More than 12 years after the historical oil price spike, the financialization of commodities and the interaction among different types of commodity investors remain a hot topic. We review the early financialization literature and the main theoretical contributions to understand how market frictions can affect prices and liquidity. We introduce the debate on the de‐financialization and offer insights about the multifaceted role of commercial investors in derivatives markets. Last, we show how other research streams, such as the analysis of the shale industry and of other financial derivatives than futures, might complement the view on the financialization of commodities.

中文翻译：

---

重大金融危机前后的商品金融化

在历史性的油价暴涨之后的十二年多里，商品的金融化以及不同类型商品投资者之间的互动仍然是一个热门话题。我们回顾了早期的金融化文献和主要的理论贡献，以了解市场摩擦如何影响价格和流动性。我们介绍了有关非金融化的辩论，并提供了有关商业投资者在衍生品市场中多方面作用的见解。最后，我们展示了其他研究流，例如对页岩产业和期货以外的其他金融衍生产品的分析，可能会补充对商品金融化的看法。