An article by our colleagues in Nature Energy
An article of our colleagues Ondřej Filip, Karel Janda and Ladislav Krištoufek in cooperation with David Zilberman from the University of California Berkeley “Dynamics and evolution of the role of biofuels in global commodity and financial markets“ was published in Nature Energy, which has been awarded an impact factor of 47 and article influence score of 16 with respect to the newest JCR 2017, which is on the level of science leaders Nature and Science.
Biofuels form part of a complex system comprising their production factors (usually agricultural commodities) and raw and retail fuels. Recently, it has been suggested that biofuels might affect or be affected by financial assets such as exchange rates, interest rates, stocks, and by other commodities. However, further extensive studies are required to investigate this. Here we present a combination of minimum spanning trees correlation filtration and wavelet analysis uncovering the ties in a wide portfolio of 33 commodities and relevant assets for biofuels between 2003 and 2016. We show that for Brazilian and US ethanol, their respective feedstocks lead biofuels prices, and not vice versa. This dynamic remains qualitatively unchanged when controlling for the influence of crude oil prices. In contrast, European biodiesel exhibits only moderate ties to its production factors. Other financial factors do not interact significantly with biofuel prices in general.
Congratulation for the successful article!
The article is part of the research activity within projects:
- Beyond Green Paradoxes: Microeconomic, Econometric and Meta-Analysis Framework for Investigation of Unintended Effects of Climate and Energy Policies. Grant Agency of the Czech Republic. Grant number 16-00027S.
- GEMCLIME (European Union’s Horizon 2020 Research and Innovation Staff Exchange programme under the Marie Sklodowska-Curie grant agreement No 681228.)
Autor - Mgr. Lucie Křížová M.A.