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SUMMARY:Ad-hoc Seminar: Commodities as Collateral - Ke Tang\, Professor of
  Finance\, School of Social Science\, Tsinghua University\, Beijing
DTSTART:20150908T110000Z
DTEND:20150908T120000Z
UID:TALK60417@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:This paper proposes and tests a theory of using commodities as
  collateral for financing. Under capital control and collateral constraint
 \, financial investors import commodities and pledge them as collateral to
  earn a risk premium. The collateral demand for com- modities increases co
 mmodity prices globally\; it also increases commodity futures risk premium
  in the importing country but reduces that in the exporting country. Evide
 nce from eight commodities in China and developed markets supports the the
 oretical pre-dictions\, and the effects are economically large. Our theory
  and evidence complement\nthe theory of storage and provide new insights o
 n the financialization of commodity markets.
LOCATION:Room W4.03 Judge Business School
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