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Does It Matter Who Trades Energy Derivatives?

Author

Listed:
  • Bahattin Büyüksahin

    (Oil Industry and Markets Division, International Energy Agency (IEA-OECD))

  • Michel A. Robe

    (Kogod School of Business, American University)

Abstract

In the past decade, financial institutions have assumed an ever greater role in energy derivatives (or “paper”) markets. Numerous recent studies provide novel evidence of this “financialization” and analyze the extent to which it helps explain an important aspect of the distribution of energy returns. In this paper, we summarize their findings, identify some questions that remain unanswered, and discuss what data or theoretical breakthroughs could shed light on those issues.

Suggested Citation

  • Bahattin Büyüksahin & Michel A. Robe, 2012. "Does It Matter Who Trades Energy Derivatives?," Review of Environment, Energy and Economics - Re3, Fondazione Eni Enrico Mattei, March.
  • Handle: RePEc:fem:femre3:2012.03-01
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    Cited by:

    1. Gonzalo Cortazar & Ivo Kovacevic & Eduardo S. Schwartz, 2013. "Commodity and Asset Pricing Models: An Integration," NBER Working Papers 19167, National Bureau of Economic Research, Inc.
    2. Matteo Manera, 2013. "Introduction to a Special issue on "Financial Speculation in the Oil Markets and the Determinants of the Price of Oil"," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).

    More about this item

    Keywords

    Financial Institutions; Energy Derivatives; Speculation; Financialization; Cross-Market Linkages;

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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