Detail práce

Food vs. Fuel: The Role of Bioenergy

Autor: Mgr. Ondřej Filip
Rok: 2017 - zimní
Vedoucí: prof. Ing. Karel Janda M.A., Dr., Ph.D.
Typ práce: Rigorózní
Jazyk: Anglicky
Stránky: 100
Abstrakt: This thesis studies the relationship between the first generation biofuels and
selected commodities and assets in the USA, Europe, and Brazil. It is the first
attempt to combine the taxonomy and wavelet analyses in a single research
application. Our unique dataset comprises 32 weekly price series covering the
2003–2015 time period. First, we employ a method of minimum spanning trees
and hierarchical trees to model a biofuel-related price network. We demonstrate
a development phase shift between Brazilian and the US/EU biofuel industries.
We reveal a strong and stable connection between Brazilian ethanol and its
main production factor, local sugarcane. We further find that US ethanol
is closely linked to corn. In the contrary, European biodiesel exhibits only
moderate ties to its production factors. Subsequent wavelet analysis scrutinizes
the identified price connections both in time and frequency domains. Both
Brazilian and US ethanols are found to be positively related to their respective
feedstock commodities. In particular, feedstock proves to lead the price of
the biofuel and not vice versa. Moreover, the dynamics remains qualitatively
unchanged when controlled for the influence of crude oil.




Patria Finance
Česká Spořitelna