Commodities, financialization, and heterogeneous agents
- The term 'financialization' describes the phenomenon that commodity contracts are traded for purely financial reasons and not for motives rooted in the real economy. Recently, financialization has been made responsible for causing adverse welfare effects especially for low-income and low-wealth agents, who have to spend a large share of their income for commodity consumption and cannot participate in financial markets. In this paper we study the effect of financial speculation on commodity prices in a heterogeneous agent production economy with an agricultural and an industrial producer, a financial speculator, and a commodity consumer. While access to financial markets is always beneficial for the participating agents, since it allows them to reduce their consumption volatility, it has a decisive effect with respect to overall welfare effects who can trade with whom (but not so much what types of instruments can be traded).
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| Verfasserangaben: | Nicole BrangerORCiDGND, Patrick GrüningGND, Christian SchlagORCiDGND |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-400631 |
| URL: | http://ssrn.com/abstract=2759314 |
| DOI: | https://doi.org/10.2139/ssrn.2759314 |
| Titel des übergeordneten Werkes (Englisch): | SAFE working paper series ; No. 131 |
| Schriftenreihe (Bandnummer): | SAFE working paper (131) |
| Verlag: | SAFE |
| Verlagsort: | Frankfurt am Main |
| Dokumentart: | Arbeitspapier |
| Sprache: | Englisch |
| Datum der Veröffentlichung (online): | 29.04.2016 |
| Jahr der Erstveröffentlichung: | 2016 |
| Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Datum der Freischaltung: | 10.05.2016 |
| Freies Schlagwort / Tag: | Commodities; Financial Markets; General Equilibrium; Heterogeneous Preferences |
| Auflage: | This version: April 28, 2016 |
| Seitenzahl: | 70 |
| HeBIS-PPN: | 381274624 |
| Institute: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / House of Finance (HoF) | |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| Wissenschaftliche Zentren und koordinierte Programme / Sustainable Architecture for Finance in Europe (SAFE) | |
| DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Sammlungen: | Universitätspublikationen |
| Lizenz (Deutsch): |  Deutsches Urheberrecht |
