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CommoditiesMarkets, Performance, and Strategies$
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H. Kent Baker, Greg Filbeck, and Jeffrey H. Harris

Print publication date: 2018

Print ISBN-13: 9780190656010

Published to Oxford Scholarship Online: March 2018

DOI: 10.1093/oso/9780190656010.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 16 October 2021

Research Issues in Commodities and Commodity Derivatives

Research Issues in Commodities and Commodity Derivatives

(p.534) 27 Research Issues in Commodities and Commodity Derivatives

Scott Mixon

Oxford University Press

Commodity derivatives allow hedgers to smooth wealth across different states of the world and provide a direct link between financial markets and the real economy. This chapter describes recent research related to core concepts for these products: hedging behavior, the provision of liquidity in commodity markets, and the “financialization” debate related to the recent inflow of institutional investments into commodities. Intermediation activity in these markets has evolved in recent years. Modern commodity markets now incorporate extensive intermediation by swap dealers to facilitate over-the-counter swap dealing activity and execute the associated hedging activity linking swap and futures markets. The emergence of highly computerized, automated trading and the trend toward liquidity provision by commercial firms are intermediation issues that require better understanding. The chapter also provides insights into the types of topics faced by researchers who consider policy-related issues.

Keywords:   commodities, commodity derivatives, hedging, liquidity, intermediation, financialization, futures, swaps

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