| 来源类型 | Papers |
| 规范类型 | 报告 |
| The Role of Speculation in Oil Markets: What Have We Learned So Far? | |
| Bassam Fattouh; Lutz Kilian; Lavan Mahadeva | |
| 发表日期 | 2012-03-30 |
| 出版年 | 2012 |
| 页码 | 14 |
| 语种 | 英语 |
| 概述 | A popular view is that the surge in the price of oil during 2003-08 cannot be explained by economic fundamentals, but was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major determinant of the spot price of oil. This interpretation has been driving policy efforts to […] |
| 摘要 | A popular view is that the surge in the price of oil during 2003-08 cannot be explained by economic fundamentals, but was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major determinant of the spot price of oil. This interpretation has been driving policy efforts to regulate oil futures markets. This survey reviews the evidence supporting this view. We identify six strands in the literature corresponding to different empirical methodologies and discuss to what extent each approach sheds light on the role of speculation. We find that the existing evidence is not supportive of an important role of speculation in driving the spot price of oil after 2003. However there is evidence that both oil futures price and spot prices were driven by the same economic fundamentals. |
| 主题 | Finance ; Oil ; Oil & Middle East Programme |
| 关键词 | financialisation Oil Prices Regulation Risk premium speculation |
| URL | https://www.oxfordenergy.org/publications/the-role-of-speculation-in-oil-markets-what-have-we-learned-so-far-2/ |
| 来源智库 | Oxford Institute for Energy Studies (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/312211 |
| 推荐引用方式 GB/T 7714 | Bassam Fattouh,Lutz Kilian,Lavan Mahadeva. The Role of Speculation in Oil Markets: What Have We Learned So Far?. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| WPM-45.pdf（738KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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