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.
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Chan, Wing, Bryce Shelton, and Yan Wu. "Volatility Spillovers Arising from the Financialization of Commodities." Journal of Risk and Financial Management 11, no. 4 (October 27, 2018): 72. http://dx.doi.org/10.3390/jrfm11040072.
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This paper examines whether the proliferation of new index products, such as commodity-tracking exchange-traded funds (ETFs), amplified the volatility transmission channel introduced by financialization. This paper focuses on the volatility spillover effects among crude oil, metals, agriculture, and non-energy commodity markets. The results show financialization has an impact on the volatility of commodity prices, predominantly for non-energy commodities. However, the impact on volatility is not symmetric across all commodities. The analysis of index investment and investors’ positions in futures markets shows that, when a relationship exists, it is generally negatively correlated with the realized volatility of non-energy commodities. Using realized volatility in the difference-in-difference model provides estimates that are inconsistent with other findings that non-energy commodities, traded as a part of indices, have experienced higher volatility. The results are similar to the index investment and futures market analysis, where increased participation by investors through new investment products has put download pressure on realized volatility.
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Tropeano, Domenica. "Hedging, Arbitrage, and the Financialization of Commodities Markets." International Journal of Political Economy 45, no. 3 (July 2, 2016): 241–56. http://dx.doi.org/10.1080/08911916.2016.1238161.
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Schmidt, Ted P. "Financialization of Commodities and the Monetary Transmission Mechanism." International Journal of Political Economy 46, no. 2-3 (July 3, 2017): 128–49. http://dx.doi.org/10.1080/08911916.2017.1383699.
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Gagnon, Marie-Hélène, Guillaume Manseau, and Gabriel J. Power. "They're back! Post-financialization diversification benefits of commodities." International Review of Financial Analysis 71 (October 2020): 101515. http://dx.doi.org/10.1016/j.irfa.2020.101515.
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Aït-Youcef, Camille. "How index investment impacts commodities: A story about the financialization of agricultural commodities." Economic Modelling 80 (August 2019): 23–33. http://dx.doi.org/10.1016/j.econmod.2018.04.007.
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Brogaard, Jonathan, Matthew C. Ringgenberg, and David Sovich. "The Economic Impact of Index Investing." Review of Financial Studies 32, no. 9 (December 7, 2018): 3461–99. http://dx.doi.org/10.1093/rfs/hhy129.
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Abstract We study the impact of index investing on firm performance by examining the link between commodity indices and firms that use index commodities. Around 2004, commodity index investing dramatically increased. This event is referred to as the financialization of commodity markets. Following financialization, firms that use index commodities make worse production decisions, earn 40% lower profits, and have 6% higher costs. Consistent with a feedback channel in which market participants learn from prices, our results suggest that index investing distorts the price signal, thereby generating a negative externality that impedes firms’ ability to make production decisions. Received March 31, 2017; editorial decision July 5, 2018 by Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Natoli, Filippo. "FINANCIALIZATION OF COMMODITIES BEFORE AND AFTER THE GREAT FINANCIAL CRISIS." Journal of Economic Surveys 35, no. 2 (January 15, 2021): 488–511. http://dx.doi.org/10.1111/joes.12408.
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Carter, Colin A., and Gabriel J. Power. "Introduction to the special issue on the financialization of commodities." Journal of Commodity Markets 10 (June 2018): 1–2. http://dx.doi.org/10.1016/j.jcomm.2018.05.006.
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de Boyrie, Maria E., and Ivelina Pavlova. "Equities and Commodities Comovements: Evidence from Emerging Markets." Global Economy Journal 18, no. 3 (April 26, 2018): 20170075. http://dx.doi.org/10.1515/gej-2017-0075.
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The financialization of commodities and their inclusion in financial portfolios as part of an investment strategy may result in higher correlations and volatility spillovers between commodity and equity markets. In this paper, we estimate the correlation between equity markets and commodities using the dynamic conditional correlation (DCC) model, while emphasizing the differences between emerging and developed markets co-movements with commodities. The results reveal that certain emerging markets, especially those in Asia, show a much lower level of co-movement with commodities than developed markets do, while Latin American equities exhibit a higher level of integration with commodities. Furthermore, it is found that both agricultural and precious metals commodities offer better diversification possibilities in the less developed markets. We also find that increases in the CBOE Volatility Index (VIX) are related to higher agriculture commodities-equities correlations, while commodity net index investment has limited explanatory power in our study.
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Manera, Matteo, and Apostolos Serletis. "INTRODUCTION TO MACROECONOMIC DYNAMICS SPECIAL ISSUE ON DYNAMICS OF OIL AND COMMODITIES PRICES." Macroeconomic Dynamics 22, no. 3 (December 29, 2016): 541–45. http://dx.doi.org/10.1017/s1365100516000341.
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This special issue of Macroeconomic Dynamics presents a timely and fresh body of high-quality research on the complexity and evolution of the international oil markets, the dynamics of the price of oil, and the financialization and the interconnections of oil, energy, and nonenergy commodity markets.
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Rishabh, Kumar, and Somnath Sharma. "Global Liquidity, Financialization and Commodity Price Inflation." Journal of International Commerce, Economics and Policy 06, no. 02 (June 2015): 1550012. http://dx.doi.org/10.1142/s179399331550012x.
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This paper examines the effect of global liquidity and financialization on commodity price inflation. The novelty of the paper lies in exploiting recent advances in our understanding of global liquidity by separating private liquidity from official liquidity and digging into disaggregated level non-commercial commodity traders data. Private liquidity is found to be inflationary, while official liquidity is not. Among the non-commercial traders, both, active money managers and passive swap dealers seem to have played an important role in commodity inflation dynamics during the period 2006–2012. The paper also discusses emerging policy issues in a rapidly changing global commodities market.
