Lectures (Video)
- 1. Finance and Insurance as Powerful Forces in Our Economy and Society
- 2. The Universal Principle of Risk Management: Pooling and the Hedging of Risks
- 3. Technology and Invention in Finance
- 4. Portfolio Diversification and Supporting Financial Institutions (CAPM Model)
- 5. Insurance: The Archetypal Risk Management Institution
- 6. Efficient Markets vs. Excess Volatility
- 7. Behavioral Finance: The Role of Psychology
- 8. Human Foibles, Fraud, Manipulation, and Regulation
- 9. Guest Lecture by David Swensen
- 10. Debt Markets: Term Structure
- 11. Stocks
- 12. Real Estate Finance and Its Vulnerability to Crisis
- 13. Banking: Successes and Failures
- 14. Guest Lecture by Andrew Redleaf
- 15. Guest Lecture by Carl Icahn
- 16. The Evolution and Perfection of Monetary Policy
- 17. Investment Banking and Secondary Markets
- 18. Professional Money Managers and Their Influence
- 19. Brokerage, ECNs, etc.
- 20. Guest Lecture by Stephen Schwarzman
- 21. Forwards and Futures
- 22. Stock Index, Oil and Other Futures Markets
- 23. Options Markets
- 24. Making It Work for Real People: The Democratization of Finance
- 25. Okun Lecture: Learning from and Responding to Financial Crisis, Part I
- 26. Okun Lecture: Learning from and Responding to Financial Crisis, Part II
Financial Markets - Lecture 21
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Lecture 21 - Forwards and Futures
Futures markets were started in Osaka, Japan in the 1600s to create an authoritative and meaningful market price for agricultural products, using standardized contracts. Since then, futures markets have been copied around the world to allow the hedging various future risks, financial and other. In the United States, the Chicago Mercantile Exchange and the Chicago Board of Trade have been the most popular futures trading markets. Although futures markets are changing and becoming more electronic, they are still important risk management tools for farmers and present financial opportunities for all manner of hedgers and arbitrageurs.
Prof. Robert Shiller
ECON 252 Financial Markets, Spring 2008 (Yale University: Open Yale) http://oyc.yale.edu Date accessed: 2009-01-06 License: Creative Commons BY-NC-SA |
