Agricultural Economics, 2021 (vol. 67), issue 8
Measuring parametric and semiparametric downside risks of selected agricultural commoditiesOriginal Paper
Dejan Živkov, Marijana Joksimović, Suzana Balaban
Agric. Econ. - Czech, 2021, 67(8):305-315 | DOI: 10.17221/148/2021-AGRICECON 
In this paper, we evaluate the downside risk of six major agricultural commodities - corn, wheat, soybeans, soybean meal, soybean oil and oats. For research purposes, we first use an optimal generalised autoregressive conditional heteroscedasticity (GARCH) model to create residuals, which we later use for measuring downside risks via parametric and semiparametric approaches. Modified value-at-risk (mVaR) and modified conditional value-at-risk (mCVaR) provide more accurate downside risk results than do ordinary value-at-risk (VaR) and conditional value-at-risk (CVaR). We report that soybean oil has the lowest mVaR and mCVaR because it has two very favourable...
The similarity of food consumption patterns in selected EU countries combined with the similarity of food production and importsOriginal Paper
Bartłomiej Bajan, Natalia Genstwa, Luboš Smutka
Agric. Econ. - Czech, 2021, 67(8):316-326 | DOI: 10.17221/307/2020-AGRICECON
The purpose of the paper was to analyse changes in food consumption patterns in the European Union (EU) countries and link these patterns with food production and imports. The two research questions posed by the authors were as follows i): are the structures of the consumption, production and importation of food becoming more similar or more diverse among EU countries, and ii) are changes in food consumption patterns caused by changes in domestic production, or has food been imported to a greater extent from abroad. The study investigated countries which that have been continuously keeping relevant statistics since 1961. The food...
Testing the absorber hypothesis of exchange rates for the overshooting of agricultural prices in ChinaOriginal Paper
Jiawu Dai, Liurui Deng, Lan Yang
Agric. Econ. - Czech, 2021, 67(8):327-336 | DOI: 10.17221/309/2020-AGRICECON
This study aims to test the overshooting effect of agricultural prices and the absorber hypothesis of exchange rates by extending the existing overshooting model. Using a combination of modern time series methods and monthly aggregate data from China, we demonstrate that overshooting of agricultural prices does indeed occur since the impact of monetary expansion on flexible agricultural prices is significantly larger than on relatively sticky industrial prices. Granger causality tests confirm that monetary expansion is a possible determinant of the movements of both agricultural and industrial prices, thus providing a solid empirical foundation for...
Determinants, efficiency and potential of agri-food exports from Nigeria to the EU: Evidence from the stochastic frontier gravity modelOriginal Paper
Nazir Muhammad Abdullahi, Olufemi Adewale Aluko, Xuexi Huo
Agric. Econ. - Czech, 2021, 67(8):337-349 | DOI: 10.17221/15/2021-AGRICECON
This study uses an extended gravity model to examine the determinants, efficiency and potential of agri-food exports from Nigeria to the EU for the 1995-2019 period. It uses a stochastic frontier analysis (SFA) to estimate the extended gravity model. The results show that the economic size (GDP) of Nigeria and the EU countries, as well as bilateral distance, positively determine agri-food exports from Nigeria to the EU. Also, the results show that Nigeria's agri-food exports to the EU are negatively determined by the income (per capita GDP) of Nigeria and its EU trading countries, bilateral exchange rate and EU new member states (NMS). The results...