Correlation analysis of the crude oil, gold and steel prices for the purpose of agricultural development

This paper investigates the relationship between oil, gold and steel prices observed over a period of ten years with the aim of presenting their situation and trends using statistical methods and time series over a longer period of time and their impact on agricultural development. The high share of...

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Published inEkonomika poljoprivrede (1979) Vol. 69; no. 3; pp. 713 - 731
Main Authors Jeremić, Dejan, Stanojević, Slobodan, Mihajlović, Milan, Ivanova, Biljana, Kostić, Radan, Marjanović, Nataša
Format Journal Article
LanguageEnglish
Published Belgrade Balkan Scientific Association of Agricultural Economists 01.01.2022
Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt
Subjects
Agricultural development
Agricultural equipment
Agriculture
correlation
Correlation analysis
Crude oil
Crude oil prices
Energy consumption
Fuel consumption
Gold
gold price
Hypotheses
International trade
Metals
oil price
Random variables
Raw materials
Standard deviation
Statistical methods
Statistics
Steel
steel price
Time series
Trade
Trends
Serbia
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Summary:This paper investigates the relationship between oil, gold and steel prices observed over a period of ten years with the aim of presenting their situation and trends using statistical methods and time series over a longer period of time and their impact on agricultural development. The high share of agriculture in the basic macroeconomic aggregates of the Republic of Serbia conditions that agriculture has a significant role in the foreign trade of the Republic of Serbia, especially in exports. The negative trend of rising fuel prices per farmer reduces the average fuel consumption per hectare. Also, the growth of the price of steel is conditioned by the growth of the prices of agricultural machinery.
ISSN:0352-3462
2334-8453
DOI:10.5937/ekoPolj2203713J