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Chincarini, Ludwig B., and Fabio Moneta. "The challenges of oil investing: Contango and the financialization of commodities." Energy Economics 102 (October 2021): 105443. http://dx.doi.org/10.1016/j.eneco.2021.105443.
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Amoako, Gilbert K., Emmanuel Asafo-Adjei, Kofi Mintah Oware, and Anokye M. Adam. "Do Volatilities Matter in the Interconnectedness between World Energy Commodities and Stock Markets of BRICS?" Discrete Dynamics in Nature and Society 2022 (April 23, 2022): 1–13. http://dx.doi.org/10.1155/2022/1030567.
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Financial markets integration has resulted in high interconnectedness among the BRICS stock markets, which minimizes diversification potentials. This has increased investors’ interest in the financialization of commodities to minimize their portfolio risks. However, the comovements between these assets do not operate in a vacuum, which requires that the role of volatilities be considered in tandem. The purpose of this study is to explore the interdependencies between energy commodities and stock markets of BRICS in the midst of relevant volatilities. For this reason, the wavelet techniques, biwavelet and partial wavelet, are employed. We find that positive comovements between energy commodities and stock markets of BRICS become stronger in the long-term. Furthermore, volatility has a long-term impact on the correlations between energy commodities and the BRICS stock market. We argue that the US Volatility Index, which measures investor anxiety and volatility in stock markets, has the biggest impact on the relationship between energy commodities and BRICS stock markets. Surprisingly, the correlations between energy commodities and Russian stock markets were strong enough to withstand the effects of volatilities. Hence, investors can use volatilities to hedge portfolio risks in energy commodities and stock markets in Brazil, India, China, and South Africa.
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Adams, Zeno, Solène Collot, and Maria Kartsakli. "Have commodities become a financial asset? Evidence from ten years of Financialization." Energy Economics 89 (June 2020): 104769. http://dx.doi.org/10.1016/j.eneco.2020.104769.
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Bowman, Andrew. "Financialization and the extractive industries: The case of South African platinum mining." Competition & Change 22, no. 4 (July 12, 2018): 388–412. http://dx.doi.org/10.1177/1024529418785611.
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This paper examines the impacts of financialization on corporate strategy in the extractive industries with a case study of South African platinum mining during the first two decades after apartheid. Drawing on insights from literature on financialization of the firm, the paper examines how intensified shareholder value pressures shaped strategy at major platinum mining companies during the long commodities boom of the 2000s and subsequent slump from 2009. The paper argues that financialization exacerbates the already intense cyclical volatility of the extractive industries. Efforts to fulfil narratives of shareholder value delivery during the boom manifested in large dividend distribution, gearing of balance sheets and aggressive outlays on capacity expansion and mergers and acquisition activity to demonstrate to the market an ambitious pipeline of growth projects. The result was financial fragility and excess capacity which has exacerbated the impact of the slump in subsequent years with severe social consequences. Distributional contest between management and organized labour has intensified as management has sought to restore internationally competitive rates of return on capital. The paper argues financialization of the firm in mining creates particularly acute distributional contestation and instability, due to the contradictions between the powerful abstractive tendencies of financialized capitalism and the social embeddedness of mining as a landed industry. The analysis has broader implications for the study of the extractive industries and development, and the political economy of post-apartheid South Africa.
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Zhang, Yue-Jun, Julien Chevallier, and Khaled Guesmi. "“De-financialization” of commodities? Evidence from stock, crude oil and natural gas markets." Energy Economics 68 (October 2017): 228–39. http://dx.doi.org/10.1016/j.eneco.2017.09.024.
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Ding, Zhijing, and Xu Zhang. "The Impact of Geopolitical Risk on Systemic Risk Spillover in Commodity Market: An EMD-Based Network Topology Approach." Complexity 2021 (July 1, 2021): 1–17. http://dx.doi.org/10.1155/2021/2226944.
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Since the financialization of commodities, portfolio investments have become an important tool for investors to diversify risks. However, due to the nonlinear fluctuations brought about by extreme events, investors face more difficulties in the choice of risk portfolio. We adopt empirical mode decomposition and STVAR model, along with the basis data of optimized original sample interval. In addition, we retain the mature research of multiscale systemic risk under frequency and divide the dimension of systemic risk into two states. When frequency is combined with states, the risk spillover center undergoes subversive changes, particularly in the longest term, and metals become the risk spillover center, substituting the energy commodity, on the condition that the compositions of extreme value add persuasive power to the perspective of long term. We proposed that the joint fluctuation of agricultural commodities and energy commodities makes the former become another important risk spillover point. For investors, holding period and portfolio both need to be considered.
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Derbali, Abdelkader, and Houssam Bouzgarrou. "The dynamic dependence between the major US indices and the meat commodities indices." PSU Research Review 4, no. 2 (June 23, 2020): 149–68. http://dx.doi.org/10.1108/prr-09-2018-0027.
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Purpose The purpose of this study is to examine empirically the conditional correlation between the major US indices (S&P500 index and Dow Jones Industrial index) and three selected meat commodities as: Feeder Cattle, Leen Hogs and Live Cattle during the period from July 22, 2010 to June 30, 2017. Design/methodology/approach In this study, the authors use for the first time the GARCH-DECO (1,1) to examine empirically the conditional nexus between the major US indices (S&P500 index and Dow Jones Industrial index) and three selected meat commodities as; Feeder Cattle, Leen Hogs and Live Cattle during the period from July 22, 2010 to June 30, 2017. Findings From the empirical findings, the authors conclude the existence of a highly significance of conditional heteroscedasticity parameters can demonstrate us to distinguish the nature of the volatility dependency between S&P500 index and Dow Jones Industrial index and three selected meat commodities indices. Originality/value This can find clear the significance of relationship in the process of financialization of the major US index and meat commodities indices in the case of this paper.
