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Norm of percent on copper, norm of percent on houses, even norm of percent onMetal works.
Difference between contracts quoted in the market on "future" and "Immediate" deliveries of the goods, such as wheat, is in the defined
Communications with norm of percent on wheat. But as the contract on the future
Delivery it is expressed in money with transfer to the future, instead of in wheat with
Immediate delivery it enters also norm of percent on money. Exact The parity looks as follows.
Let's assume that the price of wheat with immediate delivery is equal 100 it. The item for
100 it that the price of the "long-term" contract on delivery of wheat through
Year-107 it. The item for 100 it also that norm of percent on money is equal 5 %;
What then norm of percent on wheat? On 100 it. The item from the immediate
Transfer it is possible to purchase 105 it. The item with the delayed transfer, and on 105 it. The item with
The delayed transfer it is possible to purchase 105/107 (100 (-98) it wheat with
The future delivery. In the same way on 100 it. The item with immediate transfer
It is possible to purchase 100 it wheat with immediate delivery. Hence,
With delivery to the future term. Hence, the norm of percent on wheat is equal
Minus of 2 % a year (103).
It follows from this that there is no reason, on which norm of percent Should be identical to the different goods, why norm of percent on wheat It should be equal to norm of percent on copper.
So, a parity between contracts quoted in the market on
"Immediate" and "future" deliveries absolutely variously for the different goods.
It as we will see, will lead us to a solution which we search. After all can To appear that just best of own norms of percent (as we can To name them) sets the fashion (because to best of these norms of percent The marginal efficiency of some kind of the capital should reach Assets if this kind of assets is made again) and that are available The reasons why the norm of percent on money is often highest (Because, as we will see, certain forces which act in Direction of fall of own norms of percent of other assets, do not act Concerning money).
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