Academic literature on the topic 'Financialization of commodities'
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Journal articles on the topic "Financialization of commodities"
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Michał Falkowski, Michał Falkowski. "Financialization of commodities." Contemporary Economics 5, no. 4 (December 27, 2011): 4. http://dx.doi.org/10.5709/ce.1897-9254.24.
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Teixeira, Rodrigo Alves, and Tomas Nielsen Rotta. "Valueless Knowledge-Commodities and Financialization." Review of Radical Political Economics 44, no. 4 (February 3, 2012): 448–67. http://dx.doi.org/10.1177/0486613411434387.
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Złoty, Marcin. "Financialization of Commodity Market." Studia Humana 10, no. 3 (June 1, 2021): 53–60. http://dx.doi.org/10.2478/sh-2021-0018.
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Abstract The aim of the article is to present possible consequences caused by the development of commodity market financialization understood by the influence of financial investor’s speculation. Also the task of elaboration is to outline the existence of financial factors in the price creation process of commodities. The existing impact of financialization on the volatility of commodity prices significantly modifies the market. The results of the research and analyzes carried out indicate a similarity in the behavior of the markets of commodities. The situation results from the redistribution of the risk of financial investors who having a few goods in the investment portfolio, next to large transaction volumes affect the unification of price trends. Price shaping factors are being transformed. The decrease importance of supply or consumption in the context of the commodities market changes its form. The growing influence of investors who create numerous speculations transforms the market. Trade in futures contracts affects the level of commodities prices.
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Zaremba, Adam. "Portfolio Diversification with Commodities in Times of Financialization." International Journal of Finance & Banking Studies (2147-4486) 4, no. 1 (January 21, 2015): 18–36. http://dx.doi.org/10.20525/ijfbs.v4i1.202.
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The study concentrates on the benefits of passive commodity investments in the context of the phenomenon of financialization. The research investigates the implications of increase in the correlation coefficients between equity and commodity investments for investors in financial markets. The paper is composed of several parts. First, the attributes of commodity investments and their benefits in the portfolio optimization are explored. Second, the phenomenon of the financialization is described and the research hypothesis is developed. Next, an empirical analysis is performed. I simulate the mean-variance spanning tests to examine the benefits of commodity investments before and after accounting for the impact of financialization. I proceed separate analysis for pre- and post-financialization period. The empirical research is based on asset classes’ returns and other related variables from years 1991-2012. The performed investigations indicate that the market financialization may have significant implications for commodity investors. Due to increase in correlation coefficients, the inclusion of the commodity futures in the traditional stock-bond portfolio appears to be no longer reasonable.
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BASAK, SULEYMAN, and ANNA PAVLOVA. "A Model of Financialization of Commodities." Journal of Finance 71, no. 4 (July 13, 2016): 1511–56. http://dx.doi.org/10.1111/jofi.12408.
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Handika, Rangga, and Iswahyudi Sondi Putra. "Commodities returns’ volatility in financialization era." Studies in Economics and Finance 34, no. 3 (August 7, 2017): 344–62. http://dx.doi.org/10.1108/sef-10-2015-0254.
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Purpose This paper aims to indirectly evaluate the accuracy of various volatility models using a value-at-risk (VaR) approach and to investigate the relationship between the accuracy of volatility modelling and investments performance in the financialized commodity markets. Design/methodology/approach This paper uses the VaR back-testing approach at six different commodities, seven different volatility models and five different time horizons. Findings This paper finds that the moving average (MA) VaR model tends to be the best for oil, copper, wheat and corn (long horizon) whereas the exponential generalized autoregressive conditional heteroscedastic (E-GARCH) VaR model tends to be the best for gold, silver and corn (short horizon). Our findings indicate that MA volatility model should be used for oil, copper, wheat and corn (for longer time horizons) commodities whereas E-GARCH volatility model should be used for gold, silver and corn (for short time horizons) commodities. We also find that there is a positive relationship between an accurate VaR performance and commodity return. This indicates that a good job in modelling volatility will be rewarded by higher returns in financialized commodity markets. Originality/value This paper indirectly evaluates the accuracy of volatility model via VaR measure and investigates the relationship between the accuracy of volatility and investments performance in financialized commodity markets. This paper contributes to the literature by offering VaR approach in evaluating volatility model performance and reporting the importance of performing accurate volatility modelling in financialized commodity markets.
