We provide a model to understand the effects of commodity futures financialization on various market variables. We distinguish between financial speculators and financial hedgers and study their separate and combined effects on the informativeness of futures prices, the futures price bias, the comovement of futures prices with other markets, and the predictiveness of financial trading. We capture the interactions between commodity futures financialization and the real economy through spot prices and production decisions. A dynamic extension illustrates how key variables change over time in a period of acute financialization in a way that is consistent with observed empirical patterns.

中文翻译：

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商品金融化与信息传递

我们提供了一个模型来了解商品期货金融化对各种市场变量的影响。我们区分金融投机者和金融套期保值者，并研究它们对期货价格信息量、期货价格偏差、期货价格与其他市场的联动以及金融交易的预测性的单独和综合影响。我们通过现货价格和生产决策捕捉商品期货金融化与实体经济之间的相互作用。动态扩展说明了关键变量如何在急剧金融化时期以与观察到的经验模式一致的方式随时间变化。