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Schadet oder nützt die Finanzspekulation mit Agrarrohstoffen? Ein Literaturüberblick zum aktuellen Stand der empirischen Forschung

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  • Will, Matthias Georg
  • Prehn, Sören
  • Pies, Ingo
  • Glauben, Thomas

Abstract

Dieser Literaturüberblick wertet 35 Forschungsarbeiten aus, die zwischen 2010 und 2012 veröffentlicht wurden und den Einfluss der Finanzspekulation auf die Agrarrohstoffmärkte empirisch untersuchen: Gemäß aktuellem Erkenntnisstand spricht wenig für die Auffassung, dass die Zunahme der Finanzspekulation in den letzten Jahren (a) das Niveau bzw. (b) die Volatilität der Preise für Agrarrohstoffe hat ansteigen lassen. Hierfür waren vielmehr realwirtschaftliche Faktoren verantwortlich. Deshalb sind die wissenschaftlichen Studien mehrheitlich nicht dafür, sondern dagegen, (c) regulatorische Marktzutrittsbarrieren zu errichten. Insofern ist der zivilgesellschaftliche Alarm zur Finanzspekulation als Fehl-Alarm einzustufen: Wer den Hunger in der Welt wirksam bekämpfen will, muss realwirtschaftlich dafür Sorge tragen, dass das Angebot an Nahrungsmitteln mit der auf absehbare Zeit steigenden Nachfrage Schritt halten kann.

Suggested Citation

  • 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.
    • Handle: RePEc:zbw:mlucee:201226
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    More about this item

    Keywords

    Finanzspekulation; Terminmarkt; Agrarrohstoffe; Regulierung; Positions-Limits; Transaktionssteuer; Volatilität; Preisniveau; Financial Speculation; Futures Market; Agricultural Commodities; Regula-tion; Position Limits; Transaction Tax; Volatility; Price Level;
    All these keywords.

    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy

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