Nexus of energy and food nutrition prices in oil importing and exporting countries: A panel VAR model

Zeinab Shokoohi; Sayed Saghaian

doi:10.1016/j.energy.2022.124416

Nexus of energy and food nutrition prices in oil importing and exporting countries: A panel VAR model

Zeinab Shokoohi, Sayed Saghaian

Agricultural Economics

Research output: Contribution to journal › Article › peer-review

4 Scopus citations

Abstract

This study explores the relationship between energy and food nutrition prices through food calorie, fat, protein, and crude oil price links in the case of eight net oil importing (U.S., Korea, China, and Japan) and exporting (Canada, Saudi Arabia, United Arab Emirate, and Iran) countries. For this purpose, we use a Panel-VAR model with data for the 1974–2018 period. The results show that the effects of oil prices shocks on food nutrition prices are different in the two groups of countries. These effects, in oil importing countries, are initially declining and then adjusts over several periods while they are incremental and meaningful for oil exporting countries. In addition, the effects of real gross domestic product (GDP) and exchange rates on food nutrition prices are statistically significant in the oil exporting countries, while they have no direct effect on the food calorie and fat prices in the net oil importing countries. These results suggest that crude oil price, income, and exchange rate policies play an effective role in controlling hunger levels and improving food security in oil-exporting countries.

Original language	English
Article number	124416
Journal	Energy
Volume	255
DOIs	https://doi.org/10.1016/j.energy.2022.124416
State	Published - Sep 15 2022

Bibliographical note

Funding Information:
The authors would like to thank the editor and the reviewers of Energy for all their efforts. Sayed Saghaian acknowledges the support from the United States Department of Agriculture, National Institute of Food and Agriculture, Hatch project No. KY004052, under accession number 1012994.

Publisher Copyright:
© 2022 Elsevier Ltd

Keywords

Calorie
Crude oil prices
Fat
Food security
Panel VAR
Protein

ASJC Scopus subject areas

Civil and Structural Engineering
Modeling and Simulation
Renewable Energy, Sustainability and the Environment
Building and Construction
Fuel Technology
Energy Engineering and Power Technology
Pollution
Mechanical Engineering
Energy (all)
Management, Monitoring, Policy and Law
Industrial and Manufacturing Engineering
Electrical and Electronic Engineering

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1016/j.energy.2022.124416

Cite this

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abstract = "This study explores the relationship between energy and food nutrition prices through food calorie, fat, protein, and crude oil price links in the case of eight net oil importing (U.S., Korea, China, and Japan) and exporting (Canada, Saudi Arabia, United Arab Emirate, and Iran) countries. For this purpose, we use a Panel-VAR model with data for the 1974–2018 period. The results show that the effects of oil prices shocks on food nutrition prices are different in the two groups of countries. These effects, in oil importing countries, are initially declining and then adjusts over several periods while they are incremental and meaningful for oil exporting countries. In addition, the effects of real gross domestic product (GDP) and exchange rates on food nutrition prices are statistically significant in the oil exporting countries, while they have no direct effect on the food calorie and fat prices in the net oil importing countries. These results suggest that crude oil price, income, and exchange rate policies play an effective role in controlling hunger levels and improving food security in oil-exporting countries.",

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N2 - This study explores the relationship between energy and food nutrition prices through food calorie, fat, protein, and crude oil price links in the case of eight net oil importing (U.S., Korea, China, and Japan) and exporting (Canada, Saudi Arabia, United Arab Emirate, and Iran) countries. For this purpose, we use a Panel-VAR model with data for the 1974–2018 period. The results show that the effects of oil prices shocks on food nutrition prices are different in the two groups of countries. These effects, in oil importing countries, are initially declining and then adjusts over several periods while they are incremental and meaningful for oil exporting countries. In addition, the effects of real gross domestic product (GDP) and exchange rates on food nutrition prices are statistically significant in the oil exporting countries, while they have no direct effect on the food calorie and fat prices in the net oil importing countries. These results suggest that crude oil price, income, and exchange rate policies play an effective role in controlling hunger levels and improving food security in oil-exporting countries.

AB - This study explores the relationship between energy and food nutrition prices through food calorie, fat, protein, and crude oil price links in the case of eight net oil importing (U.S., Korea, China, and Japan) and exporting (Canada, Saudi Arabia, United Arab Emirate, and Iran) countries. For this purpose, we use a Panel-VAR model with data for the 1974–2018 period. The results show that the effects of oil prices shocks on food nutrition prices are different in the two groups of countries. These effects, in oil importing countries, are initially declining and then adjusts over several periods while they are incremental and meaningful for oil exporting countries. In addition, the effects of real gross domestic product (GDP) and exchange rates on food nutrition prices are statistically significant in the oil exporting countries, while they have no direct effect on the food calorie and fat prices in the net oil importing countries. These results suggest that crude oil price, income, and exchange rate policies play an effective role in controlling hunger levels and improving food security in oil-exporting countries.

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KW - Food security

KW - Panel VAR

KW - Protein

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Nexus of energy and food nutrition prices in oil importing and exporting countries: A panel VAR model

Abstract

Bibliographical note

Keywords

ASJC Scopus subject areas

UN SDGs

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