Crítica à teoria dos mercados futuros à luz do desenvolvimento recente dos contratos futuros de açúcar e álcool da BMF

Abstract

The main purpose of this paper is to analyze the recently evolution of alcohol and sugar futures contracts in BM&F. At first, we do a brief historical relate about evolution of sugar and alcohol sector in Brazil, showing the state regulation and the phase of self-regulation. The second part will show the theory of future markets and about the factors that take a contract successful or failure. Then we analyze the historical of sugar and alcohol future markets in Brazil and the causes of this failure. Finally, in the final considerations we relate the theory of future markets and the characteristics of the contracts of sugar and alcohol in Brazil, showing the importance of institutional analyses of them.