大宗商品市场金融化.pdfVIP

NBER WORKING PAPER SERIES THE FINANCIALIZATION OF COMMODITY MARKETS Ing-Haw Cheng Wei Xiong Working Paper 19642 /papers/w19642 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 November 2013 This review is prepared for the Annual Review of Financial Economics. We thank James Smith and Michael Sockin for helpful comments. Xiong acknowledges financial support from Smith Richardson Foundation grant #2011-8691. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Ing-Haw Cheng and Wei Xiong. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Financialization of Commodity Markets Ing-Haw Cheng and Wei Xiong NBER Working Paper No. 19642 November 2013 JEL No. G00,Q02,Q1,Q4 ABSTRACT The large inflow of investment capital to commodity futures markets in the last decade has generated a heated debate about whether financialization distorts commodity prices. Rather than focusing on the opposing views concerning whether investment flows either did or did not cause a price bubble, we critically review academic studies through the perspective of how financial investors affect risk