| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23766 |
| 来源ID | Working Paper 23766 |
| Financialization in Commodity Markets | |
| V.V. Chari; Lawrence Christiano | |
| 发表日期 | 2017-09-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Recent experience has given rise to the financialization view: increased trading in commodity futures markets leads to an increase in the level and volatility of spot prices. We construct a large panel data set which includes commodities with and without futures markets. The data do not support the financialization view. We also find that futures returns are positively correlated with open interest and not correlated with net financial flows. The facts on spot and futures prices and volume necessitate a new view, which we develop, of the economic role of futures markets. Our model is consistent with the key facts. |
| 主题 | Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w23766 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581440 |
| 推荐引用方式 GB/T 7714 | V.V. Chari,Lawrence Christiano. Financialization in Commodity Markets. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23766.pdf（5082KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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