Is Health Management of the COVID-19 Pandemic a Cause of Agricultural Commodity Prices? New Evidences From Bootstrap Fourier Causality Test
Loading...
Date
2021
Journal Title
Journal ISSN
Volume Title
Publisher
Access Rights
info:eu-repo/semantics/openAccess
Abstract
Aim: Coronavirus disease 2019 (COVID-19) pandemic have included negative consequencesboth in health management and economic life at national and international level. The aim ofthis research is to examine the causal relationship between COVID-19 pandemic andagricultural commodity prices for the world.Material and Methods: To this end, we employ Toda-Yamamoto and Fourier Toda-Yamamotocausality tests for the period of January 24, 2020 to January 22, 2021. Before testing the causalrelationship between variables, we apply augmented Dickey Fuller (ADF) and Fourier ADFunit root tests to each series to determine maximum order of integration.Results: The findings show that all variables are stationary in their first difference and themaximum order of integration is determined as 1. The results obtained from causality testsshow that COVID-19 new cases Granger cause to coffee, sugar, cotton, corn, and soybeanprices while COVID-19 new cases do not cause wheat and oats prices. It was also concludedthat new deaths based on COVID-19 Granger cause to coffee, sugar, and cotton whereasCOVID-19 new deaths do not cause to corn, soybean, wheat and oat prices.Conclusion: In this study, time series analysis based on Toda-Yamamoto and Fourier TodaYamamoto causality tests highlight that the COVID-19 total new cases and total new deathsin the world has predictive power to predict further prices of agricultural commodities.Therefore, in terms of health management, policy makers should give substantial significanceto the implementation of COVID-19 related health policies and agricultural policies togetherduring the COVID-19 pandemic period.
Description
Keywords
Journal or Series
Düzce Tıp Fakültesi Dergisi
WoS Q Value
Scopus Q Value
Volume
23
Issue
S1
