Global Commodity Markets - Price Volatility and Financialisation
A significant increase in the level and volatility of many commodity prices over the past decade has led to a debate about what has driven these developments. A particular focus has been on the extent to which they have been driven by increased financial investment in commodity derivatives markets. This article examines the factors behind the increase in the level and volatility of commodity prices. The available evidence suggests that while financial investors can affect the short-run price dynamics for some commodities, the level and volatility of commodity prices appear to be primarily determined by fundamental factors.
Volume (Year): (2011)
Issue (Month): (June)
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"The Long-Run Behavior of Commodity Prices: Small Trends and Big Variability,"
IMF Staff Papers,
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- Peter C. B. Phillips & Jun Yu, 2009. "Dating the Timeline of Financial Bubbles During the Subprime Crisis," Finance Working Papers 23051, East Asian Bureau of Economic Research.
- Vanessa Rayner & Emily Laing & Jamie Hall, 2011. "Developments in Global Food Prices," RBA Bulletin, Reserve Bank of Australia, pages 15-22, March.
- Ke Tang & Wei Xiong, 2010. "Index Investment and Financialization of Commodities," NBER Working Papers 16385, National Bureau of Economic Research, Inc. Full references (including those not matched with items on IDEAS)
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