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Fam, Papa Gueye, Rachida Hennani, and Nicolas Huchet. "U.S. Monetary Policy, Commodity Prices and the Financialization Hypothesis." Review of Economic and Business Studies 10, no. 2 (December 1, 2017): 53–77. http://dx.doi.org/10.1515/rebs-2017-0054.
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AbstractMany studies point out the growing correlations within financial markets, while others highlight the financialization of commodity markets. The purpose of this article is to revisit the relationships between various financial assets and commodity markets by taking into account the U.S. monetary policy and therefore the implementation of non-standard measures. In addition to oil, stock and bond markets, U.S. policy rates and a great deal of agricultural prices have been over time considered through a DCC-GARCH model, between 1995-2015. We find that agricultural markets uphold the financialization hypothesis, implying an increase in market-prices’ correlations and so raises the question of agricultural prices’ drivers. Interestingly, conditional correlations between the U.S. monetary policy and agricultural prices have decreased since 2010, which indicates that the implementation of non-standard monetary policy measures reduces spillover effects on asset prices, especially raw commodities. Such a result in turn highlights changing relationships between monetary, financial and physical markets, in a context of very weak policy rates over a long period.
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YANG, LU, and SHIGEYUKI HAMORI. "MODELING THE DYNAMICS OF INTERNATIONAL AGRICULTURAL COMMODITY PRICES: A COMPARISON OF GARCH AND STOCHASTIC VOLATILITY MODELS." Annals of Financial Economics 13, no. 03 (September 2018): 1850010. http://dx.doi.org/10.1142/s2010495218500100.
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In this study, we employ generalized autoregressive conditional heteroscedastic (GARCH) and stochastic volatility models to investigate the dynamics of wheat, corn, and soybean prices. We find that the stochastic volatility model provides the highest persistence of the volatility estimation in all cases. In addition, based on the monthly data, we find that the jump process and asymmetric effect do not exist in agricultural commodity prices. Finally, by estimating Value at risk (VaR) for these agricultural commodities, we find that the upsurge in agricultural prices in 2008 may have been caused by financialization.
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Bandhu Majumder, Sayantan. "Searching for hedging and safe haven assets for Indian equity market – a comparison between gold, cryptocurrency and commodities." Indian Growth and Development Review 15, no. 1 (January 5, 2022): 60–84. http://dx.doi.org/10.1108/igdr-10-2021-0131.
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Purpose This paper aims to evaluate the hedging and safe haven properties of gold, cryptocurrency and commodities against the Indian equity market. Design/methodology/approach First, the authors estimate the hedging and safe haven abilities of gold, cryptocurrency and commodities for the Indian stock market and further verify whether such properties vary across the broad stock market indices and over the different degrees of market volatility. Second, the authors use the multivariate GARCH framework to calculate the dynamic hedge ratios and hedging efficiencies to compare the hedging properties of the alternative asset classes. Third, the authors verify the robustness of the general findings during the recent crisis emanating from the outbreak of the COVID-19 pandemic. Findings Gold, cryptocurrency and most commodities have significant hedging abilities. Only natural gas, crude oil and aluminum, on the other hand, have safe haven property. Neither gold nor cryptocurrency qualifies as a safe haven asset. On the other hand, the financialization of the Indian commodities market provides a significant dividend to investors in terms of hedging and safe haven capabilities. The authors find the least negative hedge ratio and the highest positive hedging effectiveness for the stock-crude oil and stock-natural gas portfolios. The central observations of the paper remain immune to the COVID crisis. Originality/value Focusing on the Indian equity market, the paper compares the diversification abilities of traditional assets like gold with those of the modern class of assets, including cryptocurrency and other commodities.
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Bohl, Martin T., and Patrick M. Stephan. "Does Futures Speculation Destabilize Spot Prices? New Evidence for Commodity Markets." Journal of Agricultural and Applied Economics 45, no. 4 (November 2013): 595–616. http://dx.doi.org/10.1017/s1074070800005150.
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Motivated by repeated price spikes and crashes over the last decade, we investigate whether the growing market shares of futures speculators destabilize commodity spot prices. We approximate conditional volatility and analyze how it is affected by speculative open interest. In this context, we split our sample into two equally long subperiods and document whether the speculative impact on conditional volatility increases. With respect to six heavily traded agricultural and energy commodities, we do not find robust evidence that this is the case. We thus conclude that the financialization of raw material markets does not make them more volatile.
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Besky, Sarah. "The Future of Price: Communicative Infrastructures and the Financialization of Indian Tea." Cultural Anthropology 31, no. 1 (October 23, 2015): 4–29. http://dx.doi.org/10.14506/ca31.1.02.
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For more than 150 years, most tea grown on plantations in northeast India has been sold in open-outcry auctions in Kolkata. In this essay, I describe how, in 2009, the Tea Board of India, the government regulator of the tea trade, began to convert auctioning from a face-to-face outcry process to a face-to-computer digital one. The Tea Board hoped that with the implementation of digital technologies, trade would soon revolve around the buying and selling of futures contracts, not individual lots of tea. Despite these efforts, the tea industry has thus far resisted all attempts at financialization. That so prominent a commodity as tea has yet to be financialized provides a unique opportunity to examine the how of financialization—the governmental and technical steps that precede futures and other kinds of derivatives markets. Futures markets rely on a standardized notion of price and of the material things being priced. The story of Indian tea’s resistance to financialization shows how such standardization requires not just a disentangling of commodities at the level of productive infrastructure (that is, the separation of individual trader and thing being traded) but also a reworking of the communicative infrastructure of trading. In this essay, I analyze this reworking by examining the effort to reform how tea is priced at auction. Specifically, I describe a transition in tea valuation from socially embedded price stories to standardized price scenarios.
