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|Titolo:||Speculation in commodities: Keynes's 'practical acquaintance' with futures markets|
|Data di pubblicazione:||2010|
|Autori interni:||FANTACCI, LUCA|
|Autori:||L. Fantacci; M. C. Marcuzzo; E. Sanfilippo|
|Rivista:||JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT|
|Abstract:||In the Spring of 1937 Keynes fell prey to heart disease, upon which Kahn – who had since 1935 assisted Keynes in his capacity as First Bursar of King’s College – entered into daily discussion and executed Keynes’s instructions on all matters related to the College finances and Keynes’s own financial investment. This circumstance gave rise, during the years 1937-38, to an extraordinarily intense correspondence between the two, dealing mainly with investment decisions in various activities ranging from farming and real estate to securities, currencies and commodities. Together with the financial statements of Keynes’s brokers and with his own accounts, the over 200 letters exchanged with Kahn over this period represent an important primary source to attempt reconstruction, not of Keynes’s investments in general, but of his actual dealings and of the underlying motivations. In particular, the present research concentrates on operations in wheat futures markets, which appear to have a considerable weight both in Keynes’s portfolios and in his correspondence with Kahn. Commodity futures also play a part in Keynes’s theoretical writings: not only did he discuss various aspects of their operation in a number of articles, both for the press and for academic journals (Keynes 1923, 1938), but he also referred to them in several passages of his major works (Keynes 1930, 1936). Building on largely unpublished primary sources, the aim of this paper is to reconstruct the investment strategies discussed and adopted by Keynes during this period, and to compare them with the theoretical account of investors’ behaviour he provided in his writings, the eventual purpose being to start investigating, with regard to a specific period and market, to what extent and in what way Keynes’s investment theory and activity impinge upon one another.|
|Appare nelle tipologie:||01 - Articolo su rivista Scientifica|
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