CORRELATION ANALYSIS OF THE CRUDE OIL, GOLD AND STEEL PRICES FOR THE PURPOSE OF AGRICULTURAL DEVELOPMENT

Dejan Jeremić; Slobodan Stanojević; Milan Mihajlović; Biljana Ivanova; Radan Kostić; Nataša  Marjanović

doi:10.5937/ekoPolj2203713J

Authors

Dejan Jeremić Sequester Employment, Belgrade, Serbia https://orcid.org/0000-0001-9089-9467
Slobodan Stanojević Faculty of Applied Management, Economics and Finance, Belgrade, Serbia https://orcid.org/0000-0002-1845-7119
Milan Mihajlović Military Academy, University of Defence, Belgrade, Serbia https://orcid.org/0000-0001-7949-2631
Biljana Ivanova Military Academy, University of Defence, Belgrade, Serbia https://orcid.org/0000-0002-4722-770X
Radan Kostić Military Academy, University of Defence, Belgrade, Serbia https://orcid.org/0000-0002-1642-1278
Nataša Marjanović Business School of Vocational Studies, Belgrade, Serbia https://orcid.org/0000-0003-3791-5135

DOI:

https://doi.org/10.5937/ekoPolj2203713J

Keywords:

oil price, gold price, steel price, correlation, agriculture

Abstract

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.

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