The Growing Financialisation of Commodity Markets: Divergences between Index Investors and Money Managers
区分了指数投资者和资金管理者两类金融投资者在大宗商品市场的动机与价格影响差异，发现2006-2009年指数投资者影响部分农产品和石油价格，而2007-2008年资金管理者影响铜和石油等非农产品价格，这对发展中国家资源管理构成挑战。
Abstract Commodities are key for developing countries' economic integration. This article distinguishes two types of financial investors in commodities and emphasises differences in position taking motivation and price impacts. Index trader positions are positively correlated with roll returns, while money managers emphasise spot returns. During 2006–2009, index trader positions had a price impact for some agricultural commodities, as well as oil. During 2007–2008, money managers impacted prices for non-agricultural commodities, especially copper and oil. The financialisation of commodity markets may make it more difficult for developing countries to manage their resource sectors for sustained economic development.