IDEAS home Printed from https://ideas.repec.org/p/zbw/mlucee/201212.html

Ethik der Spekulation: Wie (un-)moralisch sind Finanzmarktgeschäfte mit Agrarrohstoffen? Ein ausführliches Interview mit einem Ausblick auf die Rolle zivilgesellschaftlicher Organisationen

Author

Listed:
  • Pies, Ingo

Abstract

Aus einer wirtschaftsethischen Perspektive setzt sich der vorliegende Beitrag kritisch mit dem von zivilgesellschaftlichen Organisationen erhobenen Vorwurf auseinander, dass Indexfonds durch ihre Finanzmarktspekulationen mit Agrarrohstoffen die Nahrungsmittelkrise der Jahre 2007 und 2008 verursacht haben sollen. Die theoretischen und empirischen Gegenargumente der ökonomischen Fachliteratur werden allgemeinverständlich dargestellt. Darauf aufbauend werden zehn Thesen entwickelt, die den Vorwurf als Fehl-Alarm zurückweisen und die Rolle der Zivilgesellschaft zur Förderung gesellschaftlicher Lernprozesse ausleuchten.

Suggested Citation

  • Pies, Ingo, 2012. "Ethik der Spekulation: Wie (un-)moralisch sind Finanzmarktgeschäfte mit Agrarrohstoffen? Ein ausführliches Interview mit einem Ausblick auf die Rolle zivilgesellschaftlicher Organisationen," Discussion Papers 2012-12, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    • Handle: RePEc:zbw:mlucee:201212
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/170370/1/dp2012-12.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Robles, Miguel & Torero, Maximo & von Braun, Joachim, 2009. "When speculation matters," Issue briefs 57, International Food Policy Research Institute (IFPRI).
    2. Scott H. Irwin & Dwight R. Sanders, 2010. "The Impact of Index and Swap Funds on Commodity Futures Markets: Preliminary Results," OECD Food, Agriculture and Fisheries Papers 27, OECD Publishing.
    3. Irwin, Scott H. & Sanders, Dwight R., 2012. "Testing the Masters Hypothesis in commodity futures markets," Energy Economics, Elsevier, vol. 34(1), pages 256-269.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Boyd, Naomi E. & Harris, Jeffrey H. & Li, Bingxin, 2018. "An update on speculation and financialization in commodity markets," Journal of Commodity Markets, Elsevier, vol. 10(C), pages 91-104.
    2. Mayer, Herbert & Rathgeber, Andreas & Wanner, Markus, 2017. "Financialization of metal markets: Does futures trading influence spot prices and volatility?," Resources Policy, Elsevier, vol. 53(C), pages 300-316.
    3. Duc Huynh, Toan Luu & Burggraf, Tobias & Nasir, Muhammad Ali, 2020. "Financialisation of natural resources & instability caused by risk transfer in commodity markets," Resources Policy, Elsevier, vol. 66(C).
    4. Ludwig, Michael, 2019. "Speculation and its impact on liquidity in commodity markets," Resources Policy, Elsevier, vol. 61(C), pages 532-547.
    5. Algieri, Bernardina, 2012. "Price Volatility, Speculation and Excessive Speculation in Commodity Markets: sheep or shepherd behaviour?," Discussion Papers 124390, University of Bonn, Center for Development Research (ZEF).
    6. Nicole M. Aulerich & Scott H. Irwin & Philip Garcia, 2014. "Bubbles, Food Prices, and Speculation: Evidence from the CFTC's Daily Large Trader Data Files," NBER Chapters, in: The Economics of Food Price Volatility, pages 211-253, National Bureau of Economic Research, Inc.
    7. Will, Matthias Georg & Prehn, Sören & Pies, Ingo & Glauben, Thomas, 2012. "Schadet oder nützt die Finanzspekulation mit Agrarrohstoffen? Ein Literaturüberblick zum aktuellen Stand der empirischen Forschung," Discussion Papers 2012-26, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    8. Martin T. Bohl & Martin Stefan, 2020. "Return dynamics during periods of high speculation in a thinly traded commodity market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(1), pages 145-159, January.
    9. Huang, Wen & Huang, Zhuo & Matei, Marius & Wang, Tianyi, 2012. "Price Volatility Forecast for Agricultural Commodity Futures： The Role of High Frequency Data," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 83-103, December.
    10. van Huellen, Sophie, 2019. "Price discovery in commodity futures and cash markets with heterogeneous agents," Journal of International Money and Finance, Elsevier, vol. 95(C), pages 1-13.
    11. Steinhübel, Linda & Prehn, Sören & Brümmer, Bernhard & Pies, Ingo & Will, Matthias Georg, "undated". "The impact of index funds on grain futures markets revisited," 2017 International Congress, August 28-September 1, 2017, Parma, Italy 261428, European Association of Agricultural Economists.
    12. Benoît Guilleminot & Jean-Jacques Ohana & Steve Ohana, 2014. "The interaction of speculators and index investors in agricultural derivatives markets," Agricultural Economics, International Association of Agricultural Economists, vol. 45(6), pages 767-792, November.
    13. Irwin, Scott H., 2012. "Does the Masters Hypothesis Explain Recent Food Price Spikes?," Working Papers 126944, Structure and Performance of Agriculture and Agri-products Industry (SPAA).
    14. Pop Larisa Nicoleta, 2015. "Examining The Price Volatility On Agricultural Markets – Challenges And Implications Of The Current Economic Outline," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 15-20, June.
    15. Scott H. Irwin & Dwight R. Sanders, 2011. "Index Funds, Financialization, and Commodity Futures Markets," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(1), pages 1-31.
    16. Emiliano Magrini & Ayca Donmez, 2013. "Agricultural Commodity Price Volatility and Its Macroeconomic Determinants: A GARCH-MIDAS Approach," JRC Research Reports JRC84138, Joint Research Centre.
    17. Etienne, Xiaoli L. & Irwin, Scott H., 2013. "Bubbles in Grain Futures Markets: When are They Most Likely to Occur?," 2013 Conference, April 22-23, 2013, St. Louis, Missouri 285803, NCR-134/ NCCC-134 Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    18. Martin T. Bohl & Pierre L. Siklos & Claudia Wellenreuther, 2018. "Speculative Activity and Returns Volatility of Chinese Major Agricultural Commodity Futures," CAMA Working Papers 2018-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    19. Algieri, Bernardina, 2013. "A Roller Coaster Ride: an empirical investigation of the main drivers of wheat price," Discussion Papers 145556, University of Bonn, Center for Development Research (ZEF).
    20. Pies, Ingo, 2012. "Die zivilgesellschaftliche Kampagne gegen Finanzspekulationen mit Agrarrohstoffen: Eine wirtschaftsethische Stellungnahme," Discussion Papers 2012-23, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:mlucee:201212. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/wwhalde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.