Nonlinear effects of crude oil dependency on food prices in China: Evidence from quantile-on-quantile approach
Abstract
The repercussions of disruptions in the global crude oil market have a substantial influence on economies worldwide. Oil shocks are considered important estimators of many economic variables. The current research examines the effects of oil price shocks on food prices in China using monthly data from 2000M1 to 2021M12. The estimation is done using the Quantile on Quantile (QQ) estimation technique. The BDS test is used to test nonlinear dependence in variables. The results of this test confirm the presence of nonlinear dependence in variables. The estimated results of the QQ technique suggest a strong association between oil prices and food prices nexus in China with significant disparities across the quantiles. The lower and medium quantiles show a poor negative effect of crude oil prices on food prices. Nevertheless, it has been shown that there exists a strong positive correlation in the higher quantiles of the distribution, which suggests that an increase in global oil prices directly impacts the costs of food. The outcome of the study offers significant policy recommendations aimed at mitigating the detrimental impact of oil prices on food prices in China.
Keyword : oil price shocks, food prices, BDS test, quantile-on-quantile regression, China
How to Cite
Yu, Y., Peng, C., Zakaria, M., Mahmood, H., & Khalid, S. (2023). Nonlinear effects of crude oil dependency on food prices in China: Evidence from quantile-on-quantile approach. Journal of Business Economics and Management, 24(4), 696–711. https://doi.org/10.3846/jbem.2023.20192
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Adam, P. (2016). The response of bank of Indonesia’s interest rates to the prices of world crude oil and foreign interest rates. International Journal of Energy Economics and Policy, 6(2), 266–272.
Adeosun, O. A., Tabash, M. I., & Anagreh, S. (2023). Revisiting the oil prices – domestic food inflation nexus in Nigeria: The role of global geopolitical risk. African Journal of Economic and Management Studies. https://doi.org/10.1108/AJEMS-09-2022-0399
Allahyari, M. S., Marzban, S., El Bilali, H., & Ben Hassen, T. (2022). Effects of COVID-19 pandemic on household food waste behaviour in Iran. Heliyon, 8(11), Article e11337. https://doi.org/10.1016/j.heliyon.2022.e11337
Al-Maadid, A., Caporale, G. M., Spagnolo, F., & Spagnolo, N. (2017). Spillovers between food and energy prices and structural breaks. International Economics, 150, 1–18. https://doi.org/10.1016/j.inteco.2016.06.005
Bala, U., & Chin, L. (2018). Asymmetric impacts of oil price on inflation: An empirical study of African OPEC member countries. Energies, 11(11), Article 3017. https://doi.org/10.3390/en11113017
Baruník, J., & Křehlík, T. (2018). Measuring the frequency dynamics of financial connectedness and systemic risk. Journal of Financial Econometrics, 16(2), 271–296. https://doi.org/10.1093/jjfinec/nby001
Ben Hassen, T., & El Bilali, H. (2022). Impacts of the Russia–Ukraine war on global food security: Towards more sustainable and resilient food systems? Foods, 11(15), Article 2301. https://doi.org/10.3390/foods11152301
Brock, W. A., Hsieh, D. A., & LeBaron, B. (1991). Nonlinear dynamics, chaos, and instability: Statistical theory and economic evidence. MIT Press.
