How has the speculation influenced international commodity market movements and resourch-rich countries?

2014 Fiscal Year Final Research Report

• Project/Area Number: 24530367
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Musashi University
• Principal Investigator: OHNO Sanae 武蔵大学, 経済学部, 教授 (40307145)
• Co-Investigator(Kenkyū-buntansha): CHANO Tsutomu 武蔵大学, 経済学部, 教授 (10532195) ; KAGRAOKA Yusho 武蔵大学, 経済学部, 教授 (40328927) ; HAYASHI Yasushi 立正大学, 経済学部, 教授 (30409560) ; TOGO Ken 武蔵大学, 経済学部, 教授 (30308019)
• Project Period (FY): 2012-04-01 – 2015-03-31
• Keywords: コモディティ / 流動性 / 共通ファクター / 金融危機 / 金融市場化

Outline of Final Research Achievements

The purposes of our research project are two folds. The first purpose is to consider the financialization of commodity markets. Particularly, we attempted to clarify which determinants have become more influential for international commodity prices. The drastically expantional monetary policy　implemented by major countries, coupled with the development of commodity investment instruments, has been highly likely to amplify the commodity transactions, leading to the fluctuations of the international commodity prices. This research project focuses on the impact of liquidity on commodity prices as well as correlation between prices of commodities and authodox securities. Furthermore, we showed the overview of the international commodity exchanges and suggested the link between the financialization and the establishment of the comprehensive exchange.
Secondly, we examined the foreign capital inflow of commodity exporting countries and explored the relationship with its determinants.

Free Research Field

国際金融　国際ファイナンス