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The Need for Futures Markets in Currencies
TLDR
In the system of rigidly fixed rates that do not change, there is only limited room or need for a broad, resilient public futures market in currencies, and when there is a role for it, the speculation is one-sided as mentioned in this paper.Abstract:
Under the system of rigidly fixed rates that do not change — the ideal envisioned by some supporters of Bretton Woods — there is only limited room or need for a broad, resilient public futures market in currencies. The central banks plus the large commercial banks can readily provide the need. Under a system of rigidly fixed rates subject to large jumps from time to time — the Bretton Woods system in practice — there is great need for a futures market in currencies to permit foreign traders and investors to hedge against the occasional large changes that will occur. But it is almost impossible for such a market to exist because most of the time there is little for it to do, and when there is a role for it, the speculation is one-sided.read more
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Dissertation
Energizing the Right: Economy, Ecology, and Culture in the 1970s US Energy Crisis
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Journal ArticleDOI
Energizing Finance: The Energy Crisis, Oil Futures, and Neoliberal Narratives
TL;DR: The authors examines the origins and development of oil futures trading in the United States to demonstrate the important role that energy concerns played in the financialization of the U.S. economy in the 1970s and 1980s.