Broock, W. A., Scheinkman, J. A., Dechert, W. D., & LeBaron, B. (1996). A test for independence based on the correlation dimension. Econometric Reviews, 15(3), 197–235. https://doi.org/10.1080/07474939608800353
Chang, L., Mohsin, M., Gao, Z., & Taghizadeh-Hesary, F. (2023). Asymmetric impact of oil price on current account balance: Evidence from oil importing countries. Energy Economics, 123, Article 106749. https://doi.org/10.1016/j.eneco.2023.106749
Chen, J., Zhu, X., & Li, H. (2020). The pass-through effects of oil price shocks on China’s inflation: A time-varying analysis. Energy Economics, 86, Article 104695. https://doi.org/10.1016/j.eneco.2020.104695
Dadzie, P., Nambie, Nicholas Bamegne, & Obobi, Belinda Ameh. (2023). Impact of Petroleum Energy Price Volatility on Commodity Prices in Ghana. International Journal of Economics and Financial Issues, 13(1), 73–82. https://doi.org/10.32479/ijefi.13928
de Nicola, F., De Pace, P., & Hernandez, M. A. (2016). Co-movement of major energy, agricultural, and food commodity price returns: A time-series assessment. Energy Economics, 57, 28–41. https://doi.org/10.1016/j.eneco.2016.04.012
Diebold, F. X., & Yılmaz, K. (2014). On the network topology of variance decompositions: Measuring the connectedness of financial firms. Journal of Econometrics, 182(1), 119–134. https://doi.org/10.1016/j.jeconom.2014.04.012
Dillon, B. M., & Barrett, C. B. (2016). Global oil prices and local food prices: Evidence from East Africa. American Journal of Agricultural Economics, 98(1), 154–171. https://doi.org/10.1093/ajae/aav040
Esmaeili, A., & Shokoohi, Z. (2011). Assessing the effect of oil price on world food prices: Application of principal component analysis. Energy Policy, 39(2), 1022–1025. https://doi.org/10.1016/j.enpol.2010.11.004
Fowowe, B. (2016). Do oil prices drive agricultural commodity prices? Evidence from South Africa. Energy, 104, 149–157. https://doi.org/10.1016/j.energy.2016.03.101
Gao, L., Kim, H., & Saba, R. (2014). How do oil price shocks affect consumer prices? Energy Economics, 45, 313–323. https://doi.org/10.1016/j.eneco.2014.08.001
Gilbert, C. L. (2010). How to understand high food prices. Journal of Agricultural Economics, 61(2), 398–425. https://doi.org/10.1111/j.1477-9552.2010.00248.x
Guan, Y., Yan, J., Shan, Y., Zhou, Y., Hang, Y., Li, R., Liu, B., Nie, Q., Bruckner, B., Feng, K., & Hubacek, K. (2023). Burden of the global energy price crisis on households. Nature Energy, 8, 304–316. https://doi.org/10.1038/s41560-023-01209-8
Huang, J., & Rozelle, S. (2006). The emergence of agricultural commodity markets in China. China Economic Review, 17(3), 266–280. https://doi.org/10.1016/j.chieco.2006.04.008
Hung, N. T. (2021). Oil prices and agricultural commodity markets: Evidence from pre and during COVID-19 outbreak. Resources Policy, 73, Article 102236. https://doi.org/10.1016/j.resourpol.2021.102236
Ibrahim, M. H. (2015). Oil and food prices in Malaysia: A nonlinear ARDL analysis. Agricultural and Food Economics, 3(1), 1–14. https://doi.org/10.1186/s40100-014-0020-3
Jones, A., & Hiller, B. (2017). Exploring the dynamics of responses to food production shocks. Sustainability, 9(6), Article 960. https://doi.org/10.3390/su9060960
Kapusuzoglu, A., Liang, X., & Ceylan, N. (2018). Macroeconomic impacts of global food price shocks on the economy of Turkey. Agricultural Economics – Zemedelska ekonomika, 64(11). https://doi.org/10.17221/261/2017-AGRICECON
Kapusuzoglu, A., & Karacaer Ulusoy, M. (2015). The interactions between agricultural commodity and oil prices: an empirical analysis. Agricultural Economics, 61(9), 410–421. https://doi.org/10.17221/231/2014-AGRICECON
Karasu, S., Altan, A., Bekiros, S., & Ahmad, W. (2020). A new forecasting model with wrapper-based feature selection approach using multi-objective optimization technique for chaotic crude oil time series. Energy, 212, Article 118750. https://doi.org/10.1016/j.energy.2020.118750
Long, S., & Liang, J. (2018). Asymmetric and nonlinear pass-through of global crude oil price to China’s PPI and CPI inflation. Economic Research-Ekonomska Istraživanja, 31(1), 240–251. https://doi.org/10.1080/1331677X.2018.1429292
López Cabrera, B., & Schulz, F. (2016). Volatility linkages between energy and agricultural commodity prices. Energy Economics, 54, 190–203. https://doi.org/10.1016/j.eneco.2015.11.018
