alexa EXAMINING THE LONG TERM RELATIONSHIP BETWEEN CRUDE OIL AND FOOD COMMODITY PRICES: CO-INTEGRATION AND CAUSALITY | OMICS International | Abstract
ISSN: 2162-6359

International Journal of Economics & Management Sciences
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Research Article

EXAMINING THE LONG TERM RELATIONSHIP BETWEEN CRUDE OIL AND FOOD COMMODITY PRICES: CO-INTEGRATION AND CAUSALITY

Ziad Ghaith1, Ibrahim M. Awad, PhD*2

1E-mail: [email protected]

2Department of Economics, Al-Quds University of Jerusalem, East Jerusalem, Palestine

*Corresponding Author:
Ibrahim M. Awad, PhD
Department of Economics
Al-Quds University of Jerusalem
East Jerusalem, Palestine
E-mail: [email protected]

Abstract

Recently a new debate has started regarding food and energy issues because food has become an alternative source of energy and energy becoming the main input of agriculture. However, this study attempts to investigate the possible long-term relationship between the prices of crude oil and food commodities represented by maize, wheat, sorghum, soybean, barley, linseed oil, soybean oil, and palm oil. Time series econometric techniques (Unit root tests, Co-integration, and Granger causality) were applied. The study utilizes monthly data over the period of 1980 to 2009. The results of this study reveal that there is a strong evidence of long-term relationship between crude oil and the food commodities prices. A traditional Granger Causality is used to check whether causality exists between two product prices. The outcome suggests that there is unidirectional causality between the prices crude oil and some of the food commodities under examination.

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