  735



'           -
    .     -
       ,   -
,     .

2   (spot market)      . 
     (spa/price).

3         ,  
, . : Commodity Trading Manual (Chicago Board of Trade, 1989); Malcolm J. Robertson,
Directory of World Futures and Options (Englewood Cliffs, NJ: Prentice Hall, 1990).   
     .

4       (1920  1987 .)  
         -
 (     ,    ).
        .
       .   
    ,     , -
          -
.

?        .     
     .   ,    
        .   
   .  . 6  Commodity Trading Manual ( 3).

"' Merrill Lynch, Pierce, Fenner & Smith, Inc., Speculating on Inflation: Futures Trading in Interest Rates,
Foreign Currencies and Precious Metals, July 1979.

7        ,       
.            . 
. 8 : Commodity Trading Manual ( 3).  ,   
         ,  
 ,       (21.1).

8         -
. .: Zvi Bodie and Victor Rosansky, Risk and Return on Commodity Futures, Financial Analysts
Journal, 36, no. 3 (May/June 1980), pp. 27-39.     
   1978  1981 . .: Cheng F. Lee, Raymond M. Leuthold, and Jean E. Cordier,
The Stock Market and the Commodity Futures Market: Diversification and Arbitrage Potential,
Financial Analysts Journal, 41, no. 4 (July/August 1985), pp. 5360.

9     ,        . 
    (,  )     , 
        .  ,  -
           
,       ,         .

'" J. M. Keynes, Treatise on Money, vol. 2 (London: Macmillan, 1930), pp. 142-144.

"         
. ., : Paul . Cootner, Speculation and Hedging, Stanford University, Food Research
Institute Studies, Supplement, 1967.

12       : Kenneth R. French, Pricing Financial
Futures Contracts: An Introduction, Journal of Applied Corporate Finance, 1, no. 4 (Winter 1989), pp.
59-66. He      ,   
   ,     (. . 65,  5
 6   ).