CAJ | 학술논문

随着商品指数基金大量涌入大宗商品衍生品市场，大宗商品的金融化程度不断提高，不同类别商品价格变化之间的相关性以及与金融资产的价格联动不断提高。在商品金融化这一现实背景下，分类综述了能源与非能源商品价格影响股票市场的国内外文献，发现大宗商品价格变化对股票市场的影响模式发生了变化，尤其是次贷危机所带来金融动荡对这种影响模式的冲击较大。
수착상품지수기금대량용입대종상품연생품시장，대종상품적금융화정도불단제고，불동유별상품개격변화지간적상관성이급여금융자산적개격련동불단제고。재상품금융화저일현실배경하，분류종술료능원여비능원상품개격영향고표시장적국내외문헌，발현대종상품개격변화대고표시장적영향모식발생료변화，우기시차대위궤소대래금융동탕대저충영향모식적충격교대。
With the large influx of Commodity Index Fund into the commodity derivatives markets, commodities became increasingly “financialized”. Prices of different commodities became increasingly correlated with each other and with other financial assets. In this context, this paper reviews literatures on the impacts of prices of commodities, both energy and non-energy, on the stock market, with particular interests in the transition of this mechanism during the financial turbulences arising from the subprime crisis.