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Estimating the Relationship between Food, Fuel and Biofuel Prices
Název práce v češtině: Odhadování vztahu mezi jídlem, palivy a biopalivy
Název v anglickém jazyce: Estimating the Relationship between Food, Fuel and Biofuel Prices
Klíčová slova anglicky: foof, fuels, biofuels, energy
Akademický rok vypsání: 2017/2018
Typ práce: bakalářská práce
Jazyk práce: angličtina
Ústav: Institut ekonomických studií (23-IES)
Vedoucí / školitel: prof. Ing. Karel Janda, Dr., Ph.D., M.A.
Řešitel: skrytý - zadáno vedoucím/školitelem
Datum přihlášení: 09.04.2018
Datum zadání: 09.04.2018
Datum a čas obhajoby: 11.06.2019 09:00
Místo konání obhajoby: Opletalova - Opletalova 26, O105, Opletalova - místn. č. 105
Datum odevzdání elektronické podoby:08.05.2019
Datum proběhlé obhajoby: 11.06.2019
Oponenti: Olha Khymych, DiS.
 
 
 
Kontrola URKUND:
Seznam odborné literatury
1. FILIP, Ondrej, et al. Food versus fuel: An updated and expanded evidence. Energy Economics, 2017.
2. FILIP, Ondrej, et al. Dynamics and evolution of the role of biofuels in global commodity and financial markets. Nature Energy, 2016, 1.12: 16169.
3. FILIP, Ondřej. Food vs. Fuel: The Role of Bioenergy. 2015.
4. KRISTOUFEK, Ladislav; JANDA, Karel; ZILBERMAN, David. Price transmission between biofuels, fuels, and food commodities. Biofuels, Bioproducts and Biorefining, 2014, 8.3: 362-373.
5. KRISTOUFEK, Ladislav; JANDA, Karel; ZILBERMAN, David. Correlations between biofuels and related commodities: A taxonomy perspective. 2012.
6. SERRA, Teresa; ZILBERMAN, David. Biofuel-related price transmission literature: A review. Energy Economics, 2013, 37: 141-151
7. VÁCHA, Lukáš, et al. Time-Frequency Dynamics of Biofuel-Fuel-Food System. Energy Economics, 2013, 40: 1
Předběžná náplň práce v anglickém jazyce
Research question and motivation
In today's age of climate changes, when our civilization faces the phenomena of global warming, biofuels are widely discussed topic. The opponents of adding organic feedstock into fossil fuels argue that an increase in using biofuels leads to higher prices of food.
Therefore, the biofuels-related system was recently the object of scientific research. An innovative approach to this discussion appeared in the article Correlations between biofuels and related commodities: a taxonomy perspective (Krištoufek et al., 2012). Authors tried to estimate the relationship with taxonomy perspective and they discovered some positive links between biofuels and feedstock commodities. However, they pointed out that there are non-negligible differences between particular types of biofuels as their links to food feedstock differ quite significantly. Later on, Filip et al. (2016) built on their work with article Dynamics and evolution of the role of biofuels in global commodity and financial markets. They extended the number of observed commodities, prolonged time series data and utilized results in a different manner with wavelet analysis.

The core questions to answer in my thesis are following:
How did the biofuels-related system change in the last years of fast economic growth?
Is it possible to find new commodities that would have a significant effect on the biofuels-food system?

Contribution
As the debate about prices of food still persists up to today, the thesis could help understand the relationships between food feedstock and biofuels in the bigger depth. It could also determine the direction of their effects. Does the price of biofuels lead price of food or vice versa? As long as some research has been done in this area I would like to update datasets and figure out the behavior of these commodities in today's fast-growing economies and possibly extend the spectrum of observed commodities as it is suggested by Krištoufek (et al., 2014). Such empirical results could contribute to a policy-making debate about biofuels.

Methodology
In my thesis, I would like to use 2 empirical methods which are in the topic of biofuels still rather new, but their results have been already approved by research. In the first part, I would like to use taxonomy methodology of minimum spanning trees and hierarchical trees which was first introduced to biofuels topic by Krištoufek et al. (2012). Here the most important components of the food-fuels-biofuels system should be identified. Next step is the recognition of the strongest links among these components. For this purpose, I am going to use data from Bloomberg database from which the time series data of various useful commodities such as biofuels, fossil fuels, feedstock or stock indices could be obtained. The result of the first empirical part should be a hierarchical structure of our dataset. The commodities that have a strong link to particular biofuels should be estimated based on this structure. On these links, I would like to build on in the second empirical part where we are going to use wavelet coherence analysis, first utilized in biofuels context by Krištoufek et al. (2014). It provides the powerful tool for studying chosen biofuels links both in time and frequency domains.

Outline
1. Introduction
2. Literature Review
3. Data introduction
4. Empirical analysis
4.1 Minimum spanning trees method
4.2 Wavelet Analysis
5. Analysis results
6. Conclusion
 
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