東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Linked to FindBook

Google Book

Amazon

博客來

Evaluating the Prospect To Hedge Maize Price Risk Against the Johannesburg Stock Exchange Commodity Derivatives Market Prices: The Case of Eswatini.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Evaluating the Prospect To Hedge Maize Price Risk Against the Johannesburg Stock Exchange Commodity Derivatives Market Prices: The Case of Eswatini./
Author:	Sihlongonyane, Lindokuhle Nicholas.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2021,
Description:	99 p.
Notes:	Source: Masters Abstracts International, Volume: 83-11.
Contained By:	Masters Abstracts International83-11.
Subject:	Agricultural production. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29248909
ISBN:	9798438751526

Evaluating the Prospect To Hedge Maize Price Risk Against the Johannesburg Stock Exchange Commodity Derivatives Market Prices: The Case of Eswatini.
Sihlongonyane, Lindokuhle Nicholas.

Evaluating the Prospect To Hedge Maize Price Risk Against the Johannesburg Stock Exchange Commodity Derivatives Market Prices: The Case of Eswatini. - Ann Arbor : ProQuest Dissertations & Theses, 2021 - 99 p.

Source: Masters Abstracts International, Volume: 83-11.

Thesis (M.Sc.)--University of Pretoria (South Africa), 2021.

Maize production remains low in Eswatini. The small country is still unable to meet the local demand through local production. Maize is Eswatini's staple food but the country has not yet reached self-sufficiency. This deficiency or shortfall in local maize production has been a persistent problem since the country's independence. To fight this shortfall and reach self-sufficiency, the National Maize Corporation (NMC) was formed in 1985. The main purpose of the NMC is to keep the local demand satisfied. The NMC, as the only importer of white maize into Eswatini, does this by importing the deficit demand from South Africa. Stability of the local white maize price is also one of the responsibilities of the NMC. This study's overarching aim was to determine whether or not a significant relationship exists between the maize prices as quoted on SAFEX and the local maize price in Eswatini. This is done to see if the importer of maize in Eswatini, the NMC, can hedge the price risk on SAFEX. The study also maps the Eswatini imported and local maize value-chain through the current price discovery mechanism. Secondary data offered by the NMC and data from the Ministry of Agriculture in Eswatini and educational journals were used in the study. Econometric time series methods were used along with monthly data from 2008 to 2019. Two hypotheses were tested during the study. The first hypothesis tested for the existence of a significant relationship between maize prices as quoted on SAFEX and the local maize price in Eswatini. The second hypothesis follows the first, determining whether or not hedging on SAFEX could be used as a tool to minimise price risk on the domestic price market in Eswatini. The study confirms that a long-run relationship exists between the South African maize market and the Eswatini maize market. The study showed that a 1% increase in the South African price led to a 0.67% increase in the local Eswatini prices. This indicates a slow rate shift in prices. Short-run dynamics indicated a 12.5% adjustment to equilibrium per term, which is a slow adjustment as a result of market conditions in Eswatini. The study also revealed asymmetry in price transmission and that the Eswatini prices only respond to positive changes (price increase) in the South African prices. This reveals that the two markets are poorly integrated. Due to the significant relationship between the two markets, it can be acknowledged that SAFEX could be used to hedge price risk by Eswatini through the NMC. Through mapping down the maize value-chain, the study discovered that the Eswatini maize market is not a liberalised one and value addition to maize through the chain is minimal. The relationship between the two maize markets, as well as the maize market of Eswatini, could still improve if means to liberate the market were to be exercised by the NMC and local government. This study can serve as the basis for understanding how risk management tools could be used by the Eswatini maize market and how the market could be improved or liberalised.

