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Mogućnosti primene hedžing strategija na inostranim robnim berzama

dc.creatorJanković, Irena
dc.creatorKovačević, Vlado
dc.creatorZakić, Vladimir
dc.date.accessioned2020-12-17T22:24:56Z
dc.date.available2020-12-17T22:24:56Z
dc.date.issued2018
dc.identifier.issn1451-6551
dc.identifier.urihttp://aspace.agrif.bg.ac.rs/handle/123456789/4845
dc.description.abstractThe aim of the paper is to determine the possibilities of implementing hedging strategies of Serbian agricultural producers on foreign commodity exchanges. Considerable fluctuations in prices of agricultural products in Serbia create the need for the use of futures in commodity exchanges in order to protect against unfavourable change in prices of agricultural products in the future period. Due to the fact that Serbia has not established the trading in commodity derivatives, Serbian producers are having to use developed commodity exchanges abroad. The paper analyses the possibilities of using the Chicago Mercantile Exchange in the USA and the MATIF commodity exchange in Paris, looking at two aspects of the activities. First, the correlation of corn prices on domestic and foreign commodity exchanges was investigated, given that it is the basic prerequisite for the application of successful hedging strategies and, secondly, legal requirements, primarily tax policies related to trade of futures contracts. This paper has found that there is a high correlation between the crops price in the foreign commodity markets and spot market in Serbia, which provides a solid basis for the implementation of hedging strategies for underlying assets in foreign commodity markets. However, it has been found that inadequate taxation policy is an aggravating factor for the implementation of hedging strategies.en
dc.description.abstractCilj rada je utvrđivanje mogućnosti za primenu hedžing strategija srpskih poljoprivrednih proizvođača na inostranim robnim berzama. Visoka fluktacija cena poljoprivrednih proizvoda u Srbiji uslovljava potrebu za korišćenjem terminskih robnih berzi, u cilju zaštite od nepovoljnog kretanja cena poljoprivrednih proizvoda u budućem periodu. S obzirom na to da u Srbiji nije uspostavljeno terminsko trgovanje robnim derivatima, srpski proizvođači su upućeni na korišćenje razvijenih robnih berzi u inostranstvu. U radu su analizirane mogućnosti korišćenja Čikaške robne berze u SAD i MATIF robne berze u Parizu. Izvršena je analiza sa dva aspekta: prvi, korelisanost cena kukuruza sa domaće berze i inostranih berzi, s obzirom na to da je ona osnovni preduslov za primenu uspešnih hedžing strategija i drugi, zakonski uslovi, prevashodno poreske politike u vezi sa trgovinom terminskim ugovorima. U radu je utvrđen visok stepen povezanosti cena žitarica na inostranim robnim berzama i spot tržištu u Srbiji, što daje dobru osnovu za primenu hedžing strategija na ovu baznu aktivu na inostranim robnim berzama. Ipak, neadekvatni poreski propisi otežavaju primenu ovih strategija.sr
dc.publisherVisoka poslovna škola strukovnih studija, Novi Sad
dc.rightsopenAccess
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.sourceŠkola biznisa
dc.subjecthedging strategiesen
dc.subjectcommodity exchangesen
dc.subjectfuturesen
dc.subjectoptionsen
dc.subjectmargin accountsen
dc.subjecthedžing strategijesr
dc.subjectrobne berzesr
dc.subjectfjučersisr
dc.subjectopcijesr
dc.subjectmarginski računisr
dc.titleThe possibilities of applying hedging strategies on international commodity exchangesen
dc.titleMogućnosti primene hedžing strategija na inostranim robnim berzamasr
dc.typearticle
dc.rights.licenseBY
dc.citation.epage55
dc.citation.issue2
dc.citation.other(2): 45-55
dc.citation.rankM51
dc.citation.spage45
dc.identifier.doi10.5937/skolbiz2-19403
dc.identifier.fulltexthttp://aspace.agrif.bg.ac.rs/bitstream/id/3354/4842.pdf
dc.type.versionpublishedVersion


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