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Zelazny, Jan. "Financialization and Commodity Market Stability." e-Finanse 12, no. 4 (June 27, 2017): 33–42. http://dx.doi.org/10.1515/fiqf-2016-0006.
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Abstract Stability in supply of commodities is essential for manufacturing and doing business. This fact is unchangeable despite the passage of time and only the ways of trading of commodities differ. Especially in recent decades, the global economy has changed significantly and one of the major factors fueling its transformation is financialization. This phenomenon, gaining importance with the beginning of the 21st century, affects all areas of the economy. Commodity markets are not free of it either. This leads to various structural changes in terms of ways of trading, price formation and volatility in commodity markets. The aim of this article is to investigate the roots of financialization of commodity markets, and to assess its influence on their stabilitythrough investigation of time series data from 1991 to 2015 and examining correlation coefficients. The results of the study conducted for the purposes of this article depict not only the volatility of commodity markets, but also a positive correlation between prices of major commodities over the examined period and a positive correlation between prices of major commodities and equity markets from 2009 up to 2012, thus the period of recovery after the subprime mortgage crisis.
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Tang, Ke, and Wei Xiong. "Index Investment and the Financialization of Commodities." Financial Analysts Journal 68, no. 6 (November 2012): 54–74. http://dx.doi.org/10.2469/faj.v68.n6.5.
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Ordu-Akkaya, Beyza Mina, and Ugur Soytas. "Unconventional monetary policy and financialization of commodities." North American Journal of Economics and Finance 51 (January 2020): 100902. http://dx.doi.org/10.1016/j.najef.2018.12.014.
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Ouyang, Ruolan, and Xuan Zhang. "Financialization of agricultural commodities: Evidence from China." Economic Modelling 85 (February 2020): 381–89. http://dx.doi.org/10.1016/j.econmod.2019.11.009.
Full textDissertations / Theses on the topic "Financialization of commodities"
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Satik, Erdogdu. "The Crossroads Of Knowledge And Financialization." Phd thesis, METU, 2013. http://etd.lib.metu.edu.tr/upload/12615744/index.pdf.
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This thesis questions the connection between knowledge and finance and advances an account that links both in a two-folded way. The first level departs from what separates the two opposite views or alternative explanations about the value of knowledge. The source and essence of the extra profits in information goods or commodities, such as digital media contents and software, featuring increasing returns to scale owing to their peculiar cost structure manifested by a high fixed cost and very low constant marginal cost, is what separates the two views about the value of knowledge.
In light of the near-decomposability/modularity hypothesis, the extra profits in information commodities should arise from 'information hiding,'
which is intrinsic to nearly-decomposable systems or modular architecture because they are built on an ignorance on the parts in regard to the other parts and the whole of system. Such (hidden) design information that gives rise to parts or modules creates, at the same time, the future paths of action or (real) options, according to real-options perspective. When the two perspectives are combined, knowledge production, as distinct from subsequent knowledge commodity production, basically becomes an option creation process. Then, it becomes possible to argue that the concurrence of knowledge and finance is not a coincidence at all because the logics of accumulation is no different but almost identical, which is the second level of the two-folded account attempted in this study. The main contribution of this thesis is to build an account that links financialization to knowledge via the notion of modularity. Such an account sees financialization as a reflection and consequence of a value-driven permanent innovation economy developed under the '
IT paradigm'
in order to exploit a surplus peculiar and intrinsic to the modular structure that makes '
information hiding'
an integral part of such architectures since they are by definition built on an ignorance on the parts in regard to the other parts and the whole of system.
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Momoli, Tommaso. "Financialization of the commodity future markets: a SVAR model approach." Master's thesis, reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10362/26207.
