Politická ekonomie 2014, 62(1):117-140 | DOI: 10.18267/j.polek.940

Modelování provázanosti trhů potravin, biopaliv a fosilních paliv

Štěpán Chrz, Karel Janda, Ladislav Krištoufek
1 Univerzita Karlova v Praze.
2 Vysoká škola ekonomická v Praze a Univerzita Karlova v Praze.
3 Univerzita Karlova v Praze a ÚTIA ČSAV.

Modeling Interconnections within Food, Biofuel, and Fossil Fuel Markets

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
JEL classification: C22, Q16, Q42

Published: February 1, 2014  Show citation

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Chrz, Š., Janda, K., & Krištoufek, L. (2014). Modeling Interconnections within Food, Biofuel, and Fossil Fuel Markets. Politická ekonomie, 62(1), 117-140. doi: 10.18267/j.polek.940
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