Intermediary capital risk and commodity futures volatility
研究了商品期货波动率对中介资本风险的依赖程度和结构，发现整体效应为负且在2008年后更显著，同时金融化削弱了这种依赖关系。
Abstract This paper explores the degree and structure of the dependence of commodity futures volatility on intermediary capital risk (ICR) and investigates the economic source of this association. The overall effect of ICR is negative and more significant for the post‐2008 period, although positive and negative ICR play asymmetric roles. Furthermore, we identify a heterogeneous structure of dependence across the volatility distribution as ICR strengthens toward upper volatility percentiles, whereas financialization in commodities flattens this dynamic trace. Finally, the ability of ICR to convey economic news is the most economically important source of the dependence.