Financialisation of commodities commenced from the year 2009 with massive inflows of institutional investment. There is mixed evidence as to whether this financialisation of commodities has led to increase in price volatility of the commodities. This study attempts to examine the financialisation of the Indian commodities market by examining the interconnectedness between the Indian commodities market and the Indian stock market in terms of return co-movements and also in terms of volatility spillovers. The analysis indicates a unidirectional causality as well as the existence of volatility spillovers from the stock market to the commodities market.

中文翻译：

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商品金融化——来自印度金融市场的实证证据

大宗商品金融化始于 2009 年，大量机构投资流入。关于商品的这种金融化是否导致商品价格波动加剧，证据不一。本研究试图通过检验印度商品市场和印度股票市场在回报联动和波动溢出方面的相互联系来检验印度商品市场的金融化。分析表明存在单向因果关系以及存在从股票市场到商品市场的波动溢出。