The role of speculation in international futures markets on commodity prices

Is gold a hedge or a safe haven? An application of ARDL approach

“…This means that your portfolio will be better positioned to weather stock market declines, will be safeguarded against huge fluctuations in the total portfolio value and will have greater opportunities for higher performance over time. Table I summarizes the reasons why investors should invest in commodities gathered in this research paper from many researchers (Asche and Oglend, 2016;Chinn, 2005;Frush, 2008;Hamilton and Wu, 2014;Huchet and Fam, 2016;Miffre, 2016;Papp et al, 2008;Taylor, 2016).…”

“…Which means that when the prices increase, we might be able to substitute some commodities with others such as corn as a substitute for wheat or cut back on how much we use by driving less or carpooling, but for the most part, we still have to purchase those commodities (Frush, 2008;Sasmal, 2015) Greater diversification of portfolio and efficiency Commodities give investors an opportunity to include assets that bring into line with their risk profile in their asset allocation. By including a commodities element to portfolio, it effectively forms an optimal and diversified portfolio (Chinn, 2005;Etienne et al, 2014;Frush, 2008;Hamilton and Wu, 2014;Huchet and Fam, 2016;Miffre, 2016;Papp et al, 2008;Taylor, 2016) Reduced risk Volatility and bring smoother returns:…”

突发事件对国家金属资源安全的冲击影响

“…； 龙方等、 李宏分别就自然灾害对中 国粮食产量和社会经济的影响进行了实证研究 [5,6] [15] 。比较有代表性的如 Huchet 等、 Manera 等、 Shao 等探究了金融投机对期货市场价格波动率 的影响 [16][17][18] [24] 。Zhang 等基于 GIS 和 SD 模型， 以 2005 年 11 月 松花江水污染事故为例， 仿真模拟了污染物浓度的 表 1 威胁国家金属资源安全的突发事件统计 [25] 。魏一鸣等运用复杂性理论， 建立了基 于 Swarm 的洪水灾害时空演化模拟平台， 并通过实 例模拟得到了一些洪水灾害的时空演化规律 [26] 。 Cooke 利用系统动力学方法对加拿大 Novascotia 地 区 1992 年的矿难进行研究， 系统分析了引起矿难的 原因 [27] 。Khan 采用详实文字描述及动态仿真模拟 对 2005 年美国德克萨斯州炼油厂爆炸事故情景进 行刻画 [28] 。此外， 任若恩等、 Aydın 等和魏巍贤等分 别采用 CGE 模型、 IGEM 模型和 DSGE 模型对石油 价格波动对经济社会的冲击进行了仿真， 分析了能 源价格波动对经济社会各部门的冲击演化 [29][30][31] [33][34][35][36] 。 近年来， 部分学者将 PSR 模型应用于资源安全领 域， 如姚予龙等、 谷树忠等运用该模型对资源安全 机理进行阐释 [37,38]…”

Seasonal patterns in oil prices and their implications for investors

“…However, commodities are not only simple inputs, they are also investment assets that are in the middle of attention of numerous retail as well as institutional investors. This is why commodity markets and various factors affecting commodity prices are studied by many economists (Androniceanu, & Popescu, 2017;Balaz, & Zabojnik, 2010;Burciu, 2017;Dudzinski, 2010;Back et al, 2013;Smiech et al, 2015;Vychytilova, 2015;Han et al, 2016;Karyotis, & Alijani, 2016;Bianchi et al, 2016;Huchet & Fam, 2016;Ntananamis, & Zhou, 2016;Pirrong, 2017;Ghoddusi, & Emamzadehfard, 2017;Olah el al., 2017 etc. ;Simionescu, 2017;Vovk, I., Vovk, Y., & Lyashuk, O., 2017).…”