Speculation in international crises: report from the Gulf

• 成果类型: Article
• 署名作者: Weiner, RJ
• 署名单位: George Washington University; Laval University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/palgrave.jibs.8400158
• 发表日期: 2005
• 页码: 576-587
• 关键词: oil shocks; speculators; volatility; market turmoil; financial crises

摘要

Recent years have seen recurring international financial crises, as well as a tremendous rise in trading and speculation. How are the two related? Are speculators and trading responsible for market volatility? This paper presents a study of the Gulf Crisis of 1990-1991, examining the behavior of the international oil market during a period of unprecedented volatility. The analysis suggests that a combination of political events and market fundamentals, rather than trading, was behind this volatility.