Kristoufek, L. & Janda, K. & Zilberman, D.: Correlations between biofuels and related commodities before and during the food crisis: A taxonomy perspective
| Autor: | prof. Ing. Karel Janda M.A., Dr., Ph.D., Zilberman, Janda prof. PhDr. Ladislav Krištoufek Ph.D., Zilberman, Janda |
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| Typ: | Články v impaktovaných časopisech |
| Rok: | 2012 |
| Číslo: | 0 |
| ISSN / ISBN: | |
| Publikováno v: | Energy Economics 34(5), pp. 1380-1391 PDF |
| Místo vydání: | |
| Klíčová slova: | Biofuels, Networks, Minimal spanning tree, Hierarchical tree |
| JEL kódy: | |
| Citace: | |
| Granty: | GAČR P402/11/0948 Vývoj analytického rámce pro energetickou bezpečnost: Ekonometrie časových řad, teorie her, meta-analýza a teorie regulace GAUK 5183/2010 (118310) Fraktalita a multifraktalita finančních trhů: metody a aplikace |
| Abstrakt: | In this paper, we analyze the relationships between the prices of biodiesel, ethanol and related fuels and agricul- tural commodities with a use of minimal spanning trees and hierarchical trees. To distinguish between short- term and medium-term effects, we construct these trees for different frequencies (weekly and monthly). 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 biofuel systems. |
