Template-Type: ReDIF-Article 1.0 Author-Name: Hans Grinsted Jensen Author-Workplace-Name: Joint Research Centre, European Commission, Seville, Spain Author-Name: Christian Elleby Author-Name: Ignacio Pérez Domínguez Author-Workplace-Name: Joint Research Centre, European Commission, Seville, Spain Title: Reducing the European Union's plant protein deficit: Options and impacts Abstract: The EU has a historical deficit of plant protein and is heavily reliant on imports to sustain domestic livestock production. Using an economic model of global agricultural markets, this article investigates three policy drivers that could have an influence on the increased production of protein-rich crops in the EU, namely coupled payments for protein-rich crops, investment in research and development leading to higher yields, and phasing out of imported high indirect land-use change risk biofuel feedstocks. Results indicate that a one per cent annual increase in yields over the medium-term has a much larger effect on EU domestic protein production than additional coupled payments of EUR 75 per ha. Moreover, phasing out palm-based biodiesel only has a small impact on protein self-sufficiency. A significant unknown is how costly it will be to increase the yields on protein crops grown in the EU. Keywords: agricultural markets, economic modelling, indirect land-use change, protein payments, protein self-sufficiency, yield gaps Journal: Agricultural Economics Pages: 391-398 Volume: 67 Issue: 10 Year: 2021 DOI: 10.17221/94/2021-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/94/2021-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202110-0001.txt Handle: RePEc:caa:jnlage:v:67:y:2021:i:10:id:94-2021-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Karel Janda Author-Workplace-Name: Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic Author-Workplace-Name: Department of Banking and Insurance, Faculty of Finance and Accounting, Prague University of Economics and Business, Prague, Czech Republic Author-Name: Ladislav Krištoufek Author-Workplace-Name: Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic Author-Name: Barbora Schererová Author-Workplace-Name: Department of Banking and Insurance, Faculty of Finance and Accounting, Prague University of Economics and Business, Prague, Czech Republic Author-Name: David Zilberman Author-Workplace-Name: Department of Agricultural and Resource Economics, Rausser College of Natural Resources, University of California, Berkeley, Berkeley, USA Title: Price transmission in biofuel-related global agricultural networks Abstract: This article investigates the connections among the prices of biofuels, agricultural commodities and other relevant assets in Europe, the US, and Brazil. The analysis includes a comprehensive data set covering price data for 38 traded titles during the period from 2003 to 2020. We used the minimum spanning tree (MST) approach to identify price connections in a complex trading system. Our analysis of mutual price connections reveals the major defining features of world-leading biofuel markets. We provide the characteristics of the main bioethanol and biodiesel markets with respect to government policies and technical and local features of the production and consumption of particular biofuels. Despite a relatively long and dynamically evolving history of biofuels, the biofuel systems in the US, Brazil and Europe do not converge toward the same pattern of relations among fossil fuels, biofuels, agricultural commodities and financial assets. Keywords: biodiesel, energy and agricultural policies, ethanol, minimum spanning tree Journal: Agricultural Economics Pages: 399-408 Volume: 67 Issue: 10 Year: 2021 DOI: 10.17221/223/2021-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/223/2021-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202110-0002.txt Handle: RePEc:caa:jnlage:v:67:y:2021:i:10:id:223-2021-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Zdeňka Náglová Author-Workplace-Name: Department of Economics of Agriculture and Food Industry, Institute of Agricultural Economics and Information, Prague, Czech Republic Author-Name: Marie Šimpachová Pechrová Author-Workplace-Name: Department of Modelling of Agricultural Policy, Institute of Agricultural Economics and Information, Prague, Czech Republic Title: Technical efficiency of the food and drink industry and its determinants Abstract: This study focuses on evaluating the technical efficiency (TE) of food and drink companies in the Czech Republic and on finding its determinants. The analysis is based on the data of 597 firms and uses the stochastic frontier method. We have identified the key players in the market and the less effective groups of processors. Foreign-owned companies have a strong position because of a better economy, but the results showed that their efficiency is comparable with that of Czech-owned companies. The results helped confirm that the size of the company influences its TE. The lowest efficiency was observed in small companies. TE also differed among branches of the food industry. The highest efficiency was in the bakery and milk industries, and the lowest efficiency was in fruit and vegetable processing. Subsidised firms reached a significantly higher efficiency. With respect to economic results, there is still a need to improve competitiveness through investments. Keywords: business, competitiveness, food processing, stochastic frontier analysis, subsidies, technical efficiency Journal: Agricultural Economics Pages: 409-422 Volume: 67 Issue: 10 Year: 2021 DOI: 10.17221/93/2021-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/93/2021-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202110-0003.txt Handle: RePEc:caa:jnlage:v:67:y:2021:i:10:id:93-2021-AGRICECON Template-Type: ReDIF-Article 1.0 Author-Name: Kepulaje Abhaya Kumar Author-Workplace-Name: Department of Business Administration, Mangalore Institute of Technology & Engineering, Moodabidri, India Author-Name: Prakash Pinto Author-Workplace-Name: Department of Business Administration, St. Joseph Engineering College, Mangalore, India Author-Name: Iqbal Thonse Hawaldar Author-Workplace-Name: Department of Accounting & Finance, College of Business Administration, Kingdom University, Sanad, Bahrain Author-Name: Cristi Spulbar Author-Workplace-Name: Department of Finance, Banking and Economic Analysis, Faculty of Economics and Business Administration, University of Craiova, Craiova, Romania Author-Name: Ramona Birau Author-Workplace-Name: Faculty of Education Science, Law and Public Administration, Constantin Brâncuși University of Târgu Jiu, Târgu Jiu, Romania Title: Crude oil futures to manage the price risk of natural rubber: Empirical evidence from India Abstract: The trading of natural rubber derivatives in the Indian commodity exchanges was banned several times in the past. Hence, in India, the derivatives on natural rubber are not traded actively and regularly. We have examined the possibility of a forecast model and a cross hedge tool for the natural rubber price by using crude oil futures in India. Results of the Johansen cointegration test proved that there is no cointegration equation in the model; hence, there is no scope to develop long-run models or error correction models. We have developed a vector autoregressive [VAR(2)] model to forecast the rubber price, and we examined the possibility of a cross hedge for natural rubber further by using the Pearson correlation coefficient and Granger causality test. We have extended our research to a structural VAR analysis to examine the effect of crude futures and exchange rate shocks on the natural rubber price. Our results showed that there is a short-term relationship between the crude oil futures price, the exchange rates of the US dollar to the Indian rupee, the Malaysian ringgit to the Indian rupee and the Thai baht to the Indian rupee; and the natural rubber price in India. The effort of policymakers to cause the Indian rupee to appreciate against the Thai baht and Malaysian ringgit may increase the natural rubber price in India. Natural rubber traders, growers and consumers can use crude futures to hedge the price risk. The Indian Rubber Board can suggest the VAR(2) model to predict the short-run price for natural rubber. Keywords: cointegration, cross hedge, exchange rates, oil future, vector autoregressive model Journal: Agricultural Economics Pages: 423-434 Volume: 67 Issue: 10 Year: 2021 DOI: 10.17221/28/2021-AGRICECON File-URL: http://agricecon.agriculturejournals.cz/doi/10.17221/28/2021-AGRICECON.html File-Format: text/html X-File-Ref: http://agriculturejournals.cz/RePEc/caa/references/age-202110-0004.txt Handle: RePEc:caa:jnlage:v:67:y:2021:i:10:id:28-2021-AGRICECON