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Submitted by Tommaso Momoli (tommaso.momoli@gmail.com) on 2017-03-29T04:51:52Z
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This is a study regarding the impact of the index investments in the Commodity Future Market. The models applied, focus on the Causal Analysis and the Impulse Response Function through an orthogonalisation of the Vector of Auto Regression (SVAR), this allow to extract lead/lag correlation between the Index and First nearby Return for different Futures Sectors and in addition response to shocks in different equation. The study is divided in three different period, to reflect before and after the Financialization and then after the introduction in the market of the new generation of commodity Indexes. The results show a different behaviors of the parameters throughout time with a particular emphasis for the most traded Commodities to lead the others.
Trata-se de um estudo sobre o impacto dos investimentos em índices no mercado futuro de commodities. Os modelos aplicados, enfocam a Análise Causal e a Função de Resposta ao Impulso através de uma ortogonalização do Vetor de Auto Regressão (SVAR), permitindo extrair a correlação lead / lag entre o Índice e o Primeiro Retorno próximo para diferentes Setores Futuros e, A choques em diferentes equações. O estudo é dividido em três períodos diferentes, para refletir antes e depois da Financialização e, em seguida, após a introdução no mercado da nova geração de índices de commodities. Os resultados mostram um comportamento diferente dos parâmetros ao longo do tempo com uma ênfase particular para os Commodities mais negociados para liderar os outros.
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Momoli, Tommaso. "Financialization of the commodity future markets: a SVAR model approach." reponame:Repositório Institucional do FGV, 2017. http://hdl.handle.net/10438/18105.
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Submitted by Tommaso Momoli (tommaso.momoli@gmail.com) on 2017-03-29T04:51:52Z
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Tommaso.Momoli Thesis FGV.pdf: 2459609 bytes, checksum: 56072be31042eb761414eba91a983961 (MD5)Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-03-29T11:04:04Z (GMT) No. of bitstreams: 1 Tommaso.Momoli Thesis FGV.pdf: 2459609 bytes, checksum: 56072be31042eb761414eba91a983961 (MD5)
Made available in DSpace on 2017-03-29T12:16:39Z (GMT). No. of bitstreams: 1 Tommaso.Momoli Thesis FGV.pdf: 2459609 bytes, checksum: 56072be31042eb761414eba91a983961 (MD5) Previous issue date: 2017-01-25
This is a study regarding the impact of the index investments in the Commodity Future Market. The models applied, focus on the Causal Analysis and the Impulse Response Function through an orthogonalisation of the Vector of Auto Regression (SVAR), this allow to extract lead/lag correlation between the Index and First nearby Return for different Futures Sectors and in addition response to shocks in different equation. The study is divided in three different period, to reflect before and after the Financialization and then after the introduction in the market of the new generation of commodity Indexes. The results show a different behaviors of the parameters throughout time with a particular emphasis for the most traded Commodities to lead the others.
Trata-se de um estudo sobre o impacto dos investimentos em índices no mercado futuro de commodities. Os modelos aplicados, enfocam a Análise Causal e a Função de Resposta ao Impulso através de uma ortogonalização do Vetor de Auto Regressão (SVAR), permitindo extrair a correlação lead / lag entre o Índice e o Primeiro Retorno próximo para diferentes Setores Futuros e, A choques em diferentes equações. O estudo é dividido em três períodos diferentes, para refletir antes e depois da Financialização e, em seguida, após a introdução no mercado da nova geração de índices de commodities. Os resultados mostram um comportamento diferente dos parâmetros ao longo do tempo com uma ênfase particular para os Commodities mais negociados para liderar os outros.
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Ling, Julien. "An empirical analysis of systemic risk in commodity futures markets." Thesis, Paris Sciences et Lettres (ComUE), 2018. http://www.theses.fr/2018PSLED022/document.
