreign Affairs 77, no. 2: 20-33.
62. Flood, R., and N. Marion. 1999. "Perspectives on the Recent Currency Crisis Literature." International Journal of Finance & Economics 14, no. 1: 1-26.
63. Forbes, K., and R. Rigobon. 1999. "Measuring Contagion: Conceptual and Empirical Issues." Working Paper, Massachusetts Institute of Technology, Cambridge.
64. Garber, P. 1998. "Derivatives in International Capital Flows." Working Paper no. 6623, National Bureau for Economic Research, Cambridge, MA.
65. Garber, P., and S. Lall. 1996. "Derivatives Products in Exchange Rate Crises." In Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin, ed. R. Glick, pp. 206-231. Cambridge: Cambridge University Press.
66. Gemmell, G. 1985. "Forward Contracts or International Buffer Stocks? A Study of Their Relative Efficiencies in Stabilizing Commodity Export Earnings." Economic Journal 95, no. 378: 400-417.
67. Gerlach, S., and F. Smets. 1995. "Contagious Speculative Attack." European Journal of Political Economy 11, no. 1: 5-63.
68. Giddy, I.H. 1985. "The Foreign Exchange Option as a Hedging Tool." In International Financial Management: Theory and Application, ed. D.R. Lessard, pp. 343-355. New York: John Wiley.
69. Gilbert, C.J. 1985. "Futures Trading and the Welfare Evaluation of Commodity Price Stabilization." Economic Journal 95, no. 379: 637-661.
70. _. 1996. "International Commodity Agreements: An Obituary Notice." World Development 24, no. 1: 1-19.
71. Glen, J., and R Jorion. 1993. "Currency Hedging for International Portfolios." Journal of Finance 48, no. 5: 1865-1886.
72. Goldstein, M. 1998. "The Asian Financial Crisis: Causes, Cures, and Systemic Implications." Policy Analysis in International Economics no. 55, Institute for International Economics, Washington, DC.
73. Goone, D., and I.G. Kawaller. 2000. "Futures Versus Forwards: Implications of FAS 133." Derivatives Quarterly 6 (Spring): 9-12.
74. Gordon, K.M., and G.C. Rausser. 1984. "Country Hedging for Real Income Stabilization: A Case Study of South Korea and Egypt." Journal of Futures Markets 4, no. 4: 449-464.
75. Gordon-Ashworth, F. 1984. International Commodity Control: A Contemporary History and Appraisal. New York: Palgrave Macmillan.
76. Grant, S.; A. Kajii; and B. Polak. 2001. "Different Notions of Disappointment Aversion." Economics Letters 70, no. 2: 203-208.
77. Gray, R.W. 1960. "The Characteristic Bias in Some Thin Futures Markets." Food Research Institute Study 1, no. 2: 296-313.
78. Greenstone, W.D. 1981. "The Coffee Cartel: Manipulation in the Public Interest." Journal of Futures Markets 1 (Spring): 3-16.
79. Grossman, S. 1977. "The Existence of Futures Markets, Noisy Rational Expectations, and Informational Externalities." Review of Economic Studies 44, no. 3: 431-449.
80. Grunbichler, A.; F.A. Longstaff; and E.S. Schwatz. 1994. "Electronic Screen Trading and the Transmission of Information: An Empirical Examination." Journal of Financial Intermediation 3, no. 2: 166-187.
81. Gulen, H., and S. Mayhew. 2000. "Stock Index Futures Trading and Volatility in International Equity Markets." Journal of Futures Markets 20, no. 7: 661-685.
82. Hegde, S.P. 1994. "The Impact of Futures Trading on the Spot Market for Treasury Bonds." Financial Review 29, no. 4: 441-471.
83. Herbst, A.F.; J.P. McCormack; and E.N. West. 1987. "Investigation of a Lead-Lag Relationship Between Spot Stock Indices and their Futures Contracts." Journal of Futures Markets 7, no. 4:373-381.
84. Herrmann, R., and K. Burger. 1993. International Commodity Policy: A Quantitative Analysis. London: Routledge.
85. Iihara, Y.; K. Kato; and T. Tokunaga. 1996. "Intraday Return Dynamics Between the Cash and Futures Markets in Japan." Journal of Futures Markets 16, no. 1: 147-162.
86. International Monetary Fund (IMF). 1998. World Economic Outlook. Washington, DC.
87. _. 2002. Global Financial Stability Report. World Economic and Financial Surveys. Washington.