Mastroeni, L., Mazzoccoli, A., Quaresima, G., & Vellucci, P. (2022). Wavelet analysis and energy-based measures for oil-food price relationship as a footprint of financialisation effect. Resources Policy, 77, Article 102692. https://doi.org/10.1016/j.resourpol.2022.102692
Meyer, D. F., Sanusi, K. A., & Hassan, A. (2018). Analysis of the asymmetric impacts of oil prices on food prices in oil-exporting, developing countries. Journal of International Studies, 11(3). https://doi.org/10.14254/2071-8330.2018/11-3/7
Mokni, K. (2023). Detrended cross-correlations analysis between oil shocks and world food prices. International Journal of Energy Sector Management. https://doi.org/10.1108/IJESM-10-2021-0019
Mokni, K., & Ben-Salha, O. (2020). Asymmetric causality in quantiles analysis of the oil-food nexus since the 1960s. Resources Policy, 69, Article 101874. https://doi.org/10.1016/j.resourpol.2020.101874
Mokni, K., & Youssef, M. (2020). Empirical analysis of the cross‐interdependence between crude oil and agricultural commodity markets. Review of Financial Economics, 38(4), 635–654. https://doi.org/10.1002/rfe.1096
Naeem, M. A., Karim, S., Hasan, M., Lucey, B. M., & Kang, S. H. (2022). Nexus between oil shocks and agriculture commodities: Evidence from time and frequency domain. Energy Economics, 112, Article 106148. https://doi.org/10.1016/j.eneco.2022.106148
Nazlioglu, S., & Soytas, U. (2011). World oil prices and agricultural commodity prices: Evidence from an emerging market. Energy Economics, 33(3), 488–496. https://doi.org/10.1016/j.eneco.2010.11.012
Nwoko, I. C., Aye, G. C., & Asogwa, B. C. (2016). Effect of oil price on Nigeria’s food price volatility. Cogent Food & Agriculture, 2(1), Article 1146057. https://doi.org/10.1080/23311932.2016.1146057
Olayungbo, D., & Hassan, W. (2016). Effects of oil price on food prices in developing oil exporting countries: a panel autoregressive distributed lag analysis. OPEC Energy Review, 40(4), 397–411. https://doi.org/10.1111/opec.12090
Rafiq, S., & Bloch, H. (2016). Explaining commodity prices through asymmetric oil shocks: Evidence from nonlinear models. Resources Policy, 50, 34–48. https://doi.org/10.1016/j.resourpol.2016.08.005
Reboredo, J. C. (2012). Do food and oil prices co-move? Energy Policy, 49, 456–467. https://doi.org/10.1016/j.enpol.2012.06.035
Salisu, A. A., Isah, K. O., Oyewole, O. J., & Akanni, L. O. (2017). Modelling oil price-inflation nexus: The role of asymmetries. Energy, 125, 97–106. https://doi.org/10.1016/j.energy.2017.02.128
Sek, S. K. (2017). Impact of oil price changes on domestic price inflation at disaggregated levels: Evidence from linear and nonlinear ARDL modeling. Energy, 130, 204–217. https://doi.org/10.1016/j.energy.2017.03.152
Shokoohi, Z., & Saghaian, S. (2022). Nexus of energy and food nutrition prices in oil importing and exporting countries: A panel VAR model. Energy, 255, Article 124416. https://doi.org/10.1016/j.energy.2022.124416
Sim, N., & Zhou, H. (2015). Oil prices, US stock return, and the dependence between their quantiles. Journal of Banking & Finance, 55, 1–8. https://doi.org/10.1016/j.jbankfin.2015.01.013
Subramaniam, Y., Masron, T. A., & Azman, N. H. N. (2019). The impact of biofuels on food security. International Economics, 160, 72–83. https://doi.org/10.1016/j.inteco.2019.10.003
Sun, Y., Gao, P., Raza, S. A., Shah, N., & Sharif, A. (2023). The asymmetric effects of oil price shocks on the world food prices: Fresh evidence from quantile-on-quantile regression approach. Energy, 270, Article 126812. https://doi.org/10.1016/j.energy.2023.126812
Taghizadeh-Hesary, F., Rasoulinezhad, E., & Yoshino, N. (2019). Energy and food security: Linkages through price volatility. Energy Policy, 128, 796–806. https://doi.org/10.1016/j.enpol.2018.12.043
Tang, W., Wu, L., & Zhang, Z. (2010). Oil price shocks and their short-and long-term effects on the Chinese economy. Energy Economics, 32, S3–S14. https://doi.org/10.1016/j.eneco.2010.01.002
Udoh, E., & Egwaikhide, F. O. (2012). Does international oil price volatility complement domestic food price instability in Nigeria? An empirical enquiry. International Journal of Economics and Finance, 4(1), 235–246. https://doi.org/10.5539/ijef.v4n1p235
Von Braun, J. (2007). The world food situtation: new driving forces and required actions. International Food Policy Research Institute.