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Cette thèse vise à analyser le risque systémique sur les marchés futures de matières premières. En effet, plusieurs travaux de recherche mettent en évidence l'importance de ces futures dans la détermination du prix physique des matières premières. Leur incorporation dans la finance traditionnelle en tant qu'actif diversifiant a entraîné une évolution de leurs prix similaire à celles de différents actifs financiers depuis environ 2004. La question ayant motivé cette thèse a donc été de quantifier ce risque systémique (puisqu'affectant les matières premières, directement impliquées dans l'économie réelle), d'en voir précisément les moyens de transmission (quels marchés affectent quels autres marchés) et enfin de permettre d'en évaluer les conséquences, par exemple à partir de scénarii (stress tests). Elle permet donc de développer des outils de surveillance des marchés et pourrait donc contribuer à la régulation de ces marchésThis thesis aims at studying systemic risk in commodity futures markets. A whole strand of the literature is dedicated to the "financialization of commodity markets", but also to the influence of the existence of futures markets on the spot price of their underlying asset. Indeed, since these commodity futures have been largely used by in asset management as diversifying assets, their financialization has raised concerns, especially seeing the evolution of their price, which seems to be similar to that of financial assets. My interest here is thus to quantify this systemic risk, provide a toolbox to assess the consequences of various scenarios (stress tests), but also to assess which markets should be monitored more closely (because they could threaten the real economy or the whole system)
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Lambinet, Rémy. "Financiarisation des marchés de matières premières." Thesis, Paris 9, 2014. http://www.theses.fr/2014PA090042.
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La hausse des prix des matières premières observée pendant les années 2000 étant concomitante avec une présence plus accrue des agents financiers sur ces marchés a suscité entre l'intérêt des chercheurs. Cette hausse des prix a eu lieu avec une transformation des marchés de matières premières que cela soit dû à la présence de nouveaux instruments financiers ou à des investissements plus importants dans ces marchés. Les deux premiers chapitres de cette thèse étudient l'impact sur les matières premières de la présence d'Exchange-Traded Products dont le but est d'offrir aux investisseurs financiers une exposition passive aux matières premières. Au cours de ces études, il est démontré que le mécanisme (dit de création/rédemption) utilisé pour délivrer la performance de la matière première sous-jacente aux investisseurs a un impact sur le prix du sous-jacent, sur sa volatilité et sa corrélation au marché des actions. Enfin, ces mêmes instruments sont devenus les principaux contributeurs à la fonction de découverte des prix alors que traditionnellement cette fonction était assurée par les marchés à terme. Le dernier chapitre de ce manuscrit de thèse étudie la saisonnalité à la fois des prix et des positions des différents types d'agents présents sur le marché à terme des matières premières agricoles. Les résultats montrent que la saisonnalité des positions sur le marché à terme a été modifiée par la présence accrue des agents financiers. Cette thèse quantifie et démontre que les nouveaux supports d'investissement et les positions plus nombreuses de ces mêmes investisseurs sur le marché à terme ont modifié les caractéristiques financières et fondamentales des matières premièresCommodity prices rise observed during the 2000s being concomitant with the increasing presence of financial agents has sparked the researchers’ interest. This price increase occurred while commodity markets have been transformed by new financial instruments or larger investments in these markets. The first chapter of this thesis are studying the impact on commodities of Exchange-Traded Products (ETPs) whose purpose is to provide investors a passive exposure to commodities. During this study, it is shown that the mechanism (called creation / redemption) used to deliver the performance of the underlying commodity to the investors has an impact on the price of the underlying asset, its volatility and its correlation with the stock market. The second chapter demonstrates that ETPs have become major contributors to the price discovery process whereas traditionally this function was performed by the futures market. The final chapter of this PhD thesis is studying seasonality in both the prices and positions of different types of agents on the futures market for agricultural commodities. The results show that seasonal positions in the futures market have been changed by the increased presence of financial agents. This thesis quantifies and demonstrates that new investment vehicles and an increasing number of positions of financial investors in the futures market have changed the financial and fundamental characteristics of commodity markets
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Jaeck, Edouard. "Hétérogénéité, financiarisation et formation des prix dans les marchés dérivés de matières premières." Thesis, Paris Sciences et Lettres (ComUE), 2017. http://www.theses.fr/2017PSLED003/document.
