In order to effectively use foodgrain prices as tools of government policy, it is necessary to know the possible effects of price incentives on different economic variables. The present study attempts to measure the effects of foodgrain prices, upon various economic variables, including production, consumption, both at the farm and urban levels, and farm sales of two major foodgrains, and to explore possible measures to improve the current foodgrain price policy. The results of the empirical study of farm producers' response indicate that Korean farmers respond significantly in their grain production to price changes and that they are more responsive in barley than in rice production in terms of both input use and planted acreage. This suggests that policy designed to raise barley price to farm producers would contribute relatively more to increasing overall foodgrain production. In studying the consumption behavior of farm and urban consumers, and sales decisions of farmers, a simultaneous equation model was used. The system comprises eight equations: six behavioral and two market identity equations. In specifying the model, special attention was given to a peculiar feature emerging from the dual role of farmers in semi-monetized agriculture, that is, as consumers on the one hand and as sellers of products on the other. Two types of analyses were carried out on the basis of the estimated behavioral parameters of the model. First, an analysis was made of the partial response to price changes by treating each behavioral equation as an independent single equation under the usual ceteris paribus assumption. Secondly, the total behavioral responses were analyzed by taking account of simultaneous changes in all endogenous variables in the system. The partial response analysis indicates that both farm and urban consumers have a “potential” tendency to respond negatively to price changes in their consumption of rice and barley and also a "potential" tendency to substitute one grain for another in the face of changing relative prices. It also shows a positive response in the foodgrain marketings of farm producers. But the total response analysis shows that the responses measured in the partial analysis are substantially offset by the interdependence of the prices of rice and barley on the open market, resulting in positive changes in the quantity demanded or no substitution at all. The empirical results also provide counter-evidence concerning the validity in the Korean economy of the so-called "target cash requirements hypothesis," advanced by a number of economists. One important policy implication that can be drawn from the study is that if the government's objective is to reduce foreign exchange spending on rice imports by restructuring foodgrain consumption (in addition to increased domestic production), it can be done through the use of price incentives by inducing the consumers to reveal their "potential" responses on the market. This is equivalent to forcing the ceteris paribus assumption made in the partial response analysis to operate in the real world through an appropriate governmental operation. / Graduation date: 1973

Doctor of Philosophy(PhD) / This dissertation examines the implicit cost of trading in money and futures markets. The research provides empirical evidence on several issues of significance to the growing number of institutional investors in these markets. I address four unique research questions with scarce or conflicting prior research findings. The empirical evidence presented in this dissertation can be used by researchers, investors, and regulators to understand and manage the cost of trading in money and futures markets. The first issue examined in this dissertation is the price impact of block trades in futures markets. The study examines 14 stock index futures contracts in 11 different international markets and finds that on balance, part of the initial price movement associated with a block trade is temporary. This suggests block trades in futures markets incur a liquidity premium. The study also finds strong evidence that large buyer- and seller-initiated trades have permanent effects on prices, implying they convey information. The study concludes, similar to research based on equity markets, that traders in futures markets are informed. The second issue examined is an inconsistency in the literature regarding institutional transactions in futures markets. One strand of the literature documents that single trades in futures markets contain information, while another strand finds trade packages in futures markets do not contain information. The second study in this dissertation controls for methodological and sample differences in examining the price impact of individual trades and trade packages, and finds little evidence that transactions in futures markets contain information. The third issue examined in this dissertation is the anomalous negative relation between execution costs and trade size in opaque markets. Prior literature attributes this relation to information asymmetry and broker-client relationships; however, previous empirical studies are unable to analyse these contributing factors individually. The study addresses this issue by empirically examining the effect of each factor on execution costs in Australian money markets. Results imply that a trader’s ex ante price information and the relationship a trader has with their broker are both significant determinants of a trader’s execution costs in an opaque market; however, traders who establish a strong relationship with their broker will achieve a greater reduction in execution costs than traders with ex ante price information. The study also finds evidence that trade size has little explanatory power after controlling for a trader’s ex ante price information and broker-client relationships. There is a scarcity of empirical research examining the carbon market – a new and rapidly growing financial market developed to support the trading of carbon emissions. The fourth issue examined in this dissertation is the cost of trading in the largest and most liquid carbon market: the European carbon futures market. Results from prior studies of transaction costs are not necessarily applicable to carbon futures, given the unique features of carbon futures contracts and the immaturity of the carbon market. This study is of interest as it represents the first empirical analysis of liquidity and transaction costs in the carbon futures market. Results from the study imply a substantial increase in liquidity and subsequent reduction in transaction costs as carbon markets mature through time. Unlike traditional futures contracts, where liquidity clusters in quarterly expiry month contracts (March, June, September, December), liquidity in the carbon futures market is concentrated in December expiry month contracts to coincide with annual emissions audits. Further, the study also provides evidence of information asymmetry in carbon futures markets and a permanent price adjustment following medium and large trades.

