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International Interlinkages of Biofuel Prices: The Role of Biofuel Policies

  • Rajcaniova, Miroslava
  • Drabik, Dusan
  • Ciaian, Pavel

Kliauga, de Gorter, and Just (2008) and de Gorter, Drabik, and Just (2010) argue that the United States and the European Union establish the world ethanol and biodiesel prices, respectively. We test these theories using a cointegration analysis and the Vector Error Correction (VEC) model. Weekly price series are analyzed for the major global biofuel producers (European Union, United States, and Brazil) for the period 2002 – 2010. Biofuel policies in both the United States and Brazil appear to play a role in determining the ethanol prices in other countries, thus only partially confirming the previous findings for the U.S. price leadership in the literature. For biodiesel, our results demonstrate that the EU tax exemption and mandate impact the world biodiesel price, thus confirming the European Union’s price leadership.

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File URL: http://purl.umn.edu/103222
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Paper provided by Agricultural and Applied Economics Association in its series 2011 Annual Meeting, July 24-26, 2011, Pittsburgh, Pennsylvania with number 103222.

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Date of creation: 2011
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Handle: RePEc:ags:aaea11:103222
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  1. Du, Xiaodong & Hayes, Dermot J., 2010. "The Impact of Ethanol Production on U.S. And Regional Gasoline Markets," Staff General Research Papers 31483, Iowa State University, Department of Economics.
  2. Ciaian, Pavel & Kancs, d'Artis, 2010. "Interdependencies in the Energy-Bioenergy-Food Price Systems: A Cointegration Analysis," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61009, Agricultural and Applied Economics Association.
  3. Bruce A. Babcock, 2008. "Breaking the Link between Food and Biofuels," Center for Agricultural and Rural Development (CARD) Publications 08-bp53, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  4. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
  5. Xiaodong Du & Dermot J. Hayes, 2008. "Impact of Ethanol Production on U.S. and Regional Gasoline Prices and on the Profitability of the U.S. Oil Refinery Industry, The," Center for Agricultural and Rural Development (CARD) Publications 08-wp467, Center for Agricultural and Rural Development (CARD) at Iowa State University.
  6. Harry de Gorter & Dusan Drabik & David R. Just, 2011. "The Economics of a Blender's Tax Credit versus a Tax Exemption: The Case of U.S. 'Splash and Dash' Biodiesel Exports to the European Union," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(4), pages 510-527.
  7. Zhang, Zibin & Lohr, Luanne & Escalante, Cesar & Wetzstein, Michael, 2010. "Food versus fuel: What do prices tell us?," Energy Policy, Elsevier, vol. 38(1), pages 445-451, January.
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