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Les marchés futures de matières premières existent depuis des siècles. Néanmoins, depuis le début du 21e siècle, le développement en parallèle de la financiarisation et de marchés futures sur une matière première non-stockable (l’électricité) a bouleversé leur fonctionnement.Les trois essais de cette thèse étudient théoriquement et empiriquement les marchés futures de matières premières dans différentes conditions de fonctionnement.Le premier essai est une étude empirique qui montre l’existence de l’effet Samuelson sur les marchés futures d’électricité. Ce faisant, il montre que le stockage n’est pas une condition nécessaire à l’existence d’un tel effet.Le second essai est un modèle qui montre comment le comportement dynamique des prix d’une matière première stockable sur un marché futures segmenté du reste de l’économie est impacté par ses caractéristiques physiques, et notamment par le coût de stockage.Enfin, le troisième essai est un modèle qui montre que la financiarisation modifie la fonction de partage des risques des marchés futures de matières premières, et ce, quelle que soit la maturité concernéeCommodity futures markets have a long history. However, since the beginning of the 21st century, both the financialization process and the development of futures markets on a non-storable commodity (the electricity) have shake up their functioning.The three essays of this thesis study theoretically and empirically commodity futures markets in different situations of functioning.The first essay is an empirical study that shows that the Samuelson effect exists on electricity derivative markets. As a consequence, it shows that storage is not a necessary condition for such an effect.The second essay is a model that shows how the dynamic behavior of storable commodity prices on a segmented futures market is affected by its physical characteristics, and more precisely by the cost of storage.Further, the third essay is a model that shows that financialization changes the risk sharing function of commodity futures markets, whatever the concerned maturity
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Fam, Papa Gueye. "Marchés des matières premières agricoles et dynamique des cours : un réexamen par la financiarisation." Thesis, Toulon, 2016. http://www.theses.fr/2016TOUL2002/document.
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Face à l’instabilité des cours agricoles et à ses conséquences notamment pour les pays en développement, la première partie de cette thèse est consacrée à la présentation des déterminants des cours des matières premières alimentaires, incluant les évolutions récentes en matière d’offre, en tenant compte des conséquences du réchauffement climatique, et de demande, considérant notamment les biocarburants. Il est également question de présenter la financiarisation en cours des économies, et les doutes qui planent sur le rôle que peuvent avoir la spéculation sur les marchés à terme ou encore la mise en œuvre des politiques monétaires, sur les cours au comptant observés sur les marchés physiques des produits agricoles. Suite aux réflexions et éléments de littérature avancés, la seconde partie procède de deux études empiriques. La première est axée sur l’impact de la spéculation sur les marchés financiers à terme sur le cours des sous-jacents (agricoles), alors que la seconde questionne le rôle des marchés monétaires, abordé à travers la capacité du banquier central à stabiliser les taux d’intérêt à court terme. Sur cette base, des conclusions mais également des pistes de recherche sont établies, du fait du prolongement en cours du processus de financiarisation des économiesFaced with instability of agricultural commodities’ prices and its consequences especially for developing countries, the first part of this thesis is devoted to the presentation of food commodities’ prices, including recent developments with respect to the offering, taking into account the consequences of global warming and demand, as well as the importance of biofuels. It is also question to present the financialization of economies, and the doubts that take over the role of speculation on the futures markets or the implementation of monetary policies, on the spot prices observed on physical agricultural commodities markets. Following the advanced literature reflections and elements, the second part proceeds of two empirical studies, the first one focused on the impact of speculation about the financial futures markets on the underlying asset’s price (agricultural), while the second one examines the role of money markets through the capacities of the central banker to stabilize short-term interest rates. On this basis, conclusions but also future research are established due to the continuation of the economies financialization process
Books on the topic "Financialization of commodities"
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Ke, Tang. Index investment and financialization of commodities. Cambridge, MA: National Bureau of Economic Research, 2010.
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McGill, Sarah. The Financialization Thesis Revisited: Commodities as an Asset Class. Edited by Gordon L. Clark, Maryann P. Feldman, Meric S. Gertler, and Dariusz Wójcik. Oxford University Press, 2018. http://dx.doi.org/10.1093/oxfordhb/9780198755609.013.51.
