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The Impact Of Speculation On Commodity Futures A Review Of The Findings Of 100 Empirical Studies
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Book Synopsis The Impact of Speculation on Commodity Futures - A Review of the Findings of 100 Empirical Studies by : Marco Haase
Download or read book The Impact of Speculation on Commodity Futures - A Review of the Findings of 100 Empirical Studies written by Marco Haase and published by . This book was released on 2016 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are numerous empirical studies on the impact of speculation on commodity futures prices. The papers strongly differ in terms of the focus variable (e.g. price, volatility, spillover effects) of speculative effects, the speculation measure used, and their methodological sophistication and quality. We review and evaluate the methodology and results of 100 papers which have been published (or are at least frequently quoted) on this subject over the past decade. While the overall picture indicates that the number of studies which report reinforcing and weakening effects is about the same, the results shift in favor of finding (clear or mixed) weakening effects if studies use direct measures of speculation.
Book Synopsis Does Speculation Drive Commodity Prices? Evidence from the Market for Corn by : Niklas Humann
Download or read book Does Speculation Drive Commodity Prices? Evidence from the Market for Corn written by Niklas Humann and published by GRIN Verlag. This book was released on 2021-09-22 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Economics - Finance, grade: 1,0, University of Münster, language: English, abstract: This seminar paper reviews the literature on futures markets as well as the recent food crisis and presents an empirical investigation of the influence of (index) speculation on the corn price. My findings are in line with most of the other empirical conclusions that, rather than speculation, factors from the real and monetary economy played a role in the spike of commodity prices. For centuries, corn has been one of the most produced crops in the world, used to feed people, livestock and machines. During the last quarter of the twentieth-century, world food prices declined by more than 50 percent, thereby improving the nourishment of people all over the world. However, this extensive decline also raised calls for protectionist policies, aimed at defending the welfare of commodity producers. Starting in the early 2000s, all classes of commodities have experienced hefty price increases. The price for corn increased by more than 250 percent in roughly three years (2005-2008). The resulting food crisis devastated low-income communities around the globe, with the already large part of their income they spent on food becoming even more substantial, causing hunger and malnutrition. While a variety of explanations for this crisis have been offered, some were quick to blame excessive (index) speculation.
Book Synopsis Speculation by Commodity Index Funds by : Scott H. Irwin
Download or read book Speculation by Commodity Index Funds written by Scott H. Irwin and published by CABI. This book was released on 2023-04-25 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodity futures prices exploded in 2007-2008 and concerns about a new type of speculative participant in commodity futures markets began to emerge. The main argument was that unprecedented buying pressure from new "commodity index" investors created massive bubbles that resulted in prices substantially exceeding fundamental value. At the time, it was not uncommon to link concerns about speculation and high prices to world hunger, food crises, and civil unrest. Naturally, this outcry resulted in numerous regulatory proposals to restrict speculation in commodity futures markets. This book presents important research on the impact of index investment on commodity futures prices that the authors conducted over the last fifteen years. The eleven articles presented in the book follow the timeline of our involvement in the world-wide debate about index funds as it evolved after 2007. We also include an introductory chapter, new author forewords for each article chapter, and a lessons learned chapter to round out the book. Policy-makers, researchers, and market participants will find the book not only functions as useful documentation of the debate; but, also as a natural starting point when high commodity prices inevitably create the next speculation backlash.
Download or read book Commodities written by H. Kent Baker and published by Oxford University Press. This book was released on 2018-03-06 with total page 681 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodities: Markets, Performance, and Strategies provides a comprehensive view of commodity markets by describing and analyzing historical commodity performance, vehicles for investing in commodities, portfolio strategies, and current topics. It begins with the basics of commodity markets and various investment vehicles. The book then highlights the unique risk and return profiles of commodity investments, along with the dangers from mismanaged risk practices. The book also provides important insights into recent developments, including high frequency trading, financialization, and the emergence of virtual currencies as commodities. Readers of Commodities: Markets, Performance, and Strategies can gain an in-depth understanding about the multiple dimensions of commodity investing from experts from around the world. Commodity markets can be accessed with products that create unique risk and return dynamics for investors worldwide. The authors provide insights in a range of areas, from the economics of supply and demand for individual physical commodities through the financial products used to gain exposure to commodities. The book balances useful practical advice on commodity exposure while exposing the reader to various pitfalls inherent in these markets. Readers interested in a basic understanding will benefit as will those looking for more in-depth presentations of specific areas within commodity markets. Overall, Commodities: Markets, Performance, and Strategies provides a fresh look at the myriad dimensions of investing in these globally important markets.
