Devil or Angel? The Role of Speculation in the Recent Commodity Price Boom (and Bust)

By Scott H. Irwin, D. R. Sanders, R. P. Merrin. Journal of Agricultural and Applied Economics, 2009

343 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/0d2f1c2f07ebf31a854094fa2f2f3506027be275

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Citations in the corpus

Testing the Masters Hypothesis in Commodity Futures Markets (2012, background): “2 See USS/PSI (2009), Irwin, Sanders, and Merrin (2009), and Pirrong (2010) for detailed discussions of the controversy surrounding the role of index investment in the 2007–2008 commodity price spike.”
Index Funds, Financialization, and Commodity Futures Markets (2011, background): “Irwin and Sanders (2010) conduct a test of the “Masters Hypothesis” in commodity futures markets using the newest of the CFTC’s data series on index fund investment – the quarterly Index Investment Data (IID) report.”
The Financialization of Commodity Markets (2014, background): “…in futures prices (Brunetti and Büyükşahin, 2009; Brunetti, Büyükşahin and Harris, 2011; Büyükşahin and Harris, 2011; Irwin and Sanders, 2012; Irwin, Sanders, and Merrin 2009; Sanders and Irwin, 2011a, 2011b; Stoll and Whaley, 2010), and find little relationship in a wide basket of…”
Speculative bubbles in agricultural commodity markets (2013, methodology): “However, Irwin et al. (2010) and Sanders and Irwin (2010) have found little evidence that the commodity boom and bust was driven by index funds.”
Market interdependence and volatility transmission among major crops (2016, background): “…in agricultural commodities is whether the apparent higher market integration of agricultural financial markets and the increasing role played by noncommercial actors or index traders in past years may have led to higher cross-market interactions between crops (Irwin, Sanders, and Merrin 2009).”
Convective Risk Flows in Commodity Futures Markets (2015, unknown): “…data from the CFTC on futures positions of commodity index traders (CITs), a number of recent studies, such as Brunetti and Buyuksahin (2009), Irwin, Sanders, and Merrin (2009), Sanders, Irwin, and Merrin (2010), Stoll and Whaley (2010), Brunetti, Buyuksahin, and Harris (2011), Buyuksahin…”
Global Food Price Volatility and Spikes: An Overview of Costs, Causes, and Solutions (2012, background): “Many authors argue that speculation is a random bet, whereby the actions of informed and uninformed participants cancel one another out (Krugman 2008 and Irwin et al. 2009).”
Drivers and triggers of international food price spikes and volatility (2014, methodology): “Most of the empirical studies focus primarily on using the Granger-causality test to explain the role of speculation in price returns or volatility (Irwin et al. 2009; Robles et al. 2009; Gilbert 2010).”
The Role of Speculation in Oil Markets: What Have We Learned So Far? (2013, background): “The same point has been made by Irwin, Sanders, and Merrin (2009).”
The Impact of Index and Swap Funds on Commodity Futures Markets: Preliminary Results (2010, background): “Irwin, Sanders, and Merrin (2009) present a useful summary of the counter arguments made by these economists.”
A speculative bubble in commodity futures prices? Cross-sectional evidence (2009, background): “Irwin, Sanders, and Merrin (2009) present three “logical inconsistencies” in the”