We propose and test a theory of using commodities as collateral for financing. Under capital control and collateral … theory of storage and provide new insights into the financialization of commodity markets …

This paper evaluates how different types of speculation affect the volatility of commodities' futures prices. We adopt … four indexes of speculation: Working's T, the market share of non-commercial traders, the percentage of net long … speculators over total open interest in future markets, which proxy for long term speculation, and scalping, which proxies for …

We report new evidence that speculation in energy and precious metal futures are more prevalent in crisis periods and … is strongly and often non-linearly associated with speculation across instruments …

yields decrease at a diminishing rate as inventories increase, consistent with the theory of storage. In addition to …