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Roughly coinciding with the onset of the commodity price boom of the 2000s was an influx of financial investment in commodity derivatives. This ‘financialization’ has given rise to debates regarding the potential influence of investors on commodity prices. This chapter examines these debates and places them within the context of the wider scholarship on financialization. It argues that critiques of financialization are problematic in several important respects. They are underpinned by long-standing suspicions and misconceptions of derivatives trading as a socially unproductive or harmful activity; they tend to conflate the participation of financial investors with ‘speculation’. The chapter finds that the term ‘financialization’ is ultimately misleading for in its characterization of the new institutional realities of the commodity price formation process. Rather than attempting to demarcate ‘purely’ financial investment in commodities from commercial trading, ‘financialization’ should refer to the growth of ‘hyper’ or short-term trading that occurs in commodity markets.
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Baker, H. Kent, Greg Filbeck, and Jeffrey H. Harris, eds. Commodities. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190656010.001.0001.
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In today’s dynamic financial environment, commodity markets can be accessed with products that create unique risk and return dynamics for investors worldwide. Commodities: Markets, Performance, and Strategies provides a comprehensive view of commodity markets, describing historical commodity performance, vehicles for investing in commodities, portfolio strategies, and current topics. The book begins with the rudiments of commodity markets and how investors gain exposure to commodity returns through various investment vehicles. It then highlights the unique risk and return profiles of commodity investments set in the global marketplace among more traditional investments. In this context, the book examines the use of commodity markets to manage risk, highlighting recent blowups that result from mismanaged risk practices. It also provides important insights about current topics, including high frequency trading, financialization, and the emergence of virtual currencies as commodities. The book balances useful practical advice on commodity exposure while introducing the reader to various pitfalls inherent in these markets. Readers interested in a basic understanding will benefit as will those looking for more in-depth presentations of specific areas within commodity markets. Overall, Commodities: Markets, Performance, and Strategies provides a fresh look at the myriad dimensions of investing in these globally important markets from experts from around the world.
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Mixon, Scott. Research Issues in Commodities and Commodity Derivatives. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780190656010.003.0027.
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Commodity derivatives allow hedgers to smooth wealth across different states of the world and provide a direct link between financial markets and the real economy. This chapter describes recent research related to core concepts for these products: hedging behavior, the provision of liquidity in commodity markets, and the “financialization” debate related to the recent inflow of institutional investments into commodities. Intermediation activity in these markets has evolved in recent years. Modern commodity markets now incorporate extensive intermediation by swap dealers to facilitate over-the-counter swap dealing activity and execute the associated hedging activity linking swap and futures markets. The emergence of highly computerized, automated trading and the trend toward liquidity provision by commercial firms are intermediation issues that require better understanding. The chapter also provides insights into the types of topics faced by researchers who consider policy-related issues.
Book chapters on the topic "Financialization of commodities"
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Carmona, René. "Financialization of the Commodities Markets: A Non-technical Introduction." In Commodities, Energy and Environmental Finance, 3–37. New York, NY: Springer New York, 2015. http://dx.doi.org/10.1007/978-1-4939-2733-3_1.
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Nijs, Luc. "Commodities III: Speculation on (Agricultural) Commodity Derivatives and Financialization of Commodity-Price Formation." In The Handbook of Global Agricultural Markets, 401–42. London: Palgrave Macmillan UK, 2014. http://dx.doi.org/10.1057/9781137302342_16.
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Casparri, María-Teresa, Esteban Otto-Thomasz, and Gonzalo Rondinone. "The Commodities Financialization As a New Source of Uncertainty: The Case of the Incidence of the Interest Rate Over the Maize Price During 1990–2014." In Advances in Intelligent Systems and Computing, 299–307. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-19704-3_25.
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Bilić, Paško, Toni Prug, and Mislav Žitko. "Financialization and Regulation." In The Political Economy of Digital Monopolies, 99–128. Policy Press, 2021. http://dx.doi.org/10.1332/policypress/9781529212372.003.0005.
