Finansjalizacja a zmiany strukturalne na rynku towarów rolnych w pierwszych latach XXI w.
Financialization and Structural Changes in Agricultural Markets During the Early XXIst Century

Summary/Abstract: The main goal of the study is a critical review of the literature on the implications of financialization of agricultural commodity markets during the first decade of the XXIst century. Early studies suggest that inflow of speculative portfolio investments was the key driver of agricultural price increases and also contributed to the sharp increase in the co-movements of prices between agricultural sector and equity markets as well as oil market. Access to the more detailed investors data, available since 2010, as well as observations from post-crisis world economy, point to a much broader range of factors contributing to price formulation in agricommodity markets and to a much smaller influence of financial investors.

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