Contagion and transfer: relationships between financial instruments and the spot price of Mexican yellow corn, 2002-2020

Authors

DOI:

https://doi.org/10.21919/remef.v21i4.1708

Keywords:

Futures Market, Finances, Speculation, Financialization

Abstract

This research presents an analysis of the connection between the prices and quotes of different financial instruments in the context of financialization processes. To this end, a series of autoregressive vectors and error correction vectors (VAR/VEC) models were developed with the spot price of Mexican yellow corn, the Chicago Board of Trade (CBOT) yellow corn futures, the price of the Commodity Index (CRB), the Dow Jones Industrial Average (DJIA) and the U.S. money supply (M1). The objective was to identify speculative activity, contagion effects and price transfer between different industries in the context of the changes in the acquisition target of financial instruments. We conclude the presence of causal relationships between the variables and the presence of two interconnected systems through the U.S. money supply.

Author Biography

Erika del Carmen González Huacuz, Universidad Michoacana de San Nicolás de Hidalgo

Bachelor’s degree in Economics from the Universidad Michoacana de San Nicolás de Hidalgo (UMSNH), with a specialization in Social Economics and Local Development, focusing on Community Finance and Savings Cooperatives. She holds a Master of Science degree from UMSNH in the International Business program, specializing in International Finance. She holds a Doctor of Science degree in International Business from UMSNH, with a specialization in International Finance. She served as seminar coordinator at the Center for Teaching and Educational Communication (UMSNH), and has taught undergraduate courses in Contemporary Logistics, International Trade, and Economics at the Autonomous University of Durango (UAD), as well as courses on quality and competitiveness and microeconomics in the Master of Science in Administrative Sciences program at the Ibero-American Institute for Business Development (INIDEM). She has designed courses for the Virtual University of the State of Michoacán (UNIVIM). In her professional career, she worked in the academic division of the Michoacán State Human Rights Commission (CEDHM) in research and editorial development, as well as coordinating certificate programs and reviewing the virtual classroom. She served as Head of the Coordination of Human Rights Agendas and Mechanisms. She currently serves as a Specialized Professional at the CEDHM, as well as a professor of Microeconomics for Finance and Financial Econometrics at the Ibero-American Institute for Business Development (INIDEM).

His areas of research:

1. International finance.

2. Financial speculation, price formation, and economic justice.

3. Financialization and human rights in the global economy.

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Published

2026-09-17

Issue

Vol. 21 No. 4: October - December 2026

Section

Research and Review Articles

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