the most important ethanol markets – Brazil and the USA. For both of these markets we show that the long-run relationship … between prices of ethanol and corn (in USA) or sugar (in Brazil) is positive, strong and stable in time. Importantly, we show …

the gasoline-ethanol fuel blend. Conversely, although US blenders that import ethanol from Brazil also receive the $0 … Brazil.Thus, it is proposed that in order to remove trade barriers to Brazilian ethanol the US should amend its ethanol …