Analysis of Changes in Cotton Spot and Futures Prices
The implementation of China's Futures and Derivatives Law in 2022 has resulted in changes in cotton futures and spot prices.By using methods such as VECM model,statistical causal analysis,and im-pulse response function,a comparative analysis was conducted on the changes in cotton futures and spot prices before and after the implementation of the China's Futures and Derivatives Law.The results indicate that the long-term stable relationship between cotton futures and spot prices has not changed before and af-ter the implementation of the law,but the transmission direction of the impact between futures and spot prices has changed.Before the implementation of this law,there was a causal relationship between cotton futures and spot prices. After implementation,there was only a one-way statistical causal relationship be-tween futures prices and spot prices. There were significant changes in the relationship between spot prices before and after implementation.
万方数据
维普
