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Does the Energy-Food Nexus Still Exist: Empirical Evidence from the Indian Agriculture Sector Post Food Crisis of 2006

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Document pages: 18 pages

Abstract: The present study made an attempt to empirically investigate the impact of crude oil prices on agricultural prices for India during the calendar decade 2010-19. The bio-fuels which were considered in the present study included soy-oil, rapeseed oil, sunflower oil and palm-oil. The study covered a period of post food crisis of 2006 and after three years of stabilization of these prices to get an insight into the current scenario. The econometric tools used to examine the relationship included Johansen Co-integration, Gregory Hansen Co-integration with structural breaks, Toda and Yamamoto Causality and GARCH (1,1) Method. The results of our study did not give sufficient evidence to prove that crude oils impacted any of the bio-fuel prices in current scenario. The long run inter-linkages between crude oil and energy crops was not established which brought us to the conclusion that the energy-food nexus was a temporary phenomenon that existed during food crisis (2006) only and crude prices were no longer a guiding force to determine the price of bio-fuels

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