Publication: Los derivados financieros, su impacto en la seguridad alimentaria y los intentos de regulación
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2013-05
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Abstract
Las consecuencias de la especulación con derivados financieros en la seguridad alimentaria se han ido progresivamente clarificando. El artículo enfatiza la excesiva especulación y la desregulación que se produjo a partir del año 2000, señalando que los factores que afectan a la oferta y la demanda no pueden explicar por sí solos la extremada volatilidad y la subida de los precios producida desde 2007. La financiarización de los mercados agrícolas impide que agricultores y comerciantes utilicen el mercado de futuros como una forma de seguro tal como habían venido haciendo y perjudica muy seriamente a los consumidores, especialmente en los Estados más pobres. En otro orden, una alta volatilidad de precios agrícolas conduce a menores beneficios de la producción agrícola, desalienta la inversión, la innovación y la búsqueda de una mayor productividad en la agricultura. El artículo explica los procesos de regulación realizados en Estados Unidos y la Unión Europea, así como el papel del G-20.
The consequences of the financial derivatives speculation on food commodities have been gradually clarified. The article emphasizes the excessive speculation and deregulation that took place after 2000, arguing that factors affecting supply and demand cannot explain alone the extreme price volatility and the price increases in food commodities since 2007. The financialization of agricultural markets prevents that farmers and traders can use the futures market as a hedge, and seriously harm consumers, especially in the poorer States. Adding to this, highly volatile agricultural prices lead to lower profits for farmers,, discourages investment, innovation and the pursuit of higher productivity in agriculture. The article explains the regulation of commodity derivatives markets that has taken place in the U.S. and the European Union, and the role of the G-20.
The consequences of the financial derivatives speculation on food commodities have been gradually clarified. The article emphasizes the excessive speculation and deregulation that took place after 2000, arguing that factors affecting supply and demand cannot explain alone the extreme price volatility and the price increases in food commodities since 2007. The financialization of agricultural markets prevents that farmers and traders can use the futures market as a hedge, and seriously harm consumers, especially in the poorer States. Adding to this, highly volatile agricultural prices lead to lower profits for farmers,, discourages investment, innovation and the pursuit of higher productivity in agriculture. The article explains the regulation of commodity derivatives markets that has taken place in the U.S. and the European Union, and the role of the G-20.