Asymmetric price volatility transmission between food and energy markets: The case of Spain
研究了西班牙生物柴油与精炼葵花籽油价格之间的波动溢出效应，发现两者存在双向且不对称的波动传导，对理解食品与燃料价格关系有参考价值。
Abstract The proportion of agricultural production that is being transformed into biofuels has been growing worldwide over the last decade. This has spurred the food versus fuel debate. This article aims at shedding light on this issue by studying price volatility relationships between food and biofuel prices in Spain. We use an asymmetric MGARCH model to evaluate volatility spillovers between the Spanish biodiesel blend and refined sunflower oil prices. Empirical results confirm that there are bidirectional and asymmetric volatility spillovers between these two prices.