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Modelování provázanosti trhů potravin, biopaliv a fosilních paliv

Modeling Interconnections within Food, Biofuel, and Fossil Fuel Markets

Štěpán Chrz, Karel Janda () and Ladislav Krištoufek ()

Politická ekonomie, 2014, vol. 2014, issue 1, 117-140

Abstract: The interconnections within food, biofuel and fossil fuel markets are first described in the context of biofuels technologies and economic policy framework. Consequently, the econometric analysis consisting of Johansen cointegration, error correction model, vector autoregression and Granger causality is applied to price series of 12 biofuel related commodities. While a number of equilibrium relationships are found across the examined markets suggesting their interconnection, we do not obtain a persuasive confirmation of the thesis that biofuels clearly lead to food shortages via the increase in prices of basic food commodities used in the production of biofuels.

Keywords: biofuels; food; fossil fuels (search for similar items in EconPapers)
JEL-codes: C22 Q16 Q42 (search for similar items in EconPapers)
Date: 2014
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