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An Econometric Analysis of the Link between Biodiesel Demand and Malaysian Palm Oil Market

机译:生物柴油需求与马来西亚棕榈油市场之间联系的计量经济学分析

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The objective of this study is to describe the important factors affecting Malaysian palm oil industry especially biodiesel demand. To that end a market model representing palm oil production, import, world excess demand, domestic consumption, export demand, rest of the world excess supply and palm oil prices is formulated. A system of equations of eight structural equations and four identities is estimated by two stage least squares method using annual data for the period 1976-2008. The domestic price equation is formed to investigate the link between biodiesel demand and the Malaysian palm oil market. The domestic price is significantly affected by Malaysian ending stock, world palm oil price, biodiesel demand and lagged domestic price. The elasticity of Malaysian palm oil domestic price with respect to biodiesel demand is then obtained. Results suggest that biodiesel demand has a positive impact on the Malaysian palm oil domestic price. Thus, significant growth in biodiesel demand is important in explaining Malaysian palm oil price determination.
机译:这项研究的目的是描述影响马来西亚棕榈油行业的重要因素,特别是生物柴油需求。为此,制定了代表棕榈油生产,进口,世界过量需求,国内消费,出口需求,世界其他地方过量供应和棕榈油价格的市场模型。通过两阶段最小二乘法,使用1976-2008年期间的年度数据,通过八个阶段的结构方程和四个身份的方程组,估算出一个方程组。形成了国内价格方程,以研究生物柴油需求与马来西亚棕榈油市场之间的联系。马来西亚的期末库存,世界棕榈油价格,生物柴油需求和落后的国内价格对国内价格有重大影响。然后获得马来西亚棕榈油国内价格相对于生物柴油需求的弹性。结果表明,生物柴油需求对马来西亚棕榈油国内价格产生积极影响。因此,生物柴油需求的显着增长对于解释马来西亚棕榈油价格的决定很重要。

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