농업경영환경의 변화와 파생상품의 역할

Changes in the Farm Management Environment and the Role of Commodity Futures and Options Contracts

One of the fundamental problems in the Korean agriculture is large price and income risks without proper means to manage it. The situation becomes worse with the Uruguay Round trade negotiations, policy changes, weakened macroeconomic circumstances, changes in the consumer taste, and so on. This study suggests use of futures and options markets as a tool to manage risks in agriculture. The government price support program can be duplicated with the put option contract. The deficiency payment program which guarantees a given income level can be made from the Asian put option more cheaply and efficiently. Works needed to the introduction of the derivatives substitutes are suggested.