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In this article we use the theories of market efficiency and supply of storage to develop a conceptual link between the corn and ethanol markets and explore statistical evidence for the link. We propose that a long-run no-profit condition is established in distant futures markets for ethanol, corn, and natural gas and then use the theory of storage to define an inter-temporal equilibrium among these prices. The relationship shows that under certain conditions, future price expectations will influence current spot prices and that a short-term relationship between input and output prices will exist. This short-term relationship will contain fixed costs. We demonstrate validity of the theory using a structural price model and then by means of time-series techniques.
The global food crises of 2008 and 2010 and the increased price volatility revolve around biofuels policies and their interaction with each other, farm policies and between countries. While a certain degree of research has been conducted on biofuel efficacy and logistics, there is currently no book on the market devoted to the economics of biofuel policies. The Economics of Biofuel Policies focuses on the role of biofuel policies in creating turmoil in the world grains and oilseed markets since 2006. This new volume is the first to put together theory and empirical evidence of how biofuel policies created a link between crop (food grains and oilseeds) and biofuel (ethanol and biodiesel) prices. This combined with biofuel policies role in affecting the link between biofuels and energy (gasoline, diesel and crude oil) prices will form the basis to show how alternative US, EU, and Brazilian biofuel policies have immense impacts on the level and volatility of food grain and oilseed prices.
Interest in biofuels began with oil shocks in the 1970’s, but the more rapid development and consumption of biofuel industry in recent years has been primarily driven by mandates, subsidies, climate change concerns, emissions targets and energy security. From 2004 to 2006, fuel ethanol grew by 26% and biodiesel grew by 172%. As biofuel production continues to expand, investments in capacity expansion and research and development have been made. The 2008 food crisis emphasized the need to re-examine biofuel consequences. Biofuels remain an important renewable energy resource to substitute for fossil fuels, particularly in the transportation sector, yet biofuels’ success is still uncertain. The future of biofuels in the energy supply mix relies on mitigating potential and improving the environmental gains. This book brings together leading authorities on biofuel from the World Bank to examine all of the impacts of biofuel (economic, social, environmental) within a unified framework and in a global perspective, making it of interest to academics in agricultural and environmental economics as well as industry and policy-makers.
Examining the relationship between biofuels and food security, this book presents an economic analysis of the competition between biofuels and food. It covers the historical and current situation of biofuels and food security in Brazil, China, Japan, USA, EU, Thailand, India, Indonesia, Malaysia, Philippines and other countries. Furthermore it demonstrates that not only feedstock of agricultural product-based biofuels, but also cellulose-based biofuels can compete with food-related demand and agricultural resources. The issue of whether this competition is good or bad for food security is explored, and this topic is examined at global, national, sub-national and household levels. In order to deal with energy security, to reduce greenhouse gas emissions, and to strengthen agricultural/rural development, biofuel production and utilization is increasing all over the world. One of the most crucial problems is the competition for resources between biofuel and food. This biofuel and food security discussion is expected to continue into the future, and this book proposes the action that is needed to deal with this issue on various levels. Biofuel and Food Security provides a valuable resource to undergraduates and researchers of economics, agricultural economics and renewable science, and also policy makers involved in government or international organizations. It will additionally be of interest to those employed in renewable energy and agriculture in an industrial capacity.
Although bioenergy is a renewable energy source, it is not without impact on the environment. Both the cultivation of crops specifically for use as biofuels and the use of agricultural byproducts to generate energy changes the landscape, affects ecosystems, and impacts the climate. Bioenergy and Land Use Change focuses on regional and global assessments of land use change related to bioenergy and the environmental impacts. This interdisciplinary volume provides both high level reviews and in-depth analyses on specific topics. Volume highlights include: Land use change concepts, economics, and modeling Relationships between bioenergy and land use change Impacts on soil carbon, soil health, water quality, and the hydrologic cycle Impacts on natural capital and ecosystem services Effects of bioenergy on direct and indirect greenhouse gas emissions Biogeochemical and biogeophysical climate regulation Uncertainties and challenges associated with land use change quantification and environmental impact assessments Bioenergy and Land Use Change is a valuable resource for professionals, researchers, and graduate students from a wide variety of fields including energy, economics, ecology, geography, agricultural science, geoscience, and environmental science. Read an interview with the editors to find out more: https://eos.org/editors-vox/bioenergys-impacts-on-the-landscape
Increased trade integration holds considerable potential to stabilize food prices, boost returns to farmers, and reduce the prices faced by consumers. This book explores the effects of food price changes on economic welfare in developing countries, and how these can be mitigated through appropriate national policies at the border.
Rapid changes in energy production and consumption are having major socioeconomic implications for the communities of rural America. Technological developments in horizontal drilling, hydraulic fracturing (fracking) nuclear energy, biofuels, wind and solar energy have significantly increased domestic energy production and the production of energy from renewable sources has encouraged energy efficiency. Yet, severe concerns persist and policy decisions on energy issues will have profound implications for all Americans and rural communities where consequences are experienced most directly. Thus, the time is appropriate for a careful exploration of the socioeconomic implications of our energy future. The purpose of this book is to present timely and scientifically sound information on energy policy, socioeconomic aspects of energy production and consumption with a focus on rural areas. The book presents the latest research by top scholars with the goal of clarifying options and providing the basis for informed policy decisions.
Bioenergy is coming to be seen as a priority on the international agenda, with the use of liquid biofuels a key strategy in the attempt to meet both the demand for environmental sustainability and the energy needs of countries. The growth in the production and use of biofuels around the world has led to increased interest and discussion about this subject. Given the dynamics of this phenomenon, the organizers of this book, based on more than 10 years experience of joint research on this subject, seek to address key issues relating to the production and marketing of liquid biofuels using the Brazilian experience with ethanol and biodiesel as an illustrative case, as well as the experiences of the leading producers and consumers of biofuels. The topics to be covered in this book include the role of public policies in fostering the emergence of the biofuels industry, the main socio-economic, environmental, technological aspects and the prospects for the sector. The conceptual and methodological bases that provide analytical support to the book are based on recent research published in indexed journals. The structure and content of the book seek to address some central issues regarding: How the biofuel industries have emerged and developed in different countries? What factors have been crucial to the success or failure of different production initiatives? What are the main socio-economic-environmental impacts of the production and consumption of liquid biofuels? How are national and international markets for liquid biofuels being structured? To what extent and/or in what conditions can the experiences and lessons learned at the national level be transferred and adapted in other countries? Finally, based on the scenarios, the prospects for liquid biofuels will be discussed.
This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.
The current rapid rise of commodity prices comes at a critical moment, as European and U.S. economies stagger in their attempts to regain ground lost in the recent financial crisis. Facing mounting worries and anger from both policymakers and the public, regulators at the most recent G20 summit agreed to address commodity price volatility worldwide. They are bringing forward a number of proposals to improve the regulation, functioning, and transparency of commodity markets. This book collects the findings of a task force composed of financial and nonfinancial firms as well as regulators and academics. It sheds new light on price formation mechanisms in spot and future commodities markets and highlights key drivers of price formation in main commodities markets.