BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Author
Tomaszewski Jacek (Szkoła Główna Handlowa w Warszawie)
Title
Finansjalizacja rynku towarowego a regulacja rynku towarowych instrumentów pochodnych Unii Europejskiej
Financialization of Commodity Markets and Regulation of European Union Commodity Derivatives Market
Source
Finanse, Rynki Finansowe, Ubezpieczenia, 2016, nr 1 (79), s. 137-147, rys., tab., bibliogr. 27 poz.
Issue title
Rynek kapitałowy i zarządzanie wartością
Keyword
Instrumenty pochodne, Rynki towarowe, Finansjeryzacja, Regulacja ekonomiczna
Derivatives, Commodity markets, Financialization, Economic regulations
Note
streszcz., summ.
Company
Unia Europejska (UE)
European Union (EU)
Abstract
Cel - Prezentacja reakcji władz regulacji Unii Europejskiej na zjawisko finansjalizacji rynku towarowych instrumentów pochodnych i wstępna ocena możliwych konsekwencji tych działań dla funkcjonowania rynku. Metodologia badania - Analiza tekstów źródłowych, w tym regulacji prawnych Unii Europejskiej i badań naukowych na temat procesu finansjalizacji rynków towarowych. Wynik - Stwierdzono, że działania regulacyjne Unii Europejskiej mają na celu zwiększenie transparentności rynku towarowych instrumentów pochodnych i ograniczenie skali aktywności spekulacyjnej. Skutkiem regulacji może być jednak wzrost kosztów transakcyjnych i cen towarów dla użytkowników końcowych. Wnioski mają charakter wstępny ze względu na trwający proces wdrażania nowych regulacji. Oryginalność/wartość - W artykule zanalizowano nowe i aktualne zjawisko reregulacji rynków finansowych Unii Europejskiej i poszerzono wiedzę na temat procesu finansjalizacji rynków towarowych. (abstrakt oryginalny)

Purpose - Presentation of the EU authorities reaction to the process of commodity derivatives market financialization and preliminary assessment of the new regulations impact on the market. Design/methodology/approach - Analysis of source texts, including new EU regulations and scientific research on the subject of the commodity market financialization. Findings - The article shows that the purpose of new EU regulations is to increase transparency of commodity derivative markets and curb speculative activities. New regulations may result in increased transactions cost and rises in commodity prices for final consumers. All findings are preliminary as the new regulations are only coming into effect at the time of writing. Originality/value - The article analyses new and current phenomenon of financial markets re-regulation and extends knowledge about the process of commodity market financialization. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
Full text
Show
Bibliography
Show
  1. Baltic Exchange Reply form for the Consultation Paper on MIFID II/MIFIR (2015), March.
  2. Basak, S., Pavlova, A. (2013), A Model of Financialization of Commodities, Working Paper, London Business, March.
  3. CFTC and EU OTC Derivatives Regulation: And Outcome-based Comparison (2013), Deloitte, July.
  4. EFET PositionPaper on MIFID II (2015), June.
  5. Erb C.B., Harvey C.R. (2006), The Strategic and tactical Value of Commodity Futures, "Financial Analyst Journal" vol. 62, no. 2.
  6. European Financial Integration Report 2007 (2007), Commission of The European Communities, Brussels, 10.12.
  7. Executive Summary: Excessive Speculation in the What Market (2011), Permanent Subcommittee on Investigations, US Senate, w: Excessive Speculation in Agriculture Commodities, Selected Writings from 2008-2011, IATP, Washington D.C.
  8. Excessive Speculation in Agriculture Commodities, Selected Writings from 2008-2011, IATP, Washington D.C.
  9. Falkowski M. (2011), Financializtion of Commodities, "Contemporary Economics" vol. 5, iss. 4.
  10. Gilbert C.L. (2009/2010), Commodity speculation and commodity investment, "Commodity Market Review", FAO, Rome.
  11. Gorton G., Rouwenhorst K.G. (2004), Facts and Fantasies About Commodity Futures, Yale ICF Working Paper no. 04-20. June.
  12. Irwin S.H., Sanders D.R. (2011), Index Funds, Financialization and Commodity Futures Markets, "Applied Economic Perspectives and Policy" iss. 33.
  13. Irwin S.H., Sanders D.R. (2012), Financialization and Structural Change in Commodity Futures Markets, "Journal of Agricultural and Applied Economics" vol. 44, no. 3.
  14. Kazemi H., Schneeweis T., Spurgin R. (2009), The Benefits of Commodity Investing, AIA Research Report, Amherst.
  15. Killian L., Hicks B. (2013), Did Unexpectedly Strong Economic Growth Cause the oil Price Shock of 2003-2008, "Journal of Forecasting" vol. 32, iss. 5.
  16. Masters M.W., White A.K. (2011), How Institutional Investors Are Driving Up Food and Energy Prices, w: Excessive Speculation in Agriculture Commodities, Selected Writings from 2008-2011, IATP, Washington D.C.
  17. Mayer J. (2010), The financialization of commodity markets and commodity price volatility, w: The financial and economic crisis of 2008-2009 and developing countries, United Nations Publications, New York.
  18. Miffre J. (2011), Long-Short Commodity Investing: Implications for Portfolio Risk and Market Regulation, EDHEC Risk Institute Working Paper.
  19. Price formation in financialized commodity markets: The role of information (2011), UNCTAD Study, New York- Geneva.
  20. Robles M., Torero M., von Braun J. (2009), When Speculation Matters, IFPRI Issue Brief 57, February.
  21. Schneeweis T., Gupta R., Szado E. (2008), The Benefits of Commodity Investing, "Investment & Wealth Journal" vol. III/IV.
  22. Singh M. (2012), It's time to levy the risk takers, "Financial Times", October 17.
  23. Summary of key EU and US regulatory developments relating to derivatives (2015), Hogan Lovells, January.
  24. Staritz C., Küblböck K. (2013), Re-regulation of commodity derivatives markets - Critical assessment of current reform proposals in the EU and the US, ӦFSE Working Paper, October.
  25. Tang K., Xiong W. (2012), Index Investment and the Financialization of Commodities, "Financial Analyst Journal" vol. 68, no. 6.
  26. Tomaszewski J. (2013), Instrumenty towarowe jako forma inwestycji alternatywnych w portfelach inwestorów finansowych, Oficyna Wydawnicza SGH, Warszawa.
  27. Trade and Development Report 2009 (2009), United Nations Conference on Trade and Development, United Nations Publications.
Cited by
Show
ISSN
2450-7741
Language
pol
URI / DOI
http://dx.doi.org/10.18276/frfu.2016.79-10
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu