The Ethanol Market and Its Relation to the Price of Agricultural Commodities

被引：0
作者：
Hoeckel, Paulo Henrique [1 ]
Alvim, Augusto Mussi [2 ]
Pontes, Jose Pedro [3 ]
Dias, Joao [3 ]
机构：
[1] Fed Univ Grande Dourados, Dept Econ, BR-79825070 Dourados, MS, Brazil
[2] Pontif Catholic Univ Rio Grande Do Sul, Business Sch, BR-90619900 Porto Alegre, RS, Brazil
[3] Univ Lisbon, Lisbon Sch Econ & Management, P-1200781 Lisbon, Portugal
来源：
ENERGIES | 2023年 / 16卷 / 06期
关键词：
ethanol market; price behavior; agricultural commodities; SUPPLY-AND-DEMAND; LAND-USE CHANGE; BIOFUELS; ELASTICITIES;
D O I：
10.3390/en16062788
中图分类号：
TE [石油、天然气工业]; TK [能源与动力工程];
学科分类号：
0807 ; 0820 ;
摘要：
In this article, we seek to present the synthesis of the global ethanol market in the United States (US) and Brazil by using caloric equivalence to empirically characterize the elasticity of supply and demand. We also seek to evaluate the relationship between world ethanol production and prices of agricultural commodities (wheat, rice, corn, soybeans and sugar) from 1981 to 2016 using climate-induced yield shocks as instrumental variables. The main results for the world market indicate that the production and demand for ethanol respond elastically to changes in commodity prices. The world ethanol production has no significant relationship with food prices. However, evaluation of the ethanol market and its interaction with the agricultural commodities market confirms the hypothesis that Brazilian ethanol is weakly related to the price of food.
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页数：18
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