Wang, Y., Wu, C., & Yang, L. (2014). Oil price shocks and agricultural commodity prices. Energy Economics, 44, 22–35. https://doi.org/10.1016/j.eneco.2014.03.016
Wei, C.-C., & Chen, S.-M. (2016). Examining the relationship of crude oil future price return and agricultural future price return in US. International Journal of Energy Economics and Policy, 6(1), 58–64.
Wei, T., Glomsrød, S., & Zhang, T. (2017). Extreme weather, food security and the capacity to adapt – the case of crops in China. Food Security, 9(3), 523–535. https://doi.org/10.1007/s12571-015-0420-6
Wong, K. K. S., & Shamsudin, M. N. (2017). Impact of crude oil price, exchange rates and real GDP on Malaysia’s food price fluctuations: Symmetric or asymmetric? International Journal of Economics & Management, 11(1).
Yu, Y., & Zhang, W. (2019). The role of China’s demand in global oil price dynamics. Emerging Markets Finance and Trade, 55(6), 1199–1215. https://doi.org/10.1080/1540496X.2018.1445621
Zakaria, M., Khiam, S., & Mahmood, H. (2021). Influence of oil prices on inflation in South Asia: Some new evidence. Resources Policy, 71, Article 102014. https://doi.org/10.1016/j.resourpol.2021.102014
Zhang, C., & Qu, X. (2015). The effect of global oil price shocks on China’s agricultural commodities. Energy Economics, 51, 354–364. https://doi.org/10.1016/j.eneco.2015.07.012
Zhang, Q., & Reed, M. R. (2008). Examining the impact of the world crude oil price on China’s agricultural commodity prices: The case of corn, soybean, and pork.
Zhang, Z., Lohr, L., Escalante, C., & Wetzstein, M. (2009). Ethanol, corn, and soybean price relations in a volatile vehicle-fuels market. Energies, 2(2), 320–339. https://doi.org/10.3390/en20200320
Zhang, Z., Lohr, L., Escalante, C., & Wetzstein, M. (2010). Food versus fuel: What do prices tell us? Energy Policy, 38(1), 445–451. https://doi.org/10.1016/j.enpol.2009.09.034
Zmami, M., & Ben-Salha, O. (2019). Does oil price drive world food prices? Evidence from linear and nonlinear ARDL modeling. Economies, 7(1), Article 12. https://doi.org/10.3390/eco
Adeosun, O. A., Tabash, M. I., & Anagreh, S. (2023). Revisiting the oil prices – domestic food inflation nexus in Nigeria: The role of global geopolitical risk. African Journal of Economic and Management Studies. https://doi.org/10.1108/AJEMS-09-2022-0399
Allahyari, M. S., Marzban, S., El Bilali, H., & Ben Hassen, T. (2022). Effects of COVID-19 pandemic on household food waste behaviour in Iran. Heliyon, 8(11), Article e11337. https://doi.org/10.1016/j.heliyon.2022.e11337
Al-Maadid, A., Caporale, G. M., Spagnolo, F., & Spagnolo, N. (2017). Spillovers between food and energy prices and structural breaks. International Economics, 150, 1–18. https://doi.org/10.1016/j.inteco.2016.06.005
Bala, U., & Chin, L. (2018). Asymmetric impacts of oil price on inflation: An empirical study of African OPEC member countries. Energies, 11(11), Article 3017. https://doi.org/10.3390/en11113017
Baruník, J., & Křehlík, T. (2018). Measuring the frequency dynamics of financial connectedness and systemic risk. Journal of Financial Econometrics, 16(2), 271–296. https://doi.org/10.1093/jjfinec/nby001
Ben Hassen, T., & El Bilali, H. (2022). Impacts of the Russia–Ukraine war on global food security: Towards more sustainable and resilient food systems? Foods, 11(15), Article 2301. https://doi.org/10.3390/foods11152301
Brock, W. A., Hsieh, D. A., & LeBaron, B. (1991). Nonlinear dynamics, chaos, and instability: Statistical theory and economic evidence. MIT Press.