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Shalini, Velappan, and Krishna Prasanna P. "Financial Crisis and Financialization Acuity on the Diversification Benefits of Commodities: A Stochastic Asset Allocation." Asian Economic and Financial Review 5, no. 4 (2015): 693–708. http://dx.doi.org/10.18488/journal.aefr/2015.5.4/102.4.693.708.
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Zhang, Qi, Yi Hu, Jianbin Jiao, and Shouyang Wang. "Exploring the Trend of Commodity Prices: A Review and Bibliometric Analysis." Sustainability 14, no. 15 (August 3, 2022): 9536. http://dx.doi.org/10.3390/su14159536.
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As the supply of commodities forms essential lifelines for modern society, commodity price fluctuations can significantly impact the operation and sustainable development of macroeconomics, production activities, and people’s security and well-being. The commodity trading market also plays a pivotal role in the competition of the international industrial chain and the sustainable development of the industry. The method of bibliometrics was used in this study to trace the development of research on commodity prices, and statistical and co-citation analyses were conducted on selected literature samples. It was found that the research hotspots in this field are concentrated on four aspects: factors influencing commodity prices, the impact of price fluctuations on the macroeconomy, forecasts of commodity prices, and the financialization of commodities. A current commodity price research network centered on oil prices has formed. Future directions in this field, which developed out of oil shock research 40 years ago, can further investigate the impact of factors and the responses that can be made to emergencies on commodity prices, as well as continuing to develop better methods of commodity price forecasting.
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Chen, James Ming, and Mobeen Ur Rehman. "A Pattern New in Every Moment: The Temporal Clustering of Markets for Crude Oil, Refined Fuels, and Other Commodities." Energies 14, no. 19 (September 24, 2021): 6099. http://dx.doi.org/10.3390/en14196099.
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The identification of critical periods and business cycles contributes significantly to the analysis of financial markets and the macroeconomy. Financialization and cointegration place a premium on the accurate recognition of time-varying volatility in commodity markets, especially those for crude oil and refined fuels. This article seeks to identify critical periods in the trading of energy-related commodities as a step toward understanding the temporal dynamics of those markets. This article proposes a novel application of unsupervised machine learning. A suite of clustering methods, applied to conditional volatility forecasts by trading days and individual assets or asset classes, can identify critical periods in energy-related commodity markets. Unsupervised machine learning achieves this task without rules-based or subjective definitions of crises. Five clustering methods—affinity propagation, mean-shift, spectral, k-means, and hierarchical agglomerative clustering—can identify anomalous periods in commodities trading. These methods identified the financial crisis of 2008–2009 and the initial stages of the COVID-19 pandemic. Applied to four energy-related markets—Brent, West Texas intermediate, gasoil, and gasoline—the same methods identified additional periods connected to events such as the September 11 terrorist attacks and the 2003 Persian Gulf war. t-distributed stochastic neighbor embedding facilitates the visualization of trading regimes. Temporal clustering of conditional volatility forecasts reveals unusual financial properties that distinguish the trading of energy-related commodities during critical periods from trading during normal periods and from trade in other commodities in all periods. Whereas critical periods for all commodities appear to coincide with broader disruptions in demand for energy, critical periods unique to crude oil and refined fuels appear to arise from acute disruptions in supply. Extensions of these methods include the definition of bull and bear markets and the identification of recessions and recoveries in the real economy.
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Derbali, Abdelkader, Lamia Jamel, Monia Ben Ltaifa, Ahmed K. Elnagar, and Ali Lamouchi. "Fed and ECB: which is informative in determining the DCC between bitcoin and energy commodities?" Journal of Capital Markets Studies 4, no. 1 (July 13, 2020): 77–102. http://dx.doi.org/10.1108/jcms-07-2020-0022.
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PurposeThis paper provides an important perspective to the predictive capacity of Fed and European Central Bank (ECB) meeting dates and production announcements for the dynamic conditional correlation (DCC) between Bitcoin and energy commodities returns and volatilities during the period from August 11, 2015 to March 31, 2018.Design/methodology/approachTo assess empirically the unanticipated component of the US and ECB monetary policy, the authors pursue the Kuttner's approach and use the federal funds futures and the ECB funds futures to assess the surprise component. The authors use the approach of DCC as introduced by Engle (2002) during the period from August 11, 2015 to March 31, 2018.FindingsThe authors’ results suggest strong significant DCCs between Bitcoin and energy commodity markets if monetary policy surprises are incorporated in variance. These results confirmed the financialization of Bitcoin and commodity energy markets. Finally, the DCC between Bitcoin and energy commodity markets appears to respond considerably more in the case of Fed surprises than ECB surprises.Originality/valueThis study is a crucial topic for policymakers and portfolio risk managers.
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Grossule, Edoardo. "Regulatory Strategies towards the Commodity Market Financialization Risk: Position Limits Regime, Transparency and Enforcement Tools." European Business Law Review 30, Issue 2 (April 1, 2019): 319–33. http://dx.doi.org/10.54648/eulr2019015.
