Three Narratives on the Changing Face of Global Commodities Market Structure

Autor:	Diego Valiante
Rok vydání:	2015
Předmět:	Price mechanism Economics Econometrics and Finance (miscellaneous) Financial market Market system Financial system International economics Commodity market Market depth Order (exchange) Indirect finance Business Management and Accounting (miscellaneous) Business Law Financial market participants
Zdroj:	Credit and Capital Markets – Kredit und Kapital. 48:243-308
ISSN:	2199-1235 2199-1227
DOI:	10.3790/ccm.48.2.243
Popis:	/Zusammenfassung The commodity market structure has changed at an incredible pace in the last 20 years and is now subject to intense scrutiny by academics and policy-makers. Taking a long-term view of price formation, empirical findings show that international trade and finance, mostly driven by emerging markets demand, market liberalisations and technological developments in market infrastructure, have increased pro-cyclicality and interconnection among physical commodity markets. Price formation mechanisms are more sensitive to information flows. The interconnection with the financial system is strong and so the transmission of shocks from the financial system to commodity physical and futures markets. The rise of commodity-linked financial transactions was an important contribution to those developments. WTO commitments in international trade and expansionary monetary policies have promoted greater financial participation and so interconnection, which is also expressed by a greater pooling of c...
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::8b4e3cce98e23108b34244e5b1516dd0 https://doi.org/10.3790/ccm.48.2.243 Zobrazit plný text záznamu