Kristoufek, L. & Janda, K. & Zilberman, D.: Correlations between biofuels and related commodities: A taxonomy perspective
| Author(s): | prof. Ing. Karel Janda M.A., Dr., Ph.D., David Zilberman prof. PhDr. Ladislav Krištoufek Ph.D., David Zilberman |
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| Type: | IES Working Papers |
| Year: | 2012 |
| Number: | 15 |
| ISSN / ISBN: | |
| Published in: | IES Working Papers 15/2012 |
| Publishing place: | Prague |
| Keywords: | biofuels, networks, minimal spanning tree, hierarchical tree |
| JEL codes: | C38, Q16, Q42 |
| Suggested Citation: | Kristoufek, L., Janda, K., Zilberman, D. (2012). “Correlations between biofuels and related commodities: A taxonomy perspective” IES Working Paper 15/2012. IES FSV. Charles University. |
| Grants: | 402/09/0965: New Approaches for monitoring and prediction of capital markets 402/09/H045 - Nelineární dynamika v peněžní ekonomii a financích. Teorie a empirické modely |
| 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. |
| Downloadable: |
WP 2012_15_Kristoufek et al |