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The commodities market sector has been affected by a large financialization process, raising concerns about the role of financial speculation in this sector. Following the broad international mandate of G-20, both US and EU policymakers issued specific provisions for commodity derivatives in order to increase transparency, addressing the turbulence in the commodity markets during the last decade and curbing negative effects of speculation. The article analyses, from an EU perspective, the main regulatory strategies adopted by legislators, focusing in particular on the new position limits’ regime and product intervention. In light of the exemptions to the general regulatory framework in favour of commercial operators, the article highlights how the new set of rules amplifies the role of supervisory authorities, introducing a range of interventionist tools that, ultimately, will determine the effectiveness of the new measures.
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Di Bucchianico, Stefano. "The role of commodity speculation and household debt accumulation during financialization: a Classical-Keynesian analysis." Cambridge Journal of Economics 46, no. 2 (March 1, 2022): 317–40. http://dx.doi.org/10.1093/cje/beac005.
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Abstract In this paper, we present a Classical-Keynesian viewpoint on financialisation grounded on the ‘integrated wage-commodity sector’ model. We focus on two aspects. First, with reference to the case of commodities, we argue that financial speculation in these markets did not affect normal prices but only caused market price short-run deviations. In addition, such speculation is unnecessary and even detrimental to the direct and indirect production of the wage-basket. Thus, financial regulation can restrain it without impairing the capability of the economic system to reproduce itself. Second, we show that the accumulation of household debt can enhance absolute and relative surplus value extraction from workers. This, in turn, positively impacts profitability. But, while absolute surplus value extraction boosts the amount of profit, only relative surplus value extraction increases the normal rate of profit.
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Galán-Gutiérrez, Juan Antonio, and Rodrigo Martín-García. "Fundamentals vs. Financialization during Extreme Events: From Backwardation to Contango, a Copper Market Analysis during the COVID-19 Pandemic." Mathematics 10, no. 4 (February 11, 2022): 559. http://dx.doi.org/10.3390/math10040559.
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The COVID-19 pandemic has shocked commodities markets in general and base metals markets in particular. The market turmoil made it very difficult to act in the physical market, given the impossibility of establishing or maintaining physical and/or financial positions in a context of high uncertainty. This has happened both in different moments of the development of the pandemic and in geographically different frames. That is why this contribution tries to explain the evolution of warehouses and copper price structure and its utility for hedging in the context of an extreme event. To that end, Granger causality has been used to test whether, during the COVID-19 first wave, the pandemic evolution is cointegrated on one hand with copper futures price structure and, on the other, with the incremental levels of copper stocks. Using 102 official copper prices on London Metal Exchange (LME) trading days, between 13 January 2020 and 5 June 2020 (once the most severe effects of the first wave had been overcome), it was demonstrated that, during the first COVID-19 wave in Europe, the weekly death index variation was cointegrated with the copper future price structure. It has been proven that, in this timelapse, contango in futures price structure has increased its value, and the incremental levels of stock in copper LME warehouses are linked with a stable contango structure. In short, we find that fundamental market effects predominate, in a context in which commodities used to be more financialized. This leads market players, such as traders, miners, and transformers, to move exposures in their hedging structures, under such extreme event situations, in favor of or against either contango or backwardation, so as to derive value from them.
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Marx, Nick. "Home Economics: Sitcom Capitalism, Conservative Comedy, and Media Conglomeration in Post-Network Television." Communication, Culture and Critique 15, no. 1 (January 6, 2021): 21–35. http://dx.doi.org/10.1093/ccc/tcab065.
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Abstract This article argues that conservative comedy has become a considerable cultural force in the service of not only achieving political outcomes, but also protecting the wealth and class privileges of America’s right-wing elite. It surveys the scholarly conversation on the politics of American sitcoms, noting how existing research has only provided a partial accounting of conservatism in television comedy. It expands the notion of conservative comedy by considering the sitcom Last Man Standing’s (LMS) place in post-network television, an industry increasingly driven by financialization, corporate consolidation, and the tendency to treat intellectual property—i.e., television shows themselves—as commodities. Finally, it examines several key episodes from LMS centered on property ownership, financial struggle, and precarious labor. The program works to normalize conservative ideologies about these subjects, seamlessly resolving their tensions by making the wisdom of the show’s patriarch and that of free market capitalism one and the same.
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Goldfarb, Yamila. "EXPANSÃO DA SOJA E FINANCEIRIZAÇÃO DA AGRICULTURA COMO EXPRESSÕES RECENTES DO REGIME ALIMENTAR CORPORATIVO NO BRASIL E NA ARGENTINA: O EXEMPLO DA CARGILL. Soy expansion and agricultural financialization like recent expressions of the corporative..." REVISTA NERA, no. 28 (December 3, 2015): 32–67. http://dx.doi.org/10.47946/rnera.v0i28.3990.
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No presente artigo analisaremos como as políticas neoliberais terminaram por estimular a produção de commodities, em especial a soja, e como isso fez com que as grandes corporações aumentassem suas atividades e sua influência sobre os territórios do Brasil e da Argentina. Veremos ainda como a partir da década de 2000, a produção de commodities ganha um novo impulso, em particular no caso da soja e como novos sujeitos desse boom passam a entrar em cena. O caso da soja é um dos exemplos que nos permite afirmar que a partir da era neoliberal tem início um novo padrão de circulação dos alimentos no mundo, definindo o que podemos chamar de Regime Alimentar Corporativo para o qual, mais tarde, dado o poder de atuação de grupos de investimento, passamos a propor a nomenclatura, Regime Alimentar Corporativo Financeirizado.
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Kim, Hyun Gyung. "The Korean Wave celebrity and the birth of the K-drama conglomerate." East Asian Journal of Popular Culture 6, no. 2 (August 1, 2020): 223–38. http://dx.doi.org/10.1386/eapc_00027_1.
