The Impact of Biodiversity Risk on US Agricultural Futures Markets
研究了生物多样性风险如何传导至美国农产品期货市场，发现咖啡等热带作物对风险敏感，大豆和糖分别扮演主要风险接收者和传递者角色。
ABSTRACT This paper examines biodiversity risk (BOR) transmission to US agricultural futures markets. We find (1) all futures exhibit moderate‐to‐high biodiversity sensitivity, with coffee showing highest response through transparent price transmission mechanisms; (2) wavelet analysis reveals time‐frequency heterogeneity, where tropical crops maintain strong long‐term synchronization with BOR, intensified during COVID‐19; (3) frequency‐dependent asymmetric correlations emerge, with grains shifting from positive long‐cycle to negative short‐cycle correlations; (4) systemic spillover analysis indicates moderate interdependence, with soybeans as primary risk receiver and sugar as dominant transmitter, revealing differentiated transmission roles.