The potential use of derivatives to manage the price risk of seafood markets: the case of sole and cuttlefish in France

Taking into consideration the changes in the rules for the price support for agricultural and sea products, it seems appropriate to find out what other means could be used to cover the price risk in order to protect the commercial margin of these sectors of activity. The use of derivatives tools helps achieve this objective. We first emphasize the interest of such a study for fresh seafood markets and make a brief presentation of the various tools available to facilitate the understanding of future choices. Then we conduct a statistical analysis concerning the common sole and cuttlefish French markets which shows a good correlation level between sizes, presentations, qualities and the possibility to launch indices by species and OTC optional transactions on them. The last section brings into perspective the results and points out the various steps to take to make it functional.Cuttlefish; Derivative instruments; Price risk management; Sole

Measuring the long-term perception of monetary policy and the term structure

This paper has two objectives. The first is to identify the long-term public perception of monetary policy. The second is to identify the relationship between this perception and long-term bond rates. For German data, the use of a two-factor model of the term structure results in the best forecast of long-term interest rates for the period between January 1975 and January 2003. It also allows us to introduce as the second factor the long-term perception of inflation as a characteristic of the behaviour of monetary authorities.expectations hypothesis; monetary policy; changepoints

Image Segmentation Applied to Scanning Electron Microscopy Multi-Images of Weathered Stones of Monuments

This paper describes a three complementary images processing method. The three images are coming from a scanning electron microscope (SEM) during the analysis of a particular stone: the Tuffeau used in most monuments of the Loire valley (France). The goal is to separate two classes of particles (calcareous and siliceous) from the porosity to give more information to experts who evaluate the damage of weathering on monuments. A specific process is developed: a first threshold on the good quality image allows separation of particles from porosity. Then, the complementarity of the three images gives the two other thresholds. Granulometry, percentages of components, and anisotropy of the porosity are precious information that can be derived from the three segmented image

Optimal versus realized policy rules in a regime-switching framework

In this paper we compare a deterministic model and a Markov switching model to analyze the behavior of the US economy and the Federal Reserve. We examine both optimal and empirical monetary policies for the US Federal Reserve between 1960 and 2008. We compare the optimal monetary policy to the actual interest rates and to the empirical reaction function. We also evaluate the sensitivity of the results to the preferences assigned to each objective. We find that there is no unique optimal solution that fits the Federal Reserve behavior over the entire period. The best fit to the actual interest rates is obtained by an optimal policy with preference switches following the rule: a high-volatility regime coincides with a priority on inflation alone while in a low-volatility regime there is equal policy priority on output stabilization and inflation.

Characterization, water transfer properties and deterioration in tuffeau : building material in the Loire valley-France

Water plays a fundamental role in the phenomena of stone deterioration. A highly porous limestone called tuffeau used in the Loire castles in France is characterized. Several techniques for pore space investigation and anisotropy determination are presented and their range of application is discussed. Water retention and transfer properties related to the pore space characteristics are determined as a function of relative humidity. The experimental set-up and tests presented have been chosen for their simple execution and interesting data produced for both fresh and deteriorated ston

Optimal versus realized policy rules in a regime-switching framework

In this paper we compare a deterministic model and a Markov switching model to analyze the behavior of the US economy and the Federal Reserve. We examine both optimal and empirical monetary policies for the US Federal Reserve between 1960 and 2008. We compare the optimal monetary policy to the actual interest rates and to the empirical reaction function. We also evaluate the sensitivity of the results to the preferences assigned to each objective. We find that there is no unique optimal solution that fits the Federal Reserve behavior over the entire period. The best fit to the actual interest rates is obtained by an optimal policy with preference switches following the rule: a high-volatility regime coincides with a priority on inflation alone while in a low-volatility regime there is equal policy priority on output stabilization and inflation

Analysis of Swine Movements in a Province in Northern Vietnam and Application in the Design of Surveillance Strategies for Infectious Diseases

While swine production is rapidly growing in South-East Asia, the structure of the swine industry and the dynamic of pig movements have not been well-studied. However, this knowledge is a prerequisite for understanding the dynamic of disease transmission in swine populations and designing cost-effective surveillance strategies for infectious diseases. In this study, we assessed the farming and trading practices in the Vietnamese swine familial farming sector, which accounts for most pigs in Vietnam, and for which disease surveillance is a major challenge. Farmers from two communes of a Red River Delta Province (northern Vietnam) were interviewed, along with traders involved in pig transactions. Major differences in the trade structure were observed between the two communes. One commune had mainly transversal trades, that is between farms of equivalent sizes, whereas the other had pyramidal trades, that is from larger to smaller farms. Companies and large familial farrow-to-finish farms were likely to act as major sources of disease spread through pig sales, demonstrating their importance for disease control. Familial fattening farms with high pig purchases were at greater risk of disease introduction and should be targeted for disease detection as part of a risk-based surveillance. In contrast, many other familial farms were isolated or weakly connected to the swine trade network limiting their relevance for surveillance activities. However, some of these farms used boar hiring for breeding, increasing the risk of disease spread. Most familial farms were slaughtering pigs at the farm or in small local slaughterhouses, making the surveillance at the slaughterhouse inefficient. In terms of spatial distribution of the trades, the results suggested that northern provinces were highly connected and showed some connection with central and southern provinces. These results are useful to develop risk-based surveillance protocols for disease detection in the swine familial sector and to make recommendations for disease control. (Résumé d'auteur

Elucidating the crystal-chemistry of Jbel Rhassoul stevensite (Morocco) by advanced analytical techniques

The composition of Rhassoul clay is controversial regarding the nature of the puremineral clay fraction which is claimed to be stevensite rather than saponite. In this study, the raw and mineral fractions were characterized using various techniques including Fourier transform infrared spectroscopy and magic angle spinning nuclear magnetic resonance (MAS NMR). The isolated fine clay mineral fraction contained a larger amount of Al (>1 wt.%) than that reported for other stevensite occurrences. The 27Al MAS NMR technique confirmed that the mineral is stevensite in which the Al is equally split between the tetrahedral and octahedral coordination sites. The 29Si NMR spectrum showed a single unresolved resonance indicating little or no short-range ordering of silicon. The chemical composition of the stevensite from Jbel Rhassoul was determined to be ((Na0.25K0.20 (Mg5.04Al0.37Fe0.20&0.21)5.61(Si7.76Al0.24)8O20(OH)4). This formula differs from previous compositions described from this locality and shows it to be an Al-bearing lacustrine clay mineral

The potential use of derivatives to manage the price risk of seafood markets: the case of sole and cuttlefish in France

Taking into consideration the changes in the rules for the price support for agricultural and sea products, it seems appropriate to find out what other means could be used to cover the price risk in order to protect the commercial margin of these sectors of activity. The use of derivatives tools helps achieve this objective. We first emphasize the interest of such a study for fresh seafood markets and make a brief presentation of the various tools available to facilitate the understanding of future choices. Then we conduct a statistical analysis concerning the common sole and cuttlefish French markets which shows a good correlation level between sizes, presentations, qualities and the possibility to launch indices by species and OTC optional transactions on them. The last section brings into perspective the results and points out the various steps to take to make it functional

Dependence Modeling in the French Monkfish Market: A Copula Functions Approach

Extended abstract