Agricultural commodity markets and price dynamics: a re-examination through financialization.

Summary Faced with the instability of agricultural prices and its consequences, particularly for developing countries, the first part of this thesis is devoted to the presentation of the determinants of food commodity prices, including recent developments in terms of supply, taking into account the consequences of global warming, and of demand, considering in particular biofuels. It is also a question of presenting the ongoing financialization of economies, and the doubts that hover over the role that speculation on futures markets or the implementation of monetary policies may have on the spot prices observed on the physical markets of agricultural products. Following the reflections and elements of literature put forward, the second part proceeds from two empirical studies. The first focuses on the impact of speculation on financial futures markets on the price of the underlying (agricultural) commodities, while the second questions the role of money markets, approached through the central banker's capacity to stabilize short-term interest rates. On this basis, conclusions are drawn, as well as avenues of research, in view of the ongoing process of financialization of economies.