Financial regulatory arbitrage and the financialization of commodities
研究两种金融监管套利（资本管制套利和双轨利率套利）对大宗商品定价的影响，发现两者均推高商品价格回报，但对库存与便利收益的反向关系影响不同。
Abstract We explore the effects of financial regulatory arbitrage on commodity pricing. We examine two types of financial arbitrage: capital‐control arbitrage , in which commodities are imported to circumvent capital controls and profit from disparities in interest rates between domestic and international markets, and dual‐track interest‐rate arbitrage , in which commodities are utilized as collateral to capitalize on domestic dual‐track interest‐rate spreads. Our findings demonstrate that both forms of arbitrage positively affect commodity price returns. However, they affect the inverse relationship between inventory and convenience yield differently. While capital‐control arbitrage can either amplify or weaken this relationship, dual‐track arbitrage makes it less negative.