Financialization of commodity markets: New evidence from temporal and spatial domains
使用涟漪扩散网络模型分析13个全球重要商品市场在金融化前后的信息传递变化，发现金融化后溢出效应从58%升至85%，传递速度加快，能源、金属和农产品期货关联性增强。
Abstract To address the ongoing contention surrounding the impact of financialization, this study adopts a ripple‐spreading network model to analyze the transmission of information across 13 globally significant commodity markets. By juxtaposing the pre‐ and postfinancialization periods, notable disparities in spillover magnitude are discerned, with overall effects registering at 58% and 85%, respectively. Moreover, the postfinancialization period exhibits accelerated spillover dynamics, necessitating a reduced timeframe (less than 1000 units) in contrast to the prefinancialization period (approximately 2000 units). Furthermore, a heightened interconnectedness among energy, metal, and agricultural futures is evident in the postfinancialization period. These findings furnish compelling evidence regarding the ramifications of financialization on commodity markets.