The impact of speculation on commodity futures markets – A review of the findings of 100 empirical studies

Marco Haase, Yvonne Seiler Zimmermann and Heinz Zimmermann

Journal of Commodity Markets, 2016, vol. 3, issue 1, 1-15

Abstract: There are numerous empirical studies on the impact of speculation on commodity futures markets. The papers strongly differ in terms of the focus variable (e.g. price, volatility, spill-over effects) of speculative effects, the speculation measure used, and broad quality. We review and evaluate the methodology and results of 100 papers which have been published (or are at least frequently cited) on this subject over the past decade. While the overall picture indicates that the number of studies which support and contradict the criticized effects of speculation is about the same, the results shift against the criticized effects if the studies use direct measures of speculation, except for price. Applying different paper quality standards does not fundamentally change our findings.

Keywords: G13; Q02; C58; Speculation; Commodity futures prices; Lead–lag relationships (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (46)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S2405851316300162
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jocoma:v:3:y:2016:i:1:p:1-15

DOI: 10.1016/j.jcomm.2016.07.006

Access Statistics for this article

Journal of Commodity Markets is currently edited by Marcel Prokopczuk, Betty Simkins and Sjur Westgaard

More articles in Journal of Commodity Markets from Elsevier
Bibliographic data for series maintained by Catherine Liu ().