The interactions between Chinese local corn and WTI crude oil prices:an empirical analysis

作     者：Zhengwei Ma Wenjia Hou 

作者机构：School of Business Administration China University of Petroleum(Beijing) 

出 版 物：《Petroleum Science》 (石油科学（英文版）)

年 卷 期：2019年第16卷第4期

页      面：929-938页

核心收录：

学科分类：120301[管理学-农业经济管理] 12[管理学] 0202[经济学-应用经济学] 02[经济学] 1203[管理学-农林经济管理] 020205[经济学-产业经济学] 

基　　金：sponsored by MOE Project of Humanities and Social Sciences (Project No. 17YJC790107) sponsored by the National Social Science Foundation of China (Project No. 18BJY251) 

主　　题：WTI crude oil spot price Chinese corn price Granger causality test Impulse response analysis 

摘      要：This paper investigates the relationship between China’s fuel ethanol promotion plan and food security based on the interactions between the crude oil market, the fuel ethanol market and the grain market. Based on the US West Texas Intermediate(WTI) crude oil spot price and Chinese corn prices from January 2008 to May 2018, this paper applies Granger causality testing and a generalized impulse response function to explore the relationship between world crude oil prices and Chinese corn prices. The results show that crude oil prices are not the Granger cause of China’s corn prices, but changes in world crude oil prices will have a long-term positive impact on Chinese corn prices. Therefore, the Chinese government should pay attention to changes in crude oil prices when promoting fuel ethanol. Considering the conduction e ect between fuel ethanol and the food market, the government should also take some measures to ensure food security.