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Index Investment and the Financialization of Commodities
Abstract
The authors found that, concurrent with the rapidly growing index investment in commodity markets since the early 2000s, prices of non-energy commodity futures in the United States have become increasingly correlated with oil prices; this trend has been significantly more pronounced for commodities in two popular commodity indices. This finding reflects the financialization of the commodity markets and helps explain the large increase in the price volatility of non-energy commodities around 2008.
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Citations
Cited by
Financialization of commodity markets
Cheng, I.-H., & Xiong, W. (2014) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-110613-034432 · Cited by 810
Self-citationSpeculators, commodities and cross-market linkages
Büyükşahin, B., & Robe, M. A. (2014) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2013.08.004 · Cited by 616
A model of financialization of commodities
BASAK, S., & PAVLOVA, A. (2016) · The Journal of Finance · doi:10.1111/jofi.12408 · Cited by 595
Kang, S. H., McIver, R., & Yoon, S.-M. (2017) · Energy Economics · doi:10.1016/j.eneco.2016.12.011 · Cited by 572
The Role of Speculation in Oil Markets: What Have We Learned So Far?
Fattouh, B., Kilian, L., & Mahadeva, L. (2013) · The Energy Journal · doi:10.5547/01956574.34.3.2 · Cited by 491
Metadata
- Authors
- Tang, K., & Xiong, W.
- Venue
- Financial Analysts Journal
- Publisher
- Informa UK Limited
- Published
- 2012-11
- Volume
- 68
- Issue
- 6
- Pages
- 54-74
- ISSN
- 0015-198X (ISSN-L)
- 1938-3312
- OpenAlex
- W2107802909
- Cited by
- 1,328
- References
- 0
- Type
- paratext
- Language
- en
- Open access
- closed
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- Tang, K., & Xiong, W. (2012). Index Investment and the Financialization of Commodities. Financial Analysts Journal. https://doi.org/10.2469/faj.v68.n6.5
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
