Gkanoutas-Leventis Spikes and Shocks

The Financialisation of the Oil Market from 1980 to the Present Day
1. Auflage 2016
ISBN: 978-1-137-59461-7
Verlag: Palgrave Macmillan UK
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 157 Seiten

Reihe: Economics and Finance

This book proposes that price volatility and speculation in the oil market originate from a decades-long process of financialisation. The author challenges mainstream critical accounts of the market that typically invoke the notion of a global oil shortage and so-called 'peak oil' arguments. Instead, he argues that the development of the market has been punctuated by recurring oil price shocks. Chapters examine the evolution of the international oil market and investigate how, and to what effect, the process of financialisation has transformed the structure and dynamics of the global oil market from 1980 to the present day.  In doing so, the book suggests that the process of financialisation is both the cause and the proof of a profound change in the structure of the global oil market, that has turned the triangle of producers, consumers, and mediators that characterised the oil market until the 1980s into a four-tier structure through the addition of financial actors.

Angelos Gkanoutas-Leventis is a political economist with commercial experience working for national and international oil companies. He is very active in the development of the hydrocarbon industry in the South East Mediterranean, having founded the Greek Energy Forum. He is also a member of the City Political Economy Research Centre (CITYPERC). 

Autoren/Hrsg.

Gkanoutas-Leventis, Angelos

Inhaltsverzeichnis

1;Spikes and Shocks;3
1.1;Acknowledgements;5
1.2;Contents;7
1.3;List of Figures;10
1.4;List of Tables;11
1.5;1 Introduction;12
1.5.1;Reference;20
2;Part I Conceptualising Financialisation;21
2.1;2 The History of the Oil Market until the 1980s;22
2.1.1;References;31
2.2;3 The Many Faces of Financialisation;32
2.2.1;3.1 The Systemic Perspective: Regimes, Capital and Financial Geography;36
2.2.2;3.2 The Institutional Perspective: Looking beyond the Real Production–Financial Profit Nexus;40
2.2.3;3.3 Could the Institutional and the Systemic Approaches be Bridged?;43
2.2.4;References;44
2.3;4 Finance and the Oil Market: Introducing a Comprehensive Approach to Analysing the Financialisation Process;47
2.3.1;4.1 Analysing Financialisation: Financial Economy vs Real Economy, Conceptualising Performativity and the Emergence of New Financial Actors;50
2.3.1.1;4.1.1 Performativity and Performative Cycles;52
2.3.2;4.2 Analysing Financialisation: Behaviour of the Financial Actors;57
2.3.2.1;4.2.1 The Behavioural Finance Approach: From the False Sense of Control to ‘Mob Psychology’;60
2.3.3;4.3 Analysing Financialisation: The Role of Technology and Regulatory Evolution;63
2.3.4;Note;68
2.3.5;References;68
3;Part II The Three Phases of Oil Financialisation;71
3.1;5 Oil Products and Oil-Based Financial Products;72
3.1.1;References;75
3.2;6 Oil Shocks as Barometers of the Financialisation Process;76
3.2.1;6.1 Oil Shocks and Macroeconomic Performance;77
3.2.2;References;82
3.3;7 The Three Phases of Oil Financialisation: Early Financialisation (1980–1999);83
3.3.1;7.1 Macroeconomic Background;83
3.3.2;7.2 The Oil Price Spike Effects;85
3.3.3;7.3 Financial Dimension of Oil Markets: The Emergence of Oil Futures and Swap Investments;86
3.3.4;References;89
3.4;8 The Three Phases of Oil Financialisation: Low Financialisation (1999–2002);90
3.4.1;8.1 Macroeconomic Background;90
3.4.2;8.2 Technology and Regulation: The Three Factors that Changed the Oil Market;94
3.4.3;References;96
3.5;9 The Three Phases of Oil Financialisation: Advanced Financialisation (2002–2015);97
3.5.1;9.1 Macroeconomic Background;97
3.5.2;9.2 The 2008 Oil Price Shock and the Role of Speculative Financial Activity;101
3.5.3;9.3 Independent Variables Shaping the Market Dynamics;105
3.5.3.1;9.3.1 Drivers behind Speculation on Oil Markets;106
3.5.4;References;109
4;Part III Financialisation of Oil Market and Evolution of Oil Market’s Actor Structure;110
4.1;10 Financialisation of the Oil Market: The Four-Actor Structure;111
4.1.1;10.1 The New Group of Actors on the Oil Market: Characteristics and Behaviour;114
4.1.1.1;10.1.1 Speculative Behaviour of New Market Actors;123
4.1.2;10.2 New Financial Market Players Transforming the Oil Market: Oil Spot Prices and Futures Prices in Focus;127
4.1.2.1;10.2.1 Expectations and Behaviour of the Financial Actors;131
4.1.3;References;137
4.2;11 Epilogue;140
4.2.1;References;149
5;Index;151