88. _. 2003. Global Financial Stability Report. World Economic and Financial Surveys. Washington.
89. Ishii, S.; I. Otker-Robe; and L.Cui. 2001. "Measures to Limit the Offshore Use of Currencies: Pros and Cons." Working Paper WP01/43, International Monetary Fund, Washington, DC.
90. Jarrow, R.A. 1994. "Derivative Security Markets, Market Manipulation, and Option Pricing Theory." Journal of Financial and Quantitative Analysis 29, no. 2: 241-261.
91. Jeanne, O. 1997. "Are Currency Crisis Self Fulfilling?" Journal of International Economics 43, nos. 3-4: 263-286.
92. Jiang, G., and R. McCauley. 2004. "Asian Local Currency Bond Markets." BIS Quarterly Review (June): 67-79.
93. Jochum, C., and L. Kodres. 1998. "Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies?" IMF Staff Papers 45, no. 3: 486-521.
94. Johnson, L. 1960. "The Theory of Hedging and Speculation in Commodity Futures." Review of Economic Studies 27, no. 3: 139-151.
95. Jorion, P. 1989. "Asset Allocation with Hedged and Unhedged Foreign Assets." Journal of Portfolio Management 15 (Summer): 49-54.
96. Kang, T.; B.W. Brorsen; and B.D. Adam. 1996. "A New Efficiency Criterion: The Mean-Separated Target Deviation Risk Model." Journal of Economics and Business 48, no. 1: 47-66.
97. Kaplanis, E., and S. Schaefer. 1991. "Exchange Risk and International Diversification in Bond and Equity Portfolios." Journal of Economics and Business 43, no. 4: 287-308.
98. Kawai, M. 1983. "Price Volatility of Storable Commodities Under Rational Expectations in Spot and Futures Markets." International Economic Review 24, no. 2: 435-459.
99. Kawaller, I.G. 2001. "Impact of Accounting Rules on the Market for Swaps." Derivatives Quarterly 7 (Spring): 17-20.
100. Kawaller, I.G., and P.D. Koch. 2000. "Meeting the 'Highly Effective Expectation' Criterion for Hedge Accounting." Journal of Derivatives 5 (Summer): 79-87.
101. Kawaller, I.G.; P.D. Koch; and T.W. Koch. 1987. "The Temporal Price Relationship Between S&P 500 Futures and the S&P 500 Index." Journal of Finance 42, no. 5: 1309-1329.
102. Kenourgios, D. 2004. "Price Discovery in the Athens Derivatives Exchange: Evidence for the FTSE/ASE-20 Futures Market." Economic and Business Review 6, no. 3: 229-243.
103. Keynes, J.M. 1938. "The Policy of Government Storage of Food-stuffs and Raw Materials." Economic Journal 48, no. 191: 449-460.
104. Khor, H.E. 2001. "Derivatives and Macroeconomic Management in Post Crisis Asia." Working Paper, Monetary Authority of Singapore.
105. Kocagil, A.E. 1997. "Does Futures Speculation Stabilize Spot Prices? Evidence from Metals Markets." Applied Financial Economics 7, no. 1: 115-125.
106. Kolb, R.W., and J. Okunev. 1992. "An Empirical Evaluation of the Extended Mean-Gini Coefficient for Futures Hedging." Journal of Futures Markets 12: 177-186.
107. Kregel, J.A. 1998. "Derivatives and Global Capital Flows: Applications to Asia." Cambridge Journal of Economics 22, no. 6: 677-692.
108. Kroner, K.F., and S. Claessens. 1991. "Optimal Dynamic Hedging Portfolios and the Currency Composition of External Debt." Journal of International Money and Finance 10, no. 1: 131-148.
109. Krugman, P. 2003. "Crisis: The Next Generation." In Economic Policy in the International Economy: Essay in Honour of Assaf Razin, ed. E. Helpman and E. Sadka, pp. 15-32. Cambridge: Cambridge University Press.
110. Kumar, P., and D. Seppi. 1992. "Futures Manipulation with Cash Settlement." Journal of Finance 47, no. 4: 1485-1502.
111. Kumar, P.; A. Sarin; and K. Shastri. 1995. "The Impact of the Listing of Index Options on the Underlying Stocks." Pacific Basin Finance Journal 3, nos. 2-3: 303-317.
112. Kyle, A.S. 1984. "A Theory of Futures Market Manipulations." In The Theory of Futures Markets, ed. Paul Weller, pp. 273-303. Oxford: Blackwell.
