Abstract
This paper uses a model of the optimum buffer stock as a ‘filter rule’ together with a financial model that can be used to assess the efficiency of international commodity markets. The approach is simpler to apply than many other methods which have hitherto been used and yields an economy in theoretical and computational effort. The arguments are applied as a case study to the international copper market. The main conclusion is that private storage is not under-provided for and that a public buffer stock agency would be unlikely to be self-financing.
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