期刊
RENEWABLE ENERGY
卷 199, 期 -, 页码 689-696出版社
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.renene.2022.08.146
关键词
Corn prices; Ethanol; Biofuels; Food prices; Non-linear smooth transition; Biofuel-food competition
The study shows that ethanol production increases corn prices, while oil prices and population exert pressure on corn prices. An increase in the real exchange rate has a decreasing effect on corn prices.
This paper aims to investigate the effects of the production of ethanol, a renewable biofuel, oil prices, population, and exchange rate on corn prices in the US (1985:m1-2020:m7) using a nonlinear smooth transition model. According to the findings, (i) ethanol production (beta 1 = 0.072, p < 0.01) has an increasing effect on corn prices. (ii) Oil prices (beta 2 = 0.064, p < 0.05) and population (beta 3 = 0.851, p < 0.01) put a pressure on corn prices. (iii) The increase in the real exchange rate (beta 4 =-2.142, p < 0.01) has a decreasing effect on corn prices. The estimation results provide several critical policy implications for ethanol-food competition within the framework of sus-tainable development policies. First, ethanol production puts pressure on corn prices. Second, policy-oriented research on the biofuel-food competition can provide guidance to ensure sustainability. Finally, in the trans-formation process of the ethanol industry, technological innovations (use of second or third-generation biofuels) can moderate the food-fuel nexus.
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