Unconventional monetary policy and financialization of commodities

Ordu-Akkaya, Beyza Mina; Soytaş, Uğur

doi:10.1016/j.najef.2018.12.014

Cited by 15 publications

(2 citation statements)

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“…The principal policy instrument for responding to the bubble-driven 2008 crisis – quantitative easing (QE) – is also a major underlying reason for increasing volatility spillover from stocks to commodities (Ordu-Akkaya and Soytas, 2020). In Organization for Economic Co-operation and Development (OECD) contexts such as the eurozone, the UK, and especially, Japan, it has had the effect of destabilizing the money base to GDP ratios (Blundell-Wignall, 2020).…”

Section: (How) Are Re Markets Different?mentioning

confidence: 99%

Reconceptualizing contemporary energy markets

Lawrence

2021

Competition & Change

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This article provides a conjunctural synopsis of both empirical trends and new approaches to analytically and normatively assessing energy markets. The preceding eras of coal and oil entailed not only differing technologies but also historically distinct political geographies, modes of production, and characteristic commodities and systems of value. They also coincided with and helped reinforce several misleading assumptions: of ‘pure’, ‘stateless’ energy markets; of scarcity as a defining feature of all economies; of unlimited growth and of market equilibrium. These assumptions tended to reinforce established approaches to energy markets that were insufficiently historically grounded, abstracted from social, political and ecological relations, and – with particular reference to oil – premised on zero-sum geostrategic calculations of interest. They are inadequate to, or misleading about, fossil fuel markets, and do not adequately address such recent phenomena as unprecedented levels of financialization of the global economy with an unprecedented intensity of ecological crisis entailing, most prominently, global warming. These factors undermine the prior assumptions in several respects: it is not scarcity, but rather abundance of greenhouse gas emissions that is of paramount concern; this in turn necessarily implies that unlimited growth is neither possible nor desirable; and furthermore, that ecological degradation has fundamentally displaced the analytical plausibility of market equilibrium, no less than its normative appeal. An exercise in reconceptualizing energy markets is therefore one that should explore not only what was misperceived and what has changed but also what needs to change in order to restore economic, political and ecological sustainability.

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Section: (How) Are Re Markets Different?mentioning

confidence: 99%

Reconceptualizing contemporary energy markets

Lawrence

2021

Competition & Change

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“…Cheng et al (2014) find that VIX changes can significantly predict CIT position changes. It has also been found that CITs' investment is related to high market liquidity (Ordu et al, 2018) and Ordu-Akkaya and Soytas (2020). 5 Palazzi et al (2020) do not find causal relationship between index funds and agricultural commodity prices.…”

Section: Introductionmentioning

confidence: 99%