| 来源类型 | Energy Comments
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| 规范类型 | 评论
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| Financialization in Oil Markets – lessons for policy |
| Bassam Fattouh; Lavan Mahadeva
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| 发表日期 | 2012-12-04
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| 出版年 | 2012
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| 页码 | 9
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| 语种 | 英语
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| 概述 | In the last decade, purely financial players with no interest in the physical commodity such as hedge funds, pension funds, insurance companies, and retail investors have become more prominent in oil futures and derivatives markets. In parallel, there has been an explosion in the variety of instruments that permit speculation in oil. These movements in […] |
| 摘要 | In the last decade, purely financial players with no interest in the physical commodity such as hedge funds, pension funds, insurance companies, and retail investors have become more prominent in oil futures and derivatives markets. In parallel, there has been an explosion in the variety of instruments that permit speculation in oil. These movements in financial participation bear some rough relation to the oil price. Some have been led to conclude that greater financial participation has changed oil price behaviour. There have even been calls for policy intervention to limit financial participation in oil per se.
In this comment, we discuss recent research on whether underlying changes in the incentives and constraints of purely financial players could have interfered with the workings of the oil market. We find no support for the view that greater financialization has had an important effect on oil market variables and harmed final consumers. In contrast, shifts expectations of supply and demand can have important impacts on prices, spreads, welfare, and even on financial market participation. Therefore, before oil financial market policies are contemplated, it is crucial in the first instance to identify the channels through which financialization can result in market failure. |
| 主题 | Energy Economics
; Finance
; Oil
; Oil & Middle East Programme
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| 关键词 | speculation
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| URL | https://www.oxfordenergy.org/publications/financialization-in-oil-markets-lessons-for-policy/
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| 来源智库 | Oxford Institute for Energy Studies (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/312239
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推荐引用方式
GB/T 7714 |
Bassam Fattouh,Lavan Mahadeva. Financialization in Oil Markets – lessons for policy. 2012.
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文件名：
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Financialization-in-oil-markets.pdf
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格式：
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Adobe PDF
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