Financialization and Structural Changes in Agricultural Markets During the Early XXIst Century

Jacek Dariusz Tomaszewski

Abstract


The main goal of the study is a critical review of the literature on the implications of financialization of agricultural commodity markets during the first decade of the XXIst century. Early studies suggest that inflow of speculative portfolio investments was the key driver of agricultural price increases and also contributed to the sharp increase in the co-movements of prices between agricultural sector and equity markets as well as oil market. Access to the more detailed investors data, available since 2010, as well as observations from post-crisis world economy, point to a much broader range of factors contributing to price formulation in agricommodity markets and to a much smaller influence of financial investors.


Keywords


commodity market; financialization; market risk; derivatives

Full Text:

PDF (Język Polski)

References


Başak S., Pavlova A., A Model of Financialization of Commodities, “Working Paper, London Business” 2013, March.

Dumenil G., Levy D., Neoliberalism: the Crime and the Beneficiary, “Review” 2002, Vol. 25, No. 4.

Epstein G.A., Financialization and the World Economy, Edward Elgar Publishing, UK and Northampton, MA, USA, 2005.

Executive Summary: Excessive Speculation in the Wheat Market, Permanent Subcomittee on Investigations, U.S. Senate, [w:] Excessive Speculation in Agricultural Commodities: Selected Writings from 2008–2011, IATP Publishing, April 2011.

Froud J., Haslam C., Johal S., Williams K., Shareholder Value and Financialization: Consultancy Promises, Management Moves, “Economy and Society” 2000, No. 29.

Gilbert C.L., Pfuderer S., The Financialization of Food Commodity Markets, “University of Trento Working Paper” 2013, February.

Girardi D., A Brief Essay on the Financialization of Agricultural Commodity Markets, “MPRA Paper” 2012, No. 44771, October.

Gorton G., Rouwenhorst K.G., Facts and Fantasies About Commodity Futures, “Yale ICF Working Paper” 2004, No. 04-20, June.

Greider W., One World, Ready or Not: the Manic Logic of Global Capitalism, Simon & Schuster, New York 1997.

Hernandez M., Torrero M., Examining the Dynamic relationship Between Spot and Future Prices of Agricultural Commodities, “IFPRI Discussion Paper” 2010, June.

Irwin S.H., Sanders D.R., Financialization and Structural Change in Commodity Futures Markets, “Journal of Agricultural and Applied Economics” 2012, Vol. 44, No. 3.

Jayadev A., Epstein G.A., The Correlates of Rentier Returns in OECD Countries, “PERI Institute, University of Massachusetts, Working Paper Series” 2007, No. 123.

Masters M.W., White A.K., How Institutional Investors are Driving Up Food and Energy Prices, [w:] Excessive Speculation in Agricultural Commodities: Selected Writings from 2008–2011, “IATP Publishing” 2011, April.

Mayer J., The Growing Interdependence Between Financial and Commodity Markets, “UNCTAD Discussion Paper” 2009, No. 195.

OECD-FAO Agricultural Outlook 2011–2020, OECD Publishing and FAO, 2011.

Phillips K., Arrogant Capital: Washington, Wall Street and the Frustration of American Politics, Little, Brown and Company, New York 1996.

Phillips K., Wealth and Democracy: a Political History of the American Rich, Broadway Books, New York 2002.

Renewables 2012, Global Status Report.

Tang K., Xiong W., Index Investment and the Financialization of Commodities, “Financial Analyst Journal” 2012, Vol. 68, No. 6.

Tomaszewski J., Formy ekspozycji na ryzyko rynków surowcowych w portfelach inwestorów finansowych, „Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia” 2012, nr 50.

Tomaszewski J., Instrumenty towarowe jako forma inwestycji alternatywnych w portfelach inwestorów finansowych, Oficyna Wydawnicza SGH, Warszawa 2013.

Williams K., From Shareholder Value to Present-Day Capitalism, “Economy and Society” 2000, No. 29.

www.indexmundi.com [data dostępu: 10.06.2015].




DOI: http://dx.doi.org/10.17951/h.2015.49.4.601
Date of publication: 2016-01-28 11:03:51
Date of submission: 2015-06-28 20:39:55


Statistics


Total abstract view - 1186
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2016 Jacek Dariusz Tomaszewski

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.