Correlations between biofuels and related commodities: A taxonomy perspective

Ladislav Krištoufek (), Karel Janda and David Zilberman

No 2012/15, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: In this paper, we analyze the relationships between the prices of biodiesel, ethanol and related fuels and agricultural commodities with a use of minimal spanning trees and hierarchical trees. We find that in short-term, both ethanol and biodiesel are very weakly connected with the other commodities. In medium-term, the biofuels network becomes more structured. The system splits into two well separated branches -- a fuels part and a food part. Biodiesel tends to the fuels branch and ethanol to the food branch. When the periods before and after the food crisis of 2007/2008 are compared, the connections are much stronger for the post-crisis period. This is the first application of this methodology on the biofuels systems.

Keywords: biofuels; networks; minimal spanning tree; hierarchical tree (search for similar items in EconPapers)
JEL-codes: C38 Q16 Q42 (search for similar items in EconPapers)
Pages: 40pages
Date: 2012-06, Revised 2012-06
New Economics Papers: this item is included in nep-agr
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Citations: View citations in EconPapers (10)

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Working Paper: Correlations between biofuels and related commodities: A taxonomy perspective (2012)
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