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In Chapter 5 the authors look at research and development, labour management and financial profits for major companies. They use accumulated capital to reproduce and invest in the development of new outputs and commodities through the production process that depends on flexible but overworked exploited labour, as well as on inputs from globally dispersed gig workers performing various low-paid tasks. At the same time, financial profits are unevenly distributed to corporate owners and top managers. The chapter also looks closely at corporate development of Google and how capital accumulation on a world scale leads to global inequalities.
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Triantafyllou, Athanasios. "Investing in Commodities in Times of Uncertainty and Lax Monetary Policy." In Recent Advances and Applications in Alternative Investments, 1–36. IGI Global, 2020. http://dx.doi.org/10.4018/978-1-7998-2436-7.ch001.
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This chapter presents empirical evidence showing the impact of economic uncertainty and monetary policy on the volatility of commodity futures markets. The findings are in line with those of the relevant literature according to which rising uncertainty predicts rising volatility in commodity markets. The author shows that the unobservable economic uncertainty measures of Jurado et al. (2015) have a significant and long-lasting positive impact on the volatility of commodity prices. Hence, the OLS regression results show that commodity markets are significantly affected by the rising degree of unpredictability in the macroeconomy, while they are relatively immune to observable macroeconomic fluctuations. The expansionary monetary policy is followed by rising volatility in agricultural and energy markets, while it has much smaller effect on the volatility of metals markets. Financialization in commodity markets has increased the dynamic linkages between monetary policy shocks and commodity price volatility.
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Triantafyllou, Athanasios. "Investing in Commodities in Times of Uncertainty and Lax Monetary Policy." In Research Anthology on Macroeconomics and the Achievement of Global Stability, 860–88. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-7460-0.ch047.
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This chapter presents empirical evidence showing the impact of economic uncertainty and monetary policy on the volatility of commodity futures markets. The findings are in line with those of the relevant literature according to which rising uncertainty predicts rising volatility in commodity markets. The author shows that the unobservable economic uncertainty measures of Jurado et al. (2015) have a significant and long-lasting positive impact on the volatility of commodity prices. Hence, the OLS regression results show that commodity markets are significantly affected by the rising degree of unpredictability in the macroeconomy, while they are relatively immune to observable macroeconomic fluctuations. The expansionary monetary policy is followed by rising volatility in agricultural and energy markets, while it has much smaller effect on the volatility of metals markets. Financialization in commodity markets has increased the dynamic linkages between monetary policy shocks and commodity price volatility.
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Jessop, Bob. "A Polanyian paradox: money and credit as fictitious commodities, financialization, finance-dominated accumulation, and financial crises." In Capitalism in Transformation, 75–90. Edward Elgar Publishing, 2019. http://dx.doi.org/10.4337/9781788974240.00011.
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Matthews, John T. "Slave Capitalism in Faulkner." In Faulkner and Slavery, 3–22. University Press of Mississippi, 2021. http://dx.doi.org/10.14325/mississippi/9781496834409.003.0001.
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A central achievement of recent scholarship on capitalism has been the detailed case it makes for how extensively Atlantic capitalism relied on a global system of enslaved labor. Besides the direct profits European investors extracted from colonial agricultural enterprises, establishing dominance over the production, manufacturing, and trade in commodities like cotton, gains also came from instruments of financialization in speculative investment, credit banking, and insurance—developing industries that fed on slave capitalism. Faulkner’s chronicle of the plantation regime exposes its dependence on financialized forms of slave capitalism, however much its participants deny them. The particulars of financialized slaveholding in Absalom, Absalom! retain legibility under their attempted expungement by not-narration. After considering capitalist derangements of personhood and time in the novel, contributor John T. Matthews turns to how its aesthetic responds to slave capitalism’s infliction of such violence. Faulkner’s fiction formalizes the distortions of slave capitalism, but he redeploys such distortion in narrative and stylistic forms that resist capitalism’s demands.
Reports on the topic "Financialization of commodities"
1
Tang, Ke, and Wei Xiong. Index Investment and Financialization of Commodities. Cambridge, MA: National Bureau of Economic Research, September 2010. http://dx.doi.org/10.3386/w16385.
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