Book Synopsis The Influence of Commodity Speculation on Commodity Price Development by : Nicolas Schreiber
Download or read book The Influence of Commodity Speculation on Commodity Price Development written by Nicolas Schreiber and published by GRIN Verlag. This book was released on 2016-07-15 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelorarbeit aus dem Jahr 2014 im Fachbereich BWL - Bank, Börse, Versicherung, Johann Wolfgang Goethe-Universität Frankfurt am Main, Sprache: Deutsch, Abstract: Commodity prices have been rising significantly since the early 2000s with price growth reaching its fastest pace between 2006 and 2008. While nearly all commodities were hit by the aforementioned price spikes, price spikes where particularly pronounced for mineral commodities. For the most part of recent research two different approaches are applied to measure the impact of speculation on price development. The first one examines if there is any change in commodity price development due to the aforementioned increased financialization of commodity markets, whereas the second one compares the behavior of commodity prices with and without an existing futures market. This thesis combines both approaches and tests the hypotheses that either the first-time introduction of derivatives or the introductions of regulatory governmental acts that facilitate speculative index investment in commodities have significant effects on commodity price development by the example of copper traded on US-based exchanges. For this purpose, relevant copper price characteristics will be analyzed before and after possibly speculation-conducive events (i.e. the introduction of copper futures trading and two selected acts) for the period from 1971 to 2010. Furthermore, following Tang and Xiong (2012), this thesis examines if the introduction of governmental acts of the aforementioned type induces an increased market integration of non-energy commodity markets. This is of particular interest as market integration can at times induce increased volatility spillovers between the respective markets (Tang & Xiong, 2012). The first part of this work gives a short overview of the technical background necessary to understand the relationship between commodity prices and speculation. The second part provides a general review of related literature and research on the relationship between commodity prices and speculation. The third part focuses on the methodology of the empirical analysis. The fourth part of this work presents the results and is followed by the conclusion in part five.
Book Synopsis An Empirical Investigation Into the Effects of Margin Requirements in Organized Commodity Futures Markets by : Wesley George McCain
Download or read book An Empirical Investigation Into the Effects of Margin Requirements in Organized Commodity Futures Markets written by Wesley George McCain and published by . This book was released on 1969 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does speculation with agricultural commodity futures cause price bubbles in the event of negative production shocks? by : Tobias Thürer
Download or read book Does speculation with agricultural commodity futures cause price bubbles in the event of negative production shocks? written by Tobias Thürer and published by Logos Verlag Berlin GmbH. This book was released on 2016-02-05 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the mid 2000s, an increasing financialization of commodity futures markets is taking place. This has fueled an ongoing discussion about the effect of financial investments on the development of commodity prices. Against this background, the trading activities of financial speculators also come to the fore. There is the concern that such speculators can cause irrational overshootings of agricultural commodity prices, e.g. in the event of global production shocks. In such an event the decrease of total supply induces a price surge menacing food security in developing countries. Yet, the question emerges whether speculation aggravates this price increase, eventually inducing a price bubble. The relevance of this concern is reinforced by the fact that due to climate change an increased frequency and severity of global agricultural production shortfalls is at stake. If speculation evokes an additional threat to food security in the event of a production shock, the political agenda should not be confined to focus solely on the adaptation to climate change. Instead, it is then also necessary to address speculative activities on agricultural commodity markets. This book scrutinises whether speculative bubbles can be identified in the event of severe global production shocks. For this, a framework for tracing the transmission of the futures price's development on the spot market is developed. Using annual data from 1979-2012 for maize it is analysed whether production shock related price bubbles occurred.
Book Synopsis Contemporary Trends and Challenges in Finance by : Krzysztof Jajuga
Download or read book Contemporary Trends and Challenges in Finance written by Krzysztof Jajuga and published by Springer. This book was released on 2019-05-07 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume features a selection of contributions presented at the 2018 Wroclaw Conference in Finance, which cover a wide range of topics in finance and financial economics, e.g. financial markets; monetary policy; corporate, personal and public finance; and risk management and insurance. Reflecting the diversity and richness of research areas in the field, the papers discuss both fundamental and applied finance, and offer a detailed analysis of current financial-market problems, including specifics of the Polish and Central European markets. They also examine the results of advanced financial modeling. Accordingly, the proceedings offer a valuable resource for researchers at universities and policy institutions, as well as graduate students and practitioners in economics and finance at both private and government organizations.
Book Synopsis Speculation in Commodity Futures Markets by : Christof Sigl-Grüb
Download or read book Speculation in Commodity Futures Markets written by Christof Sigl-Grüb and published by . This book was released on 2008 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Handbook of Primary Commodities in the Global Economy by : Marian Radetzki
Download or read book A Handbook of Primary Commodities in the Global Economy written by Marian Radetzki and published by Cambridge University Press. This book was released on 2020-11-26 with total page 331 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic price falls of 2014–2015 marked the end of the most powerful and enduring commodity boom since the Second World War. Now in its third edition, this book acts as a guide to the ins and outs of the primary commodity universe. Updates to this edition reflect on the consequences of both China's economic slowdown as its industrialization enters a new, less commodity demanding phase, and changes in the USA's trade policy under the Trump administration. Additionally, this edition takes into account recent developments in world oil markets and examines the effects of increased climate concerns. The authors introduce and explain pertinent issues surrounding international commodity markets such as the global geography of raw materials, price formation, price trends, the role of commodity exchanges, the threat of depletion, cartel action, state ownership, emerging commodity nationalism and more.
