How financial investment distorts food prices: evidence from U.S. grain markets
研究了2005-2010年间美国谷物期货价格与现货价格在合约到期时未能收敛的现象，通过模型和回归分析发现指数型金融投资是导致非收敛的重要因素，对理解金融化对食品价格的影响有参考价值。
Abstract Convergence between commodity futures prices and the underlying physical assets at each contract's expiration date is a pivotal condition for the market's functioning. Between 2005 and 2010, convergence failed for several U.S. grain markets. This article presents a price pressure‐augmented commodity storage model that links the scale of nonconvergence to financial investment channeled through indices, which are traded in commodity futures markets. The model is empirically tested, using Markov regime‐switching regression analysis. Regression results strongly support the model's predicted link between index investment and the extent of nonconvergence for three grains traded at the Chicago Board of Trade: wheat, corn, and soybeans.