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Lex专栏:廉价资金扭曲玉米价格


玉米需求对价格缺乏弹性,并不是因为价格定律对大宗商品失效了,而是因为价格受到廉价资金的扭曲。一旦金融紧缩,这种扭曲将会导致manbetx20客户端下载 代价。

In the past year, the price of corn has risen 110 per cent while US stocks of the grain declined 15 per cent. That combination makes economic sense. Both the increase in price and the drawdown of inventories could be responses to a shortage of supply relative to demand. But Joseph Glauber at the US Department of Agriculture, has a different interpretation. He suggested on Thursday that high prices were having almost no effect on buyers: they wanted so much corn that inventories had fallen by a record amount.

过去一年,玉米价格上涨了110%,与此同时美国的玉米储量减少了15%。这两个现象并存从manbetx20客户端下载 学的角度是说得通的。价格上涨和储量减少都可能是供不应求的结果。但美国农业部(USDA)首席manbetx20客户端下载 学家约瑟夫•格劳贝尔(Joseph Glauber)的解读却有所不同。他在周四指出,价格上涨几乎没有对买家产生任何影响:他们对玉米的需求是如此旺盛,以至于储量的下降幅度达到了创纪录水平。

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