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The Effect of Biofuels on the Link between Oil and Agricultural Commodity Prices: A Smooth Transition Cointegration Approach

Author

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  • Anthony Paris

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

The aim of this paper is to investigate the long-term effect of the price of oil on agricultural commodity prices by accounting for the influence of biofuel production. Relying on the estimation of nonlinear, cointegrating regime-switching processes, we show that biofuel development has led to an increase in the oil-price effect on agricultural commodity prices: the growing production of biofuels is contributing to the price rise of agricultural commodities. This result underlines the importance of considering alternative biofuels which are not produced from agricultural commodities, and of analyzing the potential effects of the second-generation biofuels derived from agricultural plant residuals or non-food plants.

Suggested Citation

  • Anthony Paris, 2016. "The Effect of Biofuels on the Link between Oil and Agricultural Commodity Prices: A Smooth Transition Cointegration Approach," Post-Print hal-01647541, HAL.
    • Handle: RePEc:hal:journl:hal-01647541
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    Citations

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    Cited by:

    1. Dupoux, Marion, 2019. "The land use change time-accounting failure," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    2. Gomes, Gabriel & Hache, Emmanuel & Mignon, Valérie & Paris, Anthony, 2018. "On the current account - biofuels link in emerging and developing countries: do oil price fluctuations matter?," Energy Policy, Elsevier, vol. 116(C), pages 60-67.
    3. Anthony Paris, 2016. "The Effect of Biofuels on the Link between Oil and Agricultural Commodity Prices: A Smooth Transition Cointegration Approach," EconomiX Working Papers 2016-5, University of Paris Nanterre, EconomiX.
    4. Hache, Emmanuel, 2018. "Do renewable energies improve energy security in the long run?," International Economics, Elsevier, vol. 156(C), pages 127-135.

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