113. Lapan, H.; G. Moschini; and S.D. Hanson. 1991. "Production, Hedging, and Speculative Decisions with Options and Futures Markets." American Journal of Agricultural Economies 73, no. 1: 66-74.
114. Lee, S.B., and K.Y. Oh. 1992. "Stock Index Futures Listing and Structural Change in Time-Varying Volatility." Journal of Futures Markets 12, no. 5: 493-509.
115. Lence, S.H., and D.J. Hayes. 1994a. "The Empirical Minimum-Variance Hedge." American Journal of Agricultural Economics 76, no. 1: 94-104.
116. _. 1994b. "Parameter-Based Decision Making Under Estimation Risks: An Application in Futures Trading." Journal of Finance 49, no. 1: 345-357.
117. Lien, D. 1990. "A Note on Hedging Performance and Portfolio Effects." Journal of Futures Markets 10, no. 2: 201-204.
118. _. 2001a. "Futures Hedging Under Disappointment Aversion." Journal of Futures Markets 21, no. 11: 1029-1042.
119. _. 2001b. "A Note on Loss Aversion and Futures Hedging." Journal of Futures Markets 21, no. 7:681-692.
120. Lien, D., and X. Luo. 1993. "Estimating Extended Mean-Gini Coefficient for Futures Hedging." Journal of Futures Markets 13, no. 6: 665-676.
121. Lien, D., and Y.K. Tse. 2000. quot;Hedging Downside Risk with Futures Contracts." Applied Financial Economics 10, no. 2: 163-170.
122. _. 2002. "Some Recent Development in Futures Hedging." Journal of Economic Survey 16, no. 3:357-396.
123. Lien, D., and K.R Wong. 2004. "Optimal Bidding and Hedging in International Markets." Journal of International Money and Finance 23, no. 5: 785-798.
124. Lien, D., and L. Yang. 2003. "Options Expiration Effects and the Role of Individual Share Futures Contracts." Journal of Futures Markets 23, no. 11: 1107-1118.
125. Lypny, G.J. 1988. "Hedging Foreign Exchange Risk with Currency Futures: Portfolio Effects." Journal of Futures Markets 9, no. 1: 163-170.
126. Ma, G.; C. Ho; and R.N. McCauley. 2004. "The Markets for Non-Deliverable Forwards in Asian Currencies." BIS Quarterly Review (June): 81-94.
127. Martin, L.J., and D. Hope. 1984. "Risk and Returns from Alternative Marketing Strategies for Corn Producers." Journal of Futures Markets 4, no. 4: 513-530.
128. Masson, P. 1998. "Contagion: Monsoonal Effects, Spillovers, and Jumps Between Multiple Equilibria." In The Asian Financial Crisis: Causes, Contagion and Consequences, ed. P.-R. Agénor, M. Miller, D. Vines, and A. Weber, pp. 265-280. International Monetary Fund, Washington, DC.
129. Masuoka, T. 1990. "Asset and Liability Management in the Developing Countries, Modern Financial Techniques: A Primer." Policy, Research, and External Affairs Working Paper no. 454, World Bank, Washington, DC.
130. Mayhew, S. 2000. "The Impact of Derivatives on Cash Markets: What Have We Learnt?" Working Paper, Department of Banking and Finance, University of Georgia, Athens.
131. Merton, R.C., and Z. Bodie. 1995. The Global Financial System: A Functional Perspective. Cambridge, MA: Harvard Business School Press.
132. Meulbroek, L.K. 2002. "A Senior Manager's Guide to Integrated Risk Management." Journal of Applied Corporate Finance 14, no. 1: 56-70.
133. Min, J.H., and M. Najand. 1999. "A Further Investigation of the Lead-Lag Relationship Between the Spot Market and the Stock Index Futures: Early Evidence from Korea." Journal of Futures Markets 19, no. 2: 217-232.
134. Morales, R.A. 2001. "Monetary Implications of Cross-Border Derivatives for Emerging Economies." Working Paper 01/58, International Monetary Fund, Washington, DC.
135. Morgan, C.W 1999. "Futures Markets and Spot Price Volatility: A Case Study." Journal of Agricultural Economics 50, no. 2: 247-257.
136. _. 2001. "Commodity Futures Markets in LDCs: A Review and Prospects." Progress in Development Studies l,no. 2: 139-150.
137. Moschini, G., and H. Lapan. 1995. "The Hedging Role of Options and Futures Under Joint Price, Basis, and Production Risk." International Economic Review 36, no. 4: 1025-1049.