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Existing research on Korean Wave celebrities has focused on their transnational character at the expense of a thorough consideration of the phenomena’s emergence as part of the wider transformation of the Korean broadcasting and entertainment industry. This article draws on the analysis of existing literature and in-depth interviews to demonstrate that Korean Wave celebrity emerges as a result of the flexibilization in the Korean television drama industry’s production process, which in turn is the product of globalization and financialization of the Korean broadcasting industry from the late 1980s and 1990s, respectively. The combined effects of these processes led to the creation of the K-drama conglomerate. Korean Wave celebrity is central to this system, with the celebrity image functioning as fixed capital and rendering invisible the very real labour performed within the K-drama conglomerate. That being so, the K-drama conglomerate and the Korean Wave celebrity are excellent examples of capitalism’s latest manoeuvre: the creation of intangible commodities capable of expanding the channels of profit by attracting attention and rendering related labour invisible.
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Derbali, Abdelkader, Shan Wu, and Lamia Jamel. "OPEC news and predictability of energy futures returns and volatility: evidence from a conditional quantile regression." Journal of Economics, Finance and Administrative Science 25, no. 50 (May 1, 2020): 239–59. http://dx.doi.org/10.1108/jefas-05-2019-0063.
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Purpose This paper aims to provide an important perspective to the predictive capacity of Organization of the Petroleum Exporting Countries (OPEC) meeting dates and production announcements for energy futures (crude oil West Texas Intermediate (WTI), gasoline reformulated gasoline blendstock for oxygen blending (RBOB), Brent oil, London gas oil, natural gas and heating oil) market returns and volatilities. Design/methodology/approach To examine the impact of OPEC news on energy futures market returns and volatilities, the authors use a conditional quantile regression methodology during the period from April 01, 2013 to June 30, 2017. Findings From the empirical findings, the authors show a conditional dependence between energy futures returns and OPEC-based predictors; hence, the authors can find clear the significance of relationship in the process of financialization of the OPEC announcements and energy futures in the case of this paper. From the quantile-causality test, the authors find that the effect of OPEC news is important to energy futures. Specifically, OPEC announcements dates predict the quantiles of the conditional distribution of energy futures market returns. Originality/value The authors confirm the presence of unidirectional nexus between OPEC news and energy commodities futures in the long term.
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Liberda, Matěj. "Mixed-frequency Drivers of Precious Metal Prices." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 65, no. 6 (2017): 2007–15. http://dx.doi.org/10.11118/actaun201765062007.
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Lack of intrinsic value, hybrid nature of commodities and recent financialization of commodity markets make of understanding precious metals price moves complicated. Predicting future development of precious metals market can be more feasible if we discover what drives these markets and describe nature of the drivers. The aim of the paper is to explain metal price movements by assessing an impact of multiple economic and financial factors. Based on the literature review we study 8 possible macroeconomic and financial drivers. The data are collected from Bloomberg. We use mixed-data-sampling methodology that enables me to study drivers of various frequencies (daily and monthly) simultaneously in a single model. Results show that the interest rate, the exchange rate, stock levels, stock index returns and crude oil returns are generally significant to drive precious metal markets. The stock index has the most significant impact on the metals returns that is negative. Furthermore, the results divide precious metals into two groups with gold and silver on the one hand and platinum and palladium on the other. The first group is worse explained by considered drivers. Moreover, the interest rate does not have any impact on the price development of gold and silver and crude oil returns influence the pair negatively, contrary to the second pair of platinum and palladium.
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Huyssen, David. "From Socialism to Hedge Fund: The Human Element and the New History of Capitalism." Journal of World-Systems Research 21, no. 2 (August 31, 2015): 287–312. http://dx.doi.org/10.5195/jwsr.2015.9.
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Alfred Winslow Jones was a socialist who founded the first hedge fund in 1949. He had been U.S. Vice Consul in Berlin from 1931 to 1932, Soviet sympathizer and anti-Nazi spy with dissident German communists, humanitarian observer during the Spanish Civil War, acclaimed sociologist of class, and an editor for Fortune magazine. At every stage of his life, Jones occupied positions of advantage, and his invention of the modern hedge fund has had an outsized impact on global capitalism’s contemporary round of financialization. On its face, then, his life would appear to offer ideal material for a “great-man” biography. Yet this “great man” also wrestled with the continual recognition that structural forces were undermining his fondest hopes for social change. Following Georgi Derluguian, Giovanni Arrighi, and Marc Bloch, this article proposes a world-system biography of Jones as a method better suited for mapping the internal dialectics of twentieth-century capitalism, using Jones as a human connection between cyclical and structural transformations of capitalism, and across changes of phase from financial to material expansion—and back again. On another level, it suggests a theoretical reorientation—toward what Bloch called “the human element”—for studies of capitalism’s cultural and material history. It argues that such a reorientation would hold rewards for the “new history of capitalism” field, which until now has pursued its quarry primarily by tracing the movements of commodities, capital, institutions, and ideas.
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Milanez, Bruno, and Rodrigo Salles Pereira dos Santos. "Mineração e captura regulatória: a estratégia da Anglo American em Conceição do Mato Dentro (MG), Brasil." Revista Pós Ciências Sociais 16, no. 32 (January 12, 2020): 69. http://dx.doi.org/10.18764/2236-9473.v16n32p69-91.