Broock, W. A., Scheinkman, J. A., Dechert, W. D., & LeBaron, B. (1996). A test for independence based on the correlation dimension. Econometric Reviews, 15(3), 197–235. https://doi.org/10.1080/07474939608800353
Chang, L., Mohsin, M., Gao, Z., & Taghizadeh-Hesary, F. (2023). Asymmetric impact of oil price on current account balance: Evidence from oil importing countries. Energy Economics, 123, Article 106749. https://doi.org/10.1016/j.eneco.2023.106749
Chen, J., Zhu, X., & Li, H. (2020). The pass-through effects of oil price shocks on China’s inflation: A time-varying analysis. Energy Economics, 86, Article 104695. https://doi.org/10.1016/j.eneco.2020.104695
Dadzie, P., Nambie, Nicholas Bamegne, & Obobi, Belinda Ameh. (2023). Impact of Petroleum Energy Price Volatility on Commodity Prices in Ghana. International Journal of Economics and Financial Issues, 13(1), 73–82. https://doi.org/10.32479/ijefi.13928
de Nicola, F., De Pace, P., & Hernandez, M. A. (2016). Co-movement of major energy, agricultural, and food commodity price returns: A time-series assessment. Energy Economics, 57, 28–41. https://doi.org/10.1016/j.eneco.2016.04.012
Diebold, F. X., & Yılmaz, K. (2014). On the network topology of variance decompositions: Measuring the connectedness of financial firms. Journal of Econometrics, 182(1), 119–134. https://doi.org/10.1016/j.jeconom.2014.04.012
Dillon, B. M., & Barrett, C. B. (2016). Global oil prices and local food prices: Evidence from East Africa. American Journal of Agricultural Economics, 98(1), 154–171. https://doi.org/10.1093/ajae/aav040
Esmaeili, A., & Shokoohi, Z. (2011). Assessing the effect of oil price on world food prices: Application of principal component analysis. Energy Policy, 39(2), 1022–1025. https://doi.org/10.1016/j.enpol.2010.11.004
Fowowe, B. (2016). Do oil prices drive agricultural commodity prices? Evidence from South Africa. Energy, 104, 149–157. https://doi.org/10.1016/j.energy.2016.03.101
Gao, L., Kim, H., & Saba, R. (2014). How do oil price shocks affect consumer prices? Energy Economics, 45, 313–323. https://doi.org/10.1016/j.eneco.2014.08.001
Gilbert, C. L. (2010). How to understand high food prices. Journal of Agricultural Economics, 61(2), 398–425. https://doi.org/10.1111/j.1477-9552.2010.00248.x
Guan, Y., Yan, J., Shan, Y., Zhou, Y., Hang, Y., Li, R., Liu, B., Nie, Q., Bruckner, B., Feng, K., & Hubacek, K. (2023). Burden of the global energy price crisis on households. Nature Energy, 8, 304–316. https://doi.org/10.1038/s41560-023-01209-8
Huang, J., & Rozelle, S. (2006). The emergence of agricultural commodity markets in China. China Economic Review, 17(3), 266–280. https://doi.org/10.1016/j.chieco.2006.04.008
Hung, N. T. (2021). Oil prices and agricultural commodity markets: Evidence from pre and during COVID-19 outbreak. Resources Policy, 73, Article 102236. https://doi.org/10.1016/j.resourpol.2021.102236
Ibrahim, M. H. (2015). Oil and food prices in Malaysia: A nonlinear ARDL analysis. Agricultural and Food Economics, 3(1), 1–14. https://doi.org/10.1186/s40100-014-0020-3
Jones, A., & Hiller, B. (2017). Exploring the dynamics of responses to food production shocks. Sustainability, 9(6), Article 960. https://doi.org/10.3390/su9060960
Kapusuzoglu, A., Liang, X., & Ceylan, N. (2018). Macroeconomic impacts of global food price shocks on the economy of Turkey. Agricultural Economics – Zemedelska ekonomika, 64(11). https://doi.org/10.17221/261/2017-AGRICECON
Kapusuzoglu, A., & Karacaer Ulusoy, M. (2015). The interactions between agricultural commodity and oil prices: an empirical analysis. Agricultural Economics, 61(9), 410–421. https://doi.org/10.17221/231/2014-AGRICECON
