Explosive Preisentwicklung und spekulative Blasen auf Rohstoffmärkten
This paper analyzes whether price developments on commodity markets support the hypothesis that commodity prices are subject to speculative behavior in certain time periods. This is an important research question within the ongoing debate on the regulation of commodity trading. It can be shown that commodity prices occasionally exhibit explosive behavior. In particular, this is found for raw industrials, but also for foodstuff. An important implication is that the reasons and the effects on consumers and investors of bubbles on commodity markets have to be investigated in greater detail. Additionally, the distributional effects of these findings should be analyzed in future research.