The financialization of commodity markets is a well-documented phenomenon spurred by the massive growth of institutional funds directed into commodity indices from the mid-2000s. More recent research suggests that a subsequent era of de-financialization has coincided with the retreat of institutional investors. This paper uses a latent factor model to examine the dynamic impact of commodity market financialization on spot currency, commodity and equity market linkages, focusing on countries with ‘commodity currencies’. The financialization period is characterized by increased interdependence of non-oil and oil commodity markets with each other and with other asset markets, implying reduced diversification potential. We find that commodity markets have become more highly interconnected with currency and equity markets of the large commodity exporters over the most recent sub-sample. We suggest that apparent de-financialization may be attributable to contagion effects from global crisis events, including the Great Recession and the European Debt Crisis of 2012.

商品市场的金融化是一个有据可查的现象，这是由于自 2000 年代中期以来投入商品指数的机构资金大量增长所推动的。最近的研究表明，随后的去金融化时代与机构投资者的撤退同时发生。本文使用潜在因素模型来研究商品市场金融化对即期货币、商品和股票市场联系的动态影响，重点关注拥有“商品货币”的国家。金融化时期的特点是非石油和石油商品市场相互之间以及与其他资产市场的相互依赖性增强，这意味着多元化潜力下降。我们发现，在最近的子样本中，大宗商品市场与大型大宗商品出口国的货币和股票市场的关联性变得更加紧密。我们认为，明显的去金融化可能归因于全球危机事件的传染效应，包括2012年的大衰退和欧洲债务危机。