Karasu, S., Altan, A., Bekiros, S., & Ahmad, W. (2020). A new forecasting model with wrapper-based feature selection approach using multi-objective optimization technique for chaotic crude oil time series. Energy, 212, Article 118750. https://doi.org/10.1016/j.energy.2020.118750
Long, S., & Liang, J. (2018). Asymmetric and nonlinear pass-through of global crude oil price to China’s PPI and CPI inflation. Economic Research-Ekonomska Istraživanja, 31(1), 240–251. https://doi.org/10.1080/1331677X.2018.1429292
López Cabrera, B., & Schulz, F. (2016). Volatility linkages between energy and agricultural commodity prices. Energy Economics, 54, 190–203. https://doi.org/10.1016/j.eneco.2015.11.018
Mastroeni, L., Mazzoccoli, A., Quaresima, G., & Vellucci, P. (2022). Wavelet analysis and energy-based measures for oil-food price relationship as a footprint of financialisation effect. Resources Policy, 77, Article 102692. https://doi.org/10.1016/j.resourpol.2022.102692
Meyer, D. F., Sanusi, K. A., & Hassan, A. (2018). Analysis of the asymmetric impacts of oil prices on food prices in oil-exporting, developing countries. Journal of International Studies, 11(3). https://doi.org/10.14254/2071-8330.2018/11-3/7
Mokni, K. (2023). Detrended cross-correlations analysis between oil shocks and world food prices. International Journal of Energy Sector Management. https://doi.org/10.1108/IJESM-10-2021-0019
Mokni, K., & Ben-Salha, O. (2020). Asymmetric causality in quantiles analysis of the oil-food nexus since the 1960s. Resources Policy, 69, Article 101874. https://doi.org/10.1016/j.resourpol.2020.101874
Mokni, K., & Youssef, M. (2020). Empirical analysis of the cross‐interdependence between crude oil and agricultural commodity markets. Review of Financial Economics, 38(4), 635–654. https://doi.org/10.1002/rfe.1096
Naeem, M. A., Karim, S., Hasan, M., Lucey, B. M., & Kang, S. H. (2022). Nexus between oil shocks and agriculture commodities: Evidence from time and frequency domain. Energy Economics, 112, Article 106148. https://doi.org/10.1016/j.eneco.2022.106148
Nazlioglu, S., & Soytas, U. (2011). World oil prices and agricultural commodity prices: Evidence from an emerging market. Energy Economics, 33(3), 488–496. https://doi.org/10.1016/j.eneco.2010.11.012
Nwoko, I. C., Aye, G. C., & Asogwa, B. C. (2016). Effect of oil price on Nigeria’s food price volatility. Cogent Food & Agriculture, 2(1), Article 1146057. https://doi.org/10.1080/23311932.2016.1146057
Olayungbo, D., & Hassan, W. (2016). Effects of oil price on food prices in developing oil exporting countries: a panel autoregressive distributed lag analysis. OPEC Energy Review, 40(4), 397–411. https://doi.org/10.1111/opec.12090
Rafiq, S., & Bloch, H. (2016). Explaining commodity prices through asymmetric oil shocks: Evidence from nonlinear models. Resources Policy, 50, 34–48. https://doi.org/10.1016/j.resourpol.2016.08.005
Reboredo, J. C. (2012). Do food and oil prices co-move? Energy Policy, 49, 456–467. https://doi.org/10.1016/j.enpol.2012.06.035
Salisu, A. A., Isah, K. O., Oyewole, O. J., & Akanni, L. O. (2017). Modelling oil price-inflation nexus: The role of asymmetries. Energy, 125, 97–106. https://doi.org/10.1016/j.energy.2017.02.128
Sek, S. K. (2017). Impact of oil price changes on domestic price inflation at disaggregated levels: Evidence from linear and nonlinear ARDL modeling. Energy, 130, 204–217. https://doi.org/10.1016/j.energy.2017.03.152