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O artigo discute as transformações nos mercados de commodities ao longo das duas últimas décadas, as estratégias corporativas de adaptação a tais mudanças e seus rebatimentos institucionais. O estudo avalia a implantação e a expansão do Projeto Minas-Rio, da Anglo American, em Conceição do Mato Dentro (MG). A pesquisa é baseada em análise documental, observação participante e entrevistas semiestruturadas, e foca em táticas corporativas voltadas parainfluência e controle das instituições e movimentos de contestação, tais como cooptação, controle da informação, judicialização e intimidação. O caso é interpretado como prenúncio da institucionalização da flexibilização do licenciamento ambiental em Minas Gerais. A análise sugere como a fnanceirização vem determinando crescente desterritorialização de empresas extrativas.Palavras-chave: Mineração. Conflitos ambientais. Poder corporativo. Vulnerabilidade institucional. Licenciamento ambiental.MINING INDUSTRY AND REGULATORY CAPTURE: ANGLO AMERICAN’S STRATEGY IN CONCEIÇÃO DO MATO DENTRO (MG), BRAZILAbstractIn the text, we discuss the transformations in commodity markets over the last two decades, the adaptive corporate strategies related to those changes, and their institutional outcomes. The study assesses the implementation and expansion of the Anglo American’s Minas-Rio Project in Conceição do Mato Dentro (MG). The research is based on document analysis, participant observation and semi-structured interviews and focuses on corporate tactics aimed at influencing and controlling state organizations and social movements such as co-optation, information control, prosecution and intimidation. We interpret the case as foreshadowing the institutionalization of relaxation procedures towards environmental licensing in Minas Gerais. Theanalysis suggests how financialization has been driving the increasing deterritorialization of extractive corporations.Keywords: Mining. Environmental conflicts. Corporate power. Institutional vulnerability. Environmental licensing.
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de Paula, Luiz Fernando, Fabiano Santos, and Rafael Moura. "The Developmentalist Project of the PT Governments: An Economic and Political Assessment." Latin American Perspectives 47, no. 2 (March 2020): 8–24. http://dx.doi.org/10.1177/0094582x20907319.
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An analysis of the endogenous and exogenous political and economic factors that conditioned the Partido dos Trabalhadores’s (PT) social-developmentalist project in 2003–2016 in the light of financialization and the “confidence game” conditioned by the volatility of external liquidity and commodities prices concludes that the first Lula administration faced the problem of a crisis of confidence and adopted orthodox policies but was able, with the improvement of international conditions, to launch policies of a more interventionist and distributive trend. Dilma Rousseff, facing a downright unfavorable international context, explicitly broke with the confidence game by applying the policy set of the new macroeconomic matrix. In her second term she radically reversed the policy orientation, moving toward a strong fiscal adjustment and monetary orthodoxy, and this eventually undermined her few sources of political support. The economic crisis from the second half of 2014 on undoubtedly contributed to the political crisis, which in turn made infeasible any attempt to implement policies to reverse the situation of economic crisis. Dilma’s impeachment finally interrupted the PT’s developmentalist project, allowing the emergence of new political actors. Uma análise dos fatores endógenos e exógenos, políticos e econômicos que condicionaram o projeto social-desenvolvimentista do Partido dos Trabalhadores (PT) em 2003–2016 à luz da financeirização e do “confidence game” condicionado pela volatilidade dos ciclos externos de liquidez e preços de commodities conclui que o primeiro governo Lula enfrentou o problema de crise de confiança e adotou políticas ortodoxas, mas pôde, com a melhoria nas condições internacionais, adotar políticas de perfil mais intervencionista e redistributivista. Já Dilma Rousseff, embora enfrentando contexto internacional francamente desfavorável, rompe explicitamente com o “confidence game” ao assumir o conjunto de políticas da Nova Matriz Macroeconômica. Na transição do primeiro para o segundo mandato, Dilma inverteu radicalmente a orientação das políticas, partindo para um forte ajuste fiscal e a ortodoxia monetária, o que acabou minando os poucos focos de sustentação política com os quais contava na sociedade. A crise econômica a partir do segundo semestre de 2014 sem dúvida contribuiu para dar origem à crise política, e esta por sua vez inviabilizou qualquer tentativa de implementação de políticas para reverter o quadro de crise econômica. O impeachment de Dilma, por fim, interrompe o projeto desenvolvimentista do PT, permitindo a emergência de novos atores políticos.
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Araújo, Daniel Féo Castro de, and Fernando Luiz Araújo Sobrinho. "A DINÂMICA DO SETOR SUCROENERGÉTICO NO TRIÂNGULO MINEIRO/ALTO PARANAÍBA." Revista Cerrados 18, no. 01 (June 26, 2020): 248–77. http://dx.doi.org/10.46551/rc24482692202001.