138. Mun, K.C., and G.E. Morgan. 1997. "Cross-Hedging Foreign Exchange Rate Risks: The Case of Deposit Money Banks in Emerging Asian Countries." Pacific-Basin Finance Journal 5, no. 2: 215-230.
139. _. 2003. "Bank Foreign Exchange and Interest Rate Risk Management: Simultaneous Versus Separate Hedging Strategies." Journal of Financial Intermediation 12, no. 3: 277-297.
140. Neftci, S. 2000. "FX Short Positions, Balance Sheets, and Financial Turbulence: An Interpretation of the Asian Financial Crisis." The Financier 17, no. 1: 17-28.
141. Netz, J.S. 1995. "The Effect of Futures Markets and Corners on Storage and Spot Price Volatility." American Journal of Agricultural Economics 77, no. 1: 182-193.
142. Newbury, D. 1987. "When Do Futures Destabilize Spot Prices?" International Economic Review 28, no. 2: 291-297.
143. Newbury, D., and J. Stiglitz. 1981. The Theory of Commodity Price Stabilization: A Study of the Economics of Risk. Oxford: Oxford University Press.
144. Peck, A.E. 1975. "Hedging and Income Stability: Concepts, Implications, and an Example." American Journal of Agricultural Economics 57, no. 3 (August): 410-419.
145. _. 1976. "Futures Markets, Supply Response, and Price Stability." Quarterly Journal of Economics 90, no. 3: 407-423.
146. Perold, A., and E. Schulman. 1988. The Free Lunch in Currency Hedging: Implications for Investment Policy and Performance Standards." Financial Analysts Journal 44, no. 3: 45-50.
147. Pirrong, C. 1995. "Mixed Manipulation Strategies in Commodity Futures Markets." Journal of Futures Markets 15, no. 1: 13-38.
148. Pritsker, M. 1999. "The Channels for Financial Contagion." Working Paper, Federal Reserve Board, Washington DC.
149. Radelet, S., and J. Sachs. 1998. "The Onset of the East Asian Financial Crisis." Working Paper no. 6680, National Bureau for Economic Research, Cambridge, MA.
150. Ramaswami, B., and J.B. Singh. 2006. "Underdeveloped Spot Markets and Futures Trading: The Soya Oil Exchange in India." Discussion Paper 06-03, Indian Statistical Institute, Delhi, India
151. Ranciere, R. 2002. "Credit Derivatives in Emerging Markets." IMF Policy Discussion Paper, Washington, DC, April.
152. Rolfo, J. 1980. "Optimal Hedging Under Price and Quantity Uncertainty: The Case of a Cocoa Producer." Journal of Political Economics 88, no. 1: 100-116.
153. Ronner, A., and M. Blok. 2001. "Hedging Foreign Currency Exposure: Consequences of FAS 133." Journal of Applied Finance 11, no. 1: 7-18.
154. Sakong, Y.; D.J. Hayes; and A. Hallam. 1993. "Hedging Production Risk with Options." American Journal of Agricultural Economics 75, no. 2: 408-415.
155. Salih, A.A., and V. Kurtas. 1999. "The Impact of Stock Index Futures Introduction on the Distributional Characteristics of the Underlying Index: An International Perspective." Working Paper, Bilkent University, Ankara, Turkey.
156. Sarris, A.H. 1984. "Speculative Storage, Futures Markets, and the Stability of Commodity Prices." Economic Inquiry 22, no. 1: 80-97.
157. Schinasi, G., and R.T. Smith. 1998. "Fixed Income Markets in the United States, Europe, and Japan: Some Lessons from Emerging Markets." Working Paper 173/98, International Monetary Fund, Washington, DC.
158. Schmukler, S.L., and L. Serven. 2002. "Pricing Currency Risk Under Currency Boards." Journal of Development Economies 69, no. 2: 367-391.
159. Schrand, C., and H. Unal. 1998. "Hedging and Coordinated Risk Management: Evidence from Thrift Conversions." Journal of Finance 53, no. 3: 979-1013.
160. Sequeira, J.; P.C. Chiat; and M. McAleer. 2002. "Volatility Models of Currency Futures in Developed and Emerging Markets." Working Paper, Department of Finance, NUS Business School, National University of Singapore, Singapore.
161. Shalit, H. 1995. "Mean-Gini Hedging in Futures Markets." Journal of Futures Markets 15, no. 6: 617-635.
162. Shalit, H., and S. Yitzhaki. 1984. "Mean-Gini, Portfolio Theory, and the Pricing of Risky Assets." Journal of Finance 38, no. 5: 1449-1468.