Book Synopsis Mineral Resources Economy 1 by : Floriant Fizaine
Download or read book Mineral Resources Economy 1 written by Floriant Fizaine and published by John Wiley & Sons. This book was released on 2021-07-30 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: The constant increase in the consumption of mineral resources, as well as the growing awareness of their exploitation, is causing deep concern within the scientific community. This concern is justified by the fact that the energy transition will increase the pressure on these resources, as renewable energies require an increased and more diversified quantity of mineral materials. This book presents an overview of the exploitation of these mineral resources, where the natural, regulatory and environmental constraints interfere with economic, financial and geopolitical interests. By mobilizing the fields of the humanities, geosciences and engineering, it also analyzes the challenges that the energy transition will encounter, challenges related to the contradictory effects that the acceleration of the extraction of these resources will have on their physical availability, the economies that exploit them and the populations that live off of them
Book Synopsis Agricultural Policy in Disarray by : Vincent H. Smith
Download or read book Agricultural Policy in Disarray written by Vincent H. Smith and published by Rowman & Littlefield. This book was released on 2018-12-13 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agricultural Policy in Disarray provides fascinating, detailed, and contemporary evidence of how rent-seeking by small, well-organized interest groups results in government policies that do little good and much harm.
Author :Swiss Sustainable Finance Publisher :CFA Institute Research Foundation ISBN 13 :1944960368 Total Pages :200 pages Book Rating :4.9/5 (449 download)
Book Synopsis Handbook on Sustainable Investments: Background Information and Practical Examples for Institutional Asset Owners by : Swiss Sustainable Finance
Download or read book Handbook on Sustainable Investments: Background Information and Practical Examples for Institutional Asset Owners written by Swiss Sustainable Finance and published by CFA Institute Research Foundation. This book was released on 2017-12-27 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fast growing share of investors have recently widened their scope of analysis to criteria regarded as extra-financial. They are driven by different motivations. Adoption of sustainable investment strategies can be driven, on the one hand by the sole motivation to hedge portfolios against knowable risks by expanding the conceptual framework to incorporate the latest best practice in risk management. Other investors focus rather on a long-term view and make an active bet on societal change. Recent empirical research has shown that considering sustainability factors within investment practices does not come at a cost (i.e. through a reduced opportunity set) but allows for competitive returns. Furthermore, the growing market and resulting competition in the wake of sustainable investing going mainstream has the welcome effect to compress fees for such products. Hence, staying informed about recent trends in sustainable investing is imperative no matter what the main motivation is.
Book Synopsis The Commitments of Traders Bible by : Stephen Briese
Download or read book The Commitments of Traders Bible written by Stephen Briese and published by John Wiley & Sons. This book was released on 2008-04-04 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regardless of your trading methods, and no matter what markets you’re involved in, there is a Commitments of Traders (COT) report that you should be reviewing every week. Nobody understands this better than Stephen Briese, an industry-leading expert on COT data. And now, with The Commitments of Traders Bible, Briese reveals how to use the predictive power of COT data—and accurately interpret it—in order to analyze market movements and achieve investment success.
Book Synopsis The Inventory Effect in Commodity Futures Markets by : Donald Lien
Download or read book The Inventory Effect in Commodity Futures Markets written by Donald Lien and published by . This book was released on 1987 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Commodity Price Dynamics by : Craig Pirrong
Download or read book Commodity Price Dynamics written by Craig Pirrong and published by Cambridge University Press. This book was released on 2011-10-31 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc.
Book Synopsis Are Speculators Destabilizing Commodity Markets? by : Raffael Waldmeier
Download or read book Are Speculators Destabilizing Commodity Markets? written by Raffael Waldmeier and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This master thesis analyses the impact of speculation on the stability of the commodity futures market. The study differentiates between three types of speculation, namely index speculation, non-commercial speculation and excess speculation. In a Vector AutoRegression (VAR) framework I use Granger causality analyses and impulse response functions (IRF) in order to analyse, whether speculation activities have a significant impact on the commodity futures price volatility or not. In particular, the scope of the analysis includes two energy commodities, crude oil and natural gas, an agricultural commodity, corn, and two metals, copper and gold. Applying a relatively new dataset for index investment trading, it shows that index investment had not significantly affected price volatility in the commodity market between 2007 and 2015. In exchange, the results suggest that index speculation rather reduced volatility than the other way around. The same is true for non-commercial or traditional speculation, which neither has destabilized commodity markets during the analysed period between 1993 and 2016. Moreover, the sample is split into two sub-periods in order to analyse possible changes in the dynamics of the commodity markets due to the financialization. Finally, contrasting the findings of the other analyses, it shows that excess speculation had indeed caused an increase in commodity futures prices. The findings suggest that excess speculation had a significant detrimental effect on the stability of the crude oil market. The diversity in the findings emphasizes the importance of distinguishing between the different types of speculation. Altogether, it shows that speculation does, in general, not increase futures price volatility.
