TAILIEUCHUNG - DO FINANCIAL INVESTORS DESTABILIZE THE OIL PRICE?

This year, Congress, the Administration, and financial regulators have taken significant measures to address some of the most obvious inadequacies in our consumer protection framework. But these steps have focused on just two, albeit very important, product markets – credit cards and mortgages. We need comprehensive reform. For that reason, we propose the creation of a single regulatory agency, a Consumer Financial Protection Agency (CFPA), with the authority and accountability to make sure that consumer protection regulations are written fairly and enforced vigorously. The CFPA should reduce gaps in federal supervision and enforcement; improve coordination. | EUROPEAN CENTRAL BANK EUROSYSTEM NO 1346 I JUNE 2011 EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1346 JUNE 2011 DO FINANCIAL INVESTORS DESTABILIZE THE OIL PRICE 1 by Marco J. Lombardi 2 and Ine Van Robays3 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1847503. This paper was initiated when the second author was with the European Central Bank. Without implicating we would like to thank Bahattin Buyuksahin Gert Peersman Jaap Bos Julio Carrillo Lutz Kilian Punnoose Jacob Sandra Eickmeier and an anonymous referee for their useful comments and suggestions. 2 Directorate General Economics European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Mai Germany e-mail 3 Department of Financial Economics Ghent University Woodrow Wilsonplein 5D B-9000 Gent Belgium e-mail European Central Bank 2011 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 All rights reserved Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the authors. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB s website http www. pub scientific wps date html ISSN 1725-2806 online

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