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Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold
Includes bibliographical references (leaves 41-42).
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| Main Author: | |
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| Format: | Thesis |
| Language: | English |
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School of Economics
2014
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| _version_ | 1867613197758889984 |
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| access_status_str | Open Access |
| author | Sessions, Madalet |
| author_browse | Sessions, Madalet |
| author_facet | Sessions, Madalet |
| author_sort | Sessions, Madalet |
| collection | Thesis |
| description | Includes bibliographical references (leaves 41-42). |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/5698 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:18.917Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2014 |
| publishDateRange | 2014 |
| publishDateSort | 2014 |
| publisher | School of Economics |
| publisherStr | School of Economics |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/5698 Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold Sessions, Madalet Economics Includes bibliographical references (leaves 41-42). The dissertation presents a critique of this study and offers an alternative specification of the equilibrium equations which are central to the VECM approach. In place of the time trend included in the equilibrium model specified by Antoshin and Samiei, the model specified in the dissertation relies on the arbitrage relationship between spot and futures prices as the equilibrium relationship in the markets for oil and gold. This enabled the study to conclude that the important assertion made by Antoshin and Samiei that, in the market for oil, causality has been from higher prices to increased speculative activity, and not vice versa, cannot be substantiated. In both markets investigated, the application of the revised equilibrium model finds that speculation has a pervasive and relatively stable effect on prices. In the oil market, speculation only has an effect in the short run, while the long run equilibrium price of oil is independent of the effects of speculation - long run causation in either direction is precluded by the stationarity of speculation. In the market for gold, speculation influences prices in both the short run and long run. 2014-07-31T12:21:55Z 2014-07-31T12:21:55Z 2008 Master Thesis Masters MCom http://hdl.handle.net/11427/5698 eng application/pdf School of Economics Faculty of Commerce University of Cape Town |
| spellingShingle | Economics Sessions, Madalet Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold |
| thesis_degree_str | Master's |
| title | Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold |
| title_full | Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold |
| title_fullStr | Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold |
| title_full_unstemmed | Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold |
| title_short | Speculation and commodity valuations : investigating the effects of speculation in the markets for oil and gold |
| title_sort | speculation and commodity valuations investigating the effects of speculation in the markets for oil and gold |
| topic | Economics |
| url | http://hdl.handle.net/11427/5698 |
| work_keys_str_mv | AT sessionsmadalet speculationandcommodityvaluationsinvestigatingtheeffectsofspeculationinthemarketsforoilandgold |