Do oil prices drive agricultural commodity prices? Evidence from South Africa

被引：132

作者：

Fowowe, Babajide ^{[1
]}

机构：

[1] Univ Ibadan, Ibadan, Nigeria

来源：

ENERGY | 2016年 / 104卷

关键词：

Oil prices; Agricultural commodity prices; Causality; UNIT-ROOT HYPOTHESIS; GRANGER CAUSALITY; NONLINEAR CAUSALITY; FUTURES PRICES; GREAT CRASH; CRUDE-OIL; COINTEGRATION; MARKETS; SHOCK;

D O I：

10.1016/j.energy.2016.03.101

中图分类号：

O414.1 [热力学];

学科分类号：

摘要：

The global economy has witnessed a concurrent rise in oil prices and agricultural commodities prices and this has generated interest in understanding the energy-food nexus. Many studies have attributed the rise in agricultural commodity prices to the role of world oil prices. Similar to global oil prices, South Africa experienced a surge in agricultural commodity prices from 2004 and reached a peak in 2008. This study conducts an empirical investigation of the effects of oil prices on agricultural commodity prices in South Africa. Structural breaks cointegration tests showed no evidence of a long-run relationship between oil prices and agricultural commodity prices in South Africa. Nonlinear causality tests showed no evidence that agricultural commodity prices in South Africa respond to oil prices. The results show that agricultural commodity prices in South Africa are neutral to global oil prices. (C) 2016 Elsevier Ltd. All rights reserved.

引用

页码：149 / 157

页数：9

共 31 条

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