School of Accounting and Finance, University of Vaasa, Wolffintie 34, Vaasa-65200, Finland.
J Dairy Sci. 2019 Mar;102(3):2051-2053. doi: 10.3168/jds.2018-15788. Epub 2019 Jan 11.
Since its inception, the European Union (EU) carbon emission market has been vastly successful in reducing greenhouse gas emissions. Accordingly, the usage of environmentally friendly fuels (e.g., ethanol, biodiesel) has increased significantly over the last few years. Given that EU biodiesel is mainly produced from rapeseed oil and soybean oil, higher carbon taxes are likely to increase the demand of these important vegetable oils, which further affects the prices of its close substitute such as butter. Nevertheless, the association between the EU emission trading scheme and butter prices remains understudied. In this paper, we aim to fill this vacuum in the existing literature. Applying the autoregressive distributed lag bound testing procedure, we show that emission market seems to have a long-term effect on EU butter prices, implying that changes in the levels of carbon taxes will lead to changes in the price level of butter. These results are of vital importance to policymakers and investors.
自成立以来，欧盟（EU）碳排放市场在减少温室气体排放方面取得了巨大成功。因此，在过去几年中，对环保燃料（例如乙醇、生物柴油）的使用显著增加。鉴于欧盟的生物柴油主要由菜籽油和大豆油生产，更高的碳税可能会增加这些重要植物油的需求，这进一步影响了其密切替代品（如黄油）的价格。然而，欧盟排放交易计划与黄油价格之间的联系在现有文献中仍研究不足。在本文中，我们旨在填补这一空白。应用自回归分布滞后边界检验程序，我们表明排放市场似乎对欧盟黄油价格有长期影响，这意味着碳税水平的变化将导致黄油价格水平的变化。这些结果对政策制定者和投资者至关重要。