Doctor of Philosophy(PhD) / This dissertation examines the implicit cost of trading in money and futures markets. The research provides empirical evidence on several issues of significance to the growing number of institutional investors in these markets. I address four unique research questions with scarce or conflicting prior research findings. The empirical evidence presented in this dissertation can be used by researchers, investors, and regulators to understand and manage the cost of trading in money and futures markets. The first issue examined in this dissertation is the price impact of block trades in futures markets. The study examines 14 stock index futures contracts in 11 different international markets and finds that on balance, part of the initial price movement associated with a block trade is temporary. This suggests block trades in futures markets incur a liquidity premium. The study also finds strong evidence that large buyer- and seller-initiated trades have permanent effects on prices, implying they convey information. The study concludes, similar to research based on equity markets, that traders in futures markets are informed. The second issue examined is an inconsistency in the literature regarding institutional transactions in futures markets. One strand of the literature documents that single trades in futures markets contain information, while another strand finds trade packages in futures markets do not contain information. The second study in this dissertation controls for methodological and sample differences in examining the price impact of individual trades and trade packages, and finds little evidence that transactions in futures markets contain information. The third issue examined in this dissertation is the anomalous negative relation between execution costs and trade size in opaque markets. Prior literature attributes this relation to information asymmetry and broker-client relationships; however, previous empirical studies are unable to analyse these contributing factors individually. The study addresses this issue by empirically examining the effect of each factor on execution costs in Australian money markets. Results imply that a trader’s ex ante price information and the relationship a trader has with their broker are both significant determinants of a trader’s execution costs in an opaque market; however, traders who establish a strong relationship with their broker will achieve a greater reduction in execution costs than traders with ex ante price information. The study also finds evidence that trade size has little explanatory power after controlling for a trader’s ex ante price information and broker-client relationships. There is a scarcity of empirical research examining the carbon market – a new and rapidly growing financial market developed to support the trading of carbon emissions. The fourth issue examined in this dissertation is the cost of trading in the largest and most liquid carbon market: the European carbon futures market. Results from prior studies of transaction costs are not necessarily applicable to carbon futures, given the unique features of carbon futures contracts and the immaturity of the carbon market. This study is of interest as it represents the first empirical analysis of liquidity and transaction costs in the carbon futures market. Results from the study imply a substantial increase in liquidity and subsequent reduction in transaction costs as carbon markets mature through time. Unlike traditional futures contracts, where liquidity clusters in quarterly expiry month contracts (March, June, September, December), liquidity in the carbon futures market is concentrated in December expiry month contracts to coincide with annual emissions audits. Further, the study also provides evidence of information asymmetry in carbon futures markets and a permanent price adjustment following medium and large trades.

Thesis (Ph. D.)--University of Oregon, 2006. / Typescript. Includes vita and abstract. Includes bibliographical references (leaves 327-342). Also available for download via the World Wide Web; free to University of Oregon users.

Thesis (Ph. D.)--University of Oregon, 2006. / Includes vita and abstract. Includes bibliographical references (leaves 327-342).

Thesis (Ph.D.)--University of California, Los Angeles, 2006. / Adviser: John G. Riley. Includes bibliographical references.

Thesis (M.S.)--University of Delaware, 2008. / Principal faculty advisor: Thomas Ilvento, Dept. of Food & Resource Economics. Includes bibliographical references.

Thesis (M.S. in environmental sciences)--Washington State University, May 2010. / Title from PDF title page (viewed on July 16, 2010). "Department of Earth and Environmental Sciences." Includes bibliographical references (p. 74-80).

No description available.

Thesis (Ph. D.)--York University, 2000. Graduate Programme in Social and Political Thought. / Typescript. Includes bibliographical references (leaves 255-260). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?pNQ56218.