163. Shyy, G.; V. Vijayraghavan; and B. Scott-Quinn. 1996. "A Further Investigation of the Lead-Lag Relationship Between the Cash Market and Stock Index Futures Market with the Use of Bid/Ask Quotes: The Case of France." Journal of Futures Markets 16, no. 4: 405-420.
164. Simpson, W.G., and T.C. Ireland. 1985. "The Impact of Financial Futures on the Cash Market for Treasury Bills." Journal of Financial and Quantitative Analysis 20, no. 3: 371-379.
165. Solnik, B. 1974. "An Equilibrium Model of the International Capital Market." Journal of Economic Theory 8, no. 4: 500-524.
166. Spyrou S. 2005. "Index Futures Trading and Spot Price Volatility: Evidence from an Emerging Market." Journal of Emerging Market Finance 4, no. 2: 151-167.
167. Stein, J. 1961. "The Simultaneous Determination of Spot and Futures Prices." American Economic Review 51, no. 5: 1012-1025.
168. _. 1987. "Informational Externalities and Welfare-Reducing Speculation." Journal of Political Economy 95, no. 6: 1123-1145.
169. Stoll, H.R., and R.E. Whaley. 1990. "The Dynamics of Stock Index and Stock Index Futures Returns." Journal of Financial and Quantitative Analysis 25, no. 4: 441-468.
170. Subrahmanyam, A. 1991 "A Theory of Trading in Stock Index Futures." Review of Financial Studies 4, no. 1: 17-51.
171. Telser, L.G. 1981. "Why There Are Organized Futures Markets." Journal of Law and Economics 24, no. 1: 1-22.
172. Thompson, S. 1985. "Use of Futures Markets for Exports by Less Developed Countries." American Journal of Agricultural Economics 67, no. 5: 986-991.
173. Tsetsekos, G., and P. Varangis. 1997. "The Structure of Derivatives Exchanges: Lessons from Developed and Emerging Markets." Working Paper, Research Project no. RPO 680-45, World Bank, Washington DC.
174. Turnovsky, S.J. 1979. "Futures Markets, Private Storage, and Price Stabilization." Journal of Public Economics 12, no. 3: 301-327.
175. Varangis, P., and D. Larson. 1996. "Dealing with Commodity Price Uncertainty." Policy Research Working Paper 1167, World Bank International Economics Department, World Bank, Washington DC.
176. Watanabe, K; H. Akama; and J. Mifune. 2002. "The Effectiveness of Capital Controls and Monitoring: The Case of Non-Internationalization of Emerging Market Currencies." EMEAP (Executives Meeting of East Asia Pacific Central Banks) Discussion Paper, Tokyo.
177. Weaver, R.D., and A. Banerjee. 1990. "Does Futures Trading Destabilize Cash Prices? Evidence for U.S. Live Beef Cattle." Journal of Futures Markets 10, no. 1: 41-60.
178. Weller, P., and M. Yano. 1987. "Forward Exchange, Futures Trading, and Spot Price Variability: A General Equilibrium Approach." Econometrica 55, no. 6: 1433-1450.
179. Wolf, H. 1999. "International Asset Price and Capital Flow Comovements During Crisis: The Role of Contagion, Demonstration Effects, and Fundamentals." Paper presented at the World Bank/IMF/WTO Conference, Washington, DC, April 15-16.
180. Wong, K.P. 2003. "Export Flexibility and Currency Hedging." International Economic Review 44, no. 4: 1295-1312.
181. Working, H. 1949. "The Theory of the Price of Storage." America Economic Review 49, no. 6: 1254-1262.
182. World Bank. 1999. "Dealing with Commodity Price Volatility in Developing Countries: A Proposal for a Market-Based Approach." Discussion Paper, International Task Force on Commodity Risk Management in Developing Countries, World Bank, Washington, DC, September.
183. Yo, S.W. 2001. "Index Futures Trading and Spot Price Volatility." Applied Economics Letters 8, no. 3: 183-186.
184. Zhou, Z. 1998. "An Equilibrium Analysis of Hedging with Liquidity Constraints, Speculation, and Government Price Subsidy in a Commodity Market." Journal of Finance 53, no. 5: 1705-1736.
185. Zilcha, I., and R. Eldor. 1991. "Exporting Firm and Forward Markets: the Multi Period Case." Journal of International Money and Finance 10, no. 1: 108-117.