Would the Developments of Bioenergy Affect the Prices of Crude Oil?

• Main Authors: Tzu-ching Chu, 瞿子菁
• Other Authors: Ming-Hsien Chen
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/22830778283281721076

碩士 === 國立高雄第一科技大學 === 財務管理研究所 === 100 === The prices of agricultural commodity, especially on those which be condensed to bioenergy, significantly fluctuate, corresponding with the financial crisis in 2008. Bioenergy plays either a substitution against crude oil, or a plunder in terms of foods. In my thesis, firstly, we study the volatility of agricultural futures prices related those of bioenergy. Moreover, we decompose prices volatility of agricultural futures, target on those commodity used to produce bioenergy, by investigating the change of general equilibrium on bioenergy commodity futures markets. Finally, we study the Integration of energy futures and agricultural commodity futures. Empirical results provide that the volatility of agricultural futures prices will become larger after the 2008 financial crisis. Moreover, prices volatility of crude oil futures consistently and significantly decrease. The development of bioenergy reduce the prices volatility of crude oil futures, thus induce crude oil prices more stable. Our empirical evidence shows that the research of bioenergy is necessary, and the relationship between the volatility of crude oil prices and energy crops is closely correlated.