This paper proposes and tests a theory of using commodities as collateral for financing. In the presence of capital control and financial frictions, financial investors import commodities and pledge them as collateral to capture the higher expected return in the importing country. The collateral demand for commodities increases commodity prices globally; it also increases futures risk premium i...

How globalization and international trade affect sustainable development and environment has attracted worldwide attention. Associated with the import and export of primary commodities, ecologically important materials have been exchanged among regions and countries. China, having the largest population in the world and the highest economic growth rate in last decades, may have an important inf...

This paper presents an equilibrium model of the term structure of forward prices for storable commodities. Our approach differs from Brennan (1991) and Schwartz (1997) in that we do not explicitly assume an exogenous "convenience yield." Rather, our spot commodity has an embedded timing option that is absent in forward contracts, which arises from a non-negativity constraint on inventory. The v...

In this paper we consider a class of economies with a nite number of divisible commodities, linear production technologies, and indivisible goods, and a nite number of agents. This class contains several well-known economies with indivisible goods and money as special cases. It is shown that if the utility functions are continuous on the divisible commodities and are weakly monotonic both on on...

Output growth in the U.S., a commodity-importing country, increases its demand for imports of commodities and therefore commodity prices, which benefits commodityexporting countries but has adverse effects on commodity-importing countries. Hence, in the data, U.S. output is more positively correlated with outputs of commodity-exporting countries than commodity-importing countries. In other word...

We consider the Commodity constrained Split Delivery Vehicle Routing Problem (CSDVRP), a routing problem where customers may request multiple commodities. The vehicles can deliver any set of commodities, and multiple visits to a customer are allowed only if the customer requests multiple commodities. If the customer is visited more than once, the different vehicles will deliver different sets o...

In this paper we consider a class of economies with a ̄nite number of divisible commodities, linear production technologies, and indivisible goods, and a ̄nite number of agents. This class contains several well-known economies with indivisible goods and money as special cases. It is shown that if the utility functions are continuous on the divisible commodities and are weakly monotonic both on ...

present study, compares iran's agricultural products competitiveness power with mena's countries during 1995-2011. for accomplishing mentioned goal, first, agricultural commodities export and import indices calculated for each one of twenty countries of mentioned region and then revealed comparative advantages index of agricultural commodities trade calculated. results showed that iran had comp...