| 초록 |
The primary objective of the study is to develop a vegetable price index and determine its hedging effectiveness assuming it is traded on a futures exchange. Based on multiple index components and weighting schemes, 6 vegetable price indexes are constructed. The vegetable price index futures may be reasonably considered an effective hedging vehicle for Chinese cabbage and radish, offsetting more than half of the risk exposure respectively. Using various selection criteria such as proper weighting scheme, hedging effectiveness, and correlation with consumption, the vegetable price index which is composed of main Kimchi vegetable ingredients(CODEX standard) and weighted by national production amount is selected as the optimal one.
|