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No início do século XXI, o agronegócio sucroenergético teve forte expansão no território brasileiro, especialmente nas regiões que estão no domínio morfoclimático do Cerrado, em função da construção de novas Unidades Agroindustriais Sucroenergéticas (UAS) e dos processos de financeirização e centralização do capital. O objetivo deste artigo é analisar o processo de modernização da cultura canavieira na produção agrícola na mesorregião Triângulo Mineiro/Alto Paranaíba. Para a realização da pesquisa, fizeram-se imprescindíveis os seguintes passos metodológicos: a) levantamento bibliográfico, leituras de material acadêmico já publicado sobre o tema (teses e dissertações, livros, periódicos, dentre outros) através de levantamento bibliográfico temático (específico sobre o setor sucroenergético e a cultura canavieira); b) pesquisa em campo que consistiu em levantamento, exame e organização de dados secundários da produção e da situação econômico-financeira das empresas, assim como de bases de dados do Instituto Brasileiro de Geografia e Estatística (IBGE).O Brasil se consolidou nas últimas décadas como uma das modernas fronteiras de expansão agrícola e agroexportador de produtos ligados ao agronegócio, especialmente no período pós - anos 2000, sob o paradigma da agricultura científica globalizada. Um conjunto de circunstâncias favoráveis, tanto técnica e político-econômica provocaram uma nova organização do setor, pautada na internacionalização do mercado e na difusão de inovações científico-tecnológicas, confirmando o caráter mais corporativo do território e a procura de novas áreas estratégicas. Concluímos que, a partir da organização dos dados e informações coletadas, o Triângulo Mineiro/Alto Paranaíba se tornou nas últimas décadas uma importante Região Produtiva do Agronegócio impactando as relações e o mercado de trabalho, os fluxos migratórios, os municípios aonde a atividade se implantou, a articulação da região as redes de produção global, bem como questões ambientais decorrentes da produção em larga escala. Palavras-chave: Modernização da agricultura. Agronegócio. Commodities. Globalização. Triângulo Mineiro/Alto Paranaíba. THE DYNAMICS OF THE SUCROENERGETIC SECTOR IN THE TRIÂNGULO MINEIRO/ALTO PARANAÍBA ABSTRACT At the beginning of the 21st century, sugar-energy agribusiness had a strong expansion in the Brazilian territory, especially in the regions that are in the Cerrado's morphoclimatic domain, due to the construction of new Agroindustrial Sucroenergetic Units (UAS) and the processes of financialization and centralization of capital. The objective of this article is to analyze the process of modernization of the sugarcane culture in agricultural production in the Triângulo Mineiro / Alto Paranaíba mesoregion. To carry out the research, the following methodological steps were essential: a) bibliographic survey, readings of academic material already published on the topic (theses and dissertations, books, periodicals, among others) through a thematic bibliographic survey (specific about the sugar-energy sector and sugar cane culture); b) field research that consisted of surveying, examining and organizing secondary data on the production and economic and financial situation of companies, as well as databases from the Brazilian Institute of Geography and Statistics (IBGE). decades as one of the modern frontiers of agricultural expansion and agroexporter of products linked to agribusiness, especially in the post - 2000s period, under the paradigm of globalized scientific agriculture. A set of favorable circumstances, both technical and political-economic, provoked a new organization of the sector, based on the internationalization of the market and the diffusion of scientific and technological innovations, confirming the more corporate character of the territory and the search for new strategic areas. We conclude that, based on the organization of the data and information collected, the Triângulo Mineiro / Alto Paranaíba has become an important Agribusiness Productive Region in the last decades, impacting relations and the labor market, migratory flows, the municipalities where the activity was implemented , the articulation of the region with global production networks, as well as environmental issues arising from large-scale production. Keywords: Modernization of agriculture. Agribusiness. Commodities. Globalization. Triângulo Mineiro/Alto Paranaíba. LA DINÁMICA DEL SECTOR SUCROENERGETICO EM TRIÂNGULO MINEIRO/ALTO PARANAÍBA RESUMEN A principios del siglo XXI, los agronegocios de energía azucarera tuvieron una fuerte expansión en el territorio brasileño, especialmente en las regiones que se encuentran en el dominio morfoclimático del Cerrado, debido a la construcción de nuevas Unidades Agroindustriales de Energía de Azúcar (UAS) y los procesos de financiarización y centralización del capital. El objetivo de este artículo es analizar el proceso de modernización del cultivo de la caña de azúcar en la producción agrícola en la mesorregión Triângulo Mineiro / Alto Paranaíba. Para llevar a cabo la investigación, los siguientes pasos metodológicos fueron esenciales: a) encuesta bibliográfica, lecturas de material académico ya publicado sobre el tema (tesis y disertaciones, libros, publicaciones periódicas, entre otros) a través de una encuesta bibliográfica temática (específica sobre el sector de energía azucarera y cultivo de caña de azúcar); b) investigación de campo que consistió en encuestar, examinar y organizar datos secundarios sobre la producción y la situación económica y financiera de las empresas, así como bases de datos del Instituto Brasileño de Geografía y Estadística (IBGE). décadas como una de las fronteras modernas de la expansión agrícola y la agroexportadora de productos vinculados a la agroindustria, especialmente en el período posterior a la década de 2000, bajo el paradigma de la agricultura científica globalizada. Un conjunto de circunstancias favorables, tanto técnicas como político-económicas, provocaron una nueva organización del sector, basada en la internacionalización del mercado y la difusión de innovaciones científicas y tecnológicas, confirmando el carácter más corporativo del territorio y la búsqueda de nuevas áreas estratégicas. Concluimos que, en base a la organización de los datos y la información recopilada, el Triângulo Mineiro / Alto Paranaíba se ha convertido en una importante región productiva de agronegocios en las últimas décadas, impactando las relaciones y el mercado laboral, los flujos migratorios, los municipios donde se implementó la actividad. , la articulación de la región con las redes mundiales de producción, así como los problemas ambientales derivados de la producción a gran escala. Palabras-clave: Modernização da agricultura. Agronegócio. Commodities. Globalização. Triângulo Mineiro/Alto Paranaíba.
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Baker, Steven D. "The Financialization of Storable Commodities." Management Science, May 28, 2020. http://dx.doi.org/10.1287/mnsc.2019.3445.
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I solve a dynamic equilibrium model of commodity spot and futures prices, incorporating an active futures market, heterogeneous risk-averse participants, and storage. When calibrated to data from the crude oil market, the model implies that financialization reduces the futures risk premium and increases correlation between futures open interest and the spot price level. However, there is no long-run increase in the mean spot price, and speculative storage generally attenuates financialization’s effect on spot price volatility. Therefore, financialization’s effect on spot price dynamics through storage arbitrage is likely modest, even if futures positions and risk premia are substantially altered. This paper was accepted by Gustavo Manso, finance.