1111 FOA The Financialization of Commodity Markets 2009

《1111 FOA The Financialization of Commodity Markets 2009》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、UNCTAD/TDR/2009UNITEDNATIONSCONFERENCEONTRADEANDDEVELOPMENTGENEVATRADEANDDEVELOPMENTREPORT,2009ChapterIIThEFINANCIALIzATIONOFCOMMODITyMARkETSUNITEDNATIONSNewYorkandGeneva,2009TheFinancializationofCommodityMarkets53ChapterIITheFinancializaTionoFcommodiTymarkeTsa.introductionThebuild-upand

2、eruptionofthecurrentglobalOverthe78monthsfromearly2002tomid-financialcrisiswasparalleledbyanunusuallysharp2008theIMF’soverallcommoditypriceindexroseincreaseandsubsequentstrongreversalinthepricessteadilyandnominalpricesmorethanquadrupled.ofinternationallytradedprimarycommodities.Re-During

3、thesameperiod,UNCTAD’snon-fuelcentdevelopmentsincommoditypriceshavebeencommodityindextripledinnominaltermsandin-exceptionalinmanyways.Thepriceboombetweencreasedbyabout50percentinrealterms.After2002andmid-2008wasthemostpronouncedinsev-peakinginJuly2008,oilpricesplungedbyabouteraldecades–i

4、nmagnitude,durationandbreadth.It70percentwithinsixmonths(whichrepresentstheplacedaheavyburdenonmanydevelopingcountrieslargestpercentagedeclineeverexperiencedoverthatrelyonfoodandenergyimports,andcontributedsuchashortperiod),whilenon-fuelpricesfellbytofoodcrisesinanumberofcountriesin2007–

5、2008about35percentfromtheirpeakinApril2008.(TDR2008,chap.II,sectionC).ThepricedeclineAlthoughconsiderable,thisreversalcorrespondssincemid-2008standsoutbothforitssharpnessandtoonlyaboutoneseventhoftheprevioussix-yearforthenumberofcommoditygroupsaffected.Itwasincrease,sothatcommodityprices

6、haveremainedoneofthemainchannelsthroughwhichthedramaticwellabovetheirlevelsofthefirsthalfofthisdecade.slowdownofeconomicandfinancialactivityintheAlthoughthetimingdifferedfromonecommoditytomajorindustrializedcountrieswastransmittedtotheanother,boththesurgeinpricesandtheirsubsequentdevelop

7、ingworld.sharpcorrectionoccurredinallmajorcommoditycategories.Thestrongandsustainedincreaseinprimarycommoditypricesbetween2002andmid-2008wasMuchoftherecentcommoditypricedevelop-accompaniedbythegrowingpresenceoffinancialmentshavebeenattributedtochangesinfundamentalinvestor