Abstract
This chapter utilises the combination of a historical review with a macroeconomic and financial analysis, in order to create a snapshot of the status of the financialisation of the oil market during the period of advanced financialisation. Developments such as those of the US housing bubble, the subsequent financial and economic crisis, the September 11 attack and the war in Iraq which led to the oil price spike of 2008 are argued in this chapter to have driven a rally in speculative activity deriving from the financial actors who were now able to enter the market freely, and in large numbers, after the regulatory developments of the previous period. This thus demonstrates clearly the advancement of the financialisation process in the oil market, which had now reached the level whereby the capital from other segments of the market could flow freely into that of oil. By now, both the actors and the modus operandi of the financial element of the oil market had reached its maturity and had become a rightful part of the international financial markets system.
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Gkanoutas-Leventis, A. (2017). The Three Phases of Oil Financialisation: Advanced Financialisation (2002–2015). In: Spikes and Shocks. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-59461-7_9
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DOI: https://doi.org/10.1057/978-1-137-59461-7_9
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