Shokoohi, Z., & Saghaian, S. (2022). Nexus of energy and food nutrition prices in oil importing and exporting countries: A panel VAR model. Energy, 255, Article 124416. https://doi.org/10.1016/j.energy.2022.124416
Sim, N., & Zhou, H. (2015). Oil prices, US stock return, and the dependence between their quantiles. Journal of Banking & Finance, 55, 1–8. https://doi.org/10.1016/j.jbankfin.2015.01.013
Subramaniam, Y., Masron, T. A., & Azman, N. H. N. (2019). The impact of biofuels on food security. International Economics, 160, 72–83. https://doi.org/10.1016/j.inteco.2019.10.003
Sun, Y., Gao, P., Raza, S. A., Shah, N., & Sharif, A. (2023). The asymmetric effects of oil price shocks on the world food prices: Fresh evidence from quantile-on-quantile regression approach. Energy, 270, Article 126812. https://doi.org/10.1016/j.energy.2023.126812
Taghizadeh-Hesary, F., Rasoulinezhad, E., & Yoshino, N. (2019). Energy and food security: Linkages through price volatility. Energy Policy, 128, 796–806. https://doi.org/10.1016/j.enpol.2018.12.043
Tang, W., Wu, L., & Zhang, Z. (2010). Oil price shocks and their short-and long-term effects on the Chinese economy. Energy Economics, 32, S3–S14. https://doi.org/10.1016/j.eneco.2010.01.002
Udoh, E., & Egwaikhide, F. O. (2012). Does international oil price volatility complement domestic food price instability in Nigeria? An empirical enquiry. International Journal of Economics and Finance, 4(1), 235–246. https://doi.org/10.5539/ijef.v4n1p235
Von Braun, J. (2007). The world food situtation: new driving forces and required actions. International Food Policy Research Institute.
Wang, Y., Wu, C., & Yang, L. (2014). Oil price shocks and agricultural commodity prices. Energy Economics, 44, 22–35. https://doi.org/10.1016/j.eneco.2014.03.016
Wei, C.-C., & Chen, S.-M. (2016). Examining the relationship of crude oil future price return and agricultural future price return in US. International Journal of Energy Economics and Policy, 6(1), 58–64.
Wei, T., Glomsrød, S., & Zhang, T. (2017). Extreme weather, food security and the capacity to adapt – the case of crops in China. Food Security, 9(3), 523–535. https://doi.org/10.1007/s12571-015-0420-6
Wong, K. K. S., & Shamsudin, M. N. (2017). Impact of crude oil price, exchange rates and real GDP on Malaysia’s food price fluctuations: Symmetric or asymmetric? International Journal of Economics & Management, 11(1).
Yu, Y., & Zhang, W. (2019). The role of China’s demand in global oil price dynamics. Emerging Markets Finance and Trade, 55(6), 1199–1215. https://doi.org/10.1080/1540496X.2018.1445621
Zakaria, M., Khiam, S., & Mahmood, H. (2021). Influence of oil prices on inflation in South Asia: Some new evidence. Resources Policy, 71, Article 102014. https://doi.org/10.1016/j.resourpol.2021.102014
Zhang, C., & Qu, X. (2015). The effect of global oil price shocks on China’s agricultural commodities. Energy Economics, 51, 354–364. https://doi.org/10.1016/j.eneco.2015.07.012
Zhang, Q., & Reed, M. R. (2008). Examining the impact of the world crude oil price on China’s agricultural commodity prices: The case of corn, soybean, and pork.
Zhang, Z., Lohr, L., Escalante, C., & Wetzstein, M. (2009). Ethanol, corn, and soybean price relations in a volatile vehicle-fuels market. Energies, 2(2), 320–339. https://doi.org/10.3390/en20200320
Zhang, Z., Lohr, L., Escalante, C., & Wetzstein, M. (2010). Food versus fuel: What do prices tell us? Energy Policy, 38(1), 445–451. https://doi.org/10.1016/j.enpol.2009.09.034
Zmami, M., & Ben-Salha, O. (2019). Does oil price drive world food prices? Evidence from linear and nonlinear ARDL modeling. Economies, 7(1), Article 12. https://doi.org/10.3390/eco