ISBN: 9798438751526Subjects--Topical Terms:

3559355
Agricultural production.
Subjects--Index Terms:

Maize

Evaluating the Prospect To Hedge Maize Price Risk Against the Johannesburg Stock Exchange Commodity Derivatives Market Prices: The Case of Eswatini.
LDR:04186nmm a2200349 4500 001 2349044
005 20220920134653.5
008 241004s2021 ||||||||||||||||| ||eng d
020 $a 9798438751526
035 $a (MiAaPQ)AAI29248909
035 $a AAI29248909
040 $a MiAaPQ $c MiAaPQ
100 1 $a Sihlongonyane, Lindokuhle Nicholas. $3 3688429
245 1 0 $a Evaluating the Prospect To Hedge Maize Price Risk Against the Johannesburg Stock Exchange Commodity Derivatives Market Prices: The Case of Eswatini.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2021
300 $a 99 p.
500 $a Source: Masters Abstracts International, Volume: 83-11.
500 $a Advisor: can der Vyver, Andre;Barnard, Ulonka.
502 $a Thesis (M.Sc.)--University of Pretoria (South Africa), 2021.
520 $a Maize production remains low in Eswatini. The small country is still unable to meet the local demand through local production. Maize is Eswatini's staple food but the country has not yet reached self-sufficiency. This deficiency or shortfall in local maize production has been a persistent problem since the country's independence. To fight this shortfall and reach self-sufficiency, the National Maize Corporation (NMC) was formed in 1985. The main purpose of the NMC is to keep the local demand satisfied. The NMC, as the only importer of white maize into Eswatini, does this by importing the deficit demand from South Africa. Stability of the local white maize price is also one of the responsibilities of the NMC. This study's overarching aim was to determine whether or not a significant relationship exists between the maize prices as quoted on SAFEX and the local maize price in Eswatini. This is done to see if the importer of maize in Eswatini, the NMC, can hedge the price risk on SAFEX. The study also maps the Eswatini imported and local maize value-chain through the current price discovery mechanism. Secondary data offered by the NMC and data from the Ministry of Agriculture in Eswatini and educational journals were used in the study. Econometric time series methods were used along with monthly data from 2008 to 2019. Two hypotheses were tested during the study. The first hypothesis tested for the existence of a significant relationship between maize prices as quoted on SAFEX and the local maize price in Eswatini. The second hypothesis follows the first, determining whether or not hedging on SAFEX could be used as a tool to minimise price risk on the domestic price market in Eswatini. The study confirms that a long-run relationship exists between the South African maize market and the Eswatini maize market. The study showed that a 1% increase in the South African price led to a 0.67% increase in the local Eswatini prices. This indicates a slow rate shift in prices. Short-run dynamics indicated a 12.5% adjustment to equilibrium per term, which is a slow adjustment as a result of market conditions in Eswatini. The study also revealed asymmetry in price transmission and that the Eswatini prices only respond to positive changes (price increase) in the South African prices. This reveals that the two markets are poorly integrated. Due to the significant relationship between the two markets, it can be acknowledged that SAFEX could be used to hedge price risk by Eswatini through the NMC. Through mapping down the maize value-chain, the study discovered that the Eswatini maize market is not a liberalised one and value addition to maize through the chain is minimal. The relationship between the two maize markets, as well as the maize market of Eswatini, could still improve if means to liberate the market were to be exercised by the NMC and local government. This study can serve as the basis for understanding how risk management tools could be used by the Eswatini maize market and how the market could be improved or liberalised.
590 $a School code: 6004.
650 4 $a Agricultural production. $3 3559355
650 4 $a Rural development. $3 533040
650 4 $a Corn. $3 661768
650 4 $a Grain. $3 662330
650 4 $a Agricultural cooperatives. $3 3559356
650 4 $a Agriculture. $3 518588
650 4 $a Farmers. $3 570534
650 4 $a Farm buildings. $3 3688430
650 4 $a Agricultural commodities. $3 3562094
650 4 $a Rain. $3 3560372
650 4 $a South African studies. $3 3175326
653 $a Maize
653 $a Agricultural production
653 $a Eswatini
690 $a 0473
690 $a 0338
690 $a 0503
690 $a 0654
710 2 $a University of Pretoria (South Africa). $3 3187078
773 0 $t Masters Abstracts International $g 83-11.
790 $a 6004
791 $a M.Sc.
792 $a 2021
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=29248909