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Cited by 845Market Dynamics and VolatilityFinancial Markets and Investment StrategiesHousing, Finance, and Neoliberalism

The DOI matches its Crossref record; 89 of the 93 references it cites were found in a registry or an index, and 4 are not checked yet.

Financialization of Commodity Markets

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Cheng, Ing-Haw, Xiong, Wei·2014·Annual Review of Financial Economics
DOI 10.1146/annurev-financial-110613-034432
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Abstract

The large inflow of investment capital to commodity futures markets in the past decade has generated a heated debate about whether financialization distorts commodity prices. Rather than focusing on the opposing views concerning whether investment flows caused a price bubble, we critically review academic studies through the perspective of how financial investors affect risk sharing and information discovery in commodity markets. We argue that financialization has substantially changed commodity markets through these mechanisms.

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Show all 88 references

Research works printed but not linked: 15

  1. Baker SD, Routledge BR. 2012. The price of oil risk. Work. Pap., Carnegie Mellon Univ.
  2. Brennan M, 1958, Am. Econ. Rev., 48, 50
  3. Brennan M, 1991, Stochastic Models and Option Models, 33
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  6. Hamilton J, 2005, The New Palgrave Dictionary of Economics, 201
  7. Hicks, 1939, Value and Capital
  8. Kang WK, Rouwenhorst G, Tang K. 2013. The role of hedgers and speculators in liquidity provision to commodity futures markets. Work. Pap., Yale Univ. · DOI
  9. Obstfeld M, 1996, Foundations of International Macroeconomics
  10. Roll R, 1984, Am. Econ. Rev., 74, 861
  11. Samuelson P, 1965, Ind. Manag. Rev., 6, 41
  12. Singleton K, 2012, Manag. Sci. 60:300–18
  13. Stoll H, 2010, J. Appl. Finance, 1, 1
  14. Working H, 1949, Am. Econ. Rev., 39, 1254
  15. Working H, 1960, Food Res. Inst. Ser., 1, 185

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Metadata

Authors
Cheng, I.-H., & Xiong, W.
Affiliations
  • Dartmouth College (US)
  • National Bureau of Economic Research (US)
ORCID
Venue
Annual Review of Financial Economics
Publisher
Annual Reviews
Published
2014-12-01
Volume
6
Issue
1
Pages
419-441
ISSN
  • 1941-1367 (ISSN-L)
  • 1941-1375
DOI
10.1146/annurev-financial-110613-034432
OpenAlex
W3184178316
Cited by
810
References
88
Citations by year
2026: 65 · 2025: 69 · 2024: 53 · 2023: 75 · 2022: 117 · 2021: 60 · 2020: 72 · 2019: 68 · 2018: 71 · 2017: 64 · 2016: 42 · 2015: 29 · 2014: 18
FWCI
10.27
Type
journal article
Language
en
Open access
Locations
  • Annual Review of Financial Economics (publishedVersion)
  • National Bureau of Economic Research (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
  • National Bureau of Economic Research (submittedVersion)
Funders
  • Smith Richardson Foundation
  • Sid W. Richardson Foundation
Topics
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
Keywords
financialization, commodity futures markets, price bubbles, risk sharing, information discovery, financial investors, commodity prices

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