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International Steam Coal Market Integration

Raymond Li, Roselyne Joyeux and Ronald D. Ripple

Year: 2010
Volume: Volume 31
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol31-No3-10
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Abstract:
This paper examines the hypothesis that there is a single economic market for the international steam coal industry and investigates the degree of steam coal market integration over time. A regression test of convergence is employed to test for group convergence within a panel of steam coal exporting countries. The long-run relations between international steam coal prices are tested through cointegration analysis and the Kalman Filter analysis is employed to examine the convergence path of the price series. Monthly Free on Board (F.O.B.) prices for Australia, China, Colombia, Indonesia, Poland and South Africa between January 1995 and July 2007 are used. Considering the outcomes of the three econometric techniques as a whole, we conclude that the international steam coal market is generally integrated.



Energy Consumption and Real Income: A Panel Cointegration Multi-country Study

Roselyne Joyeux and Ronald D. Ripple

Year: 2011
Volume: Volume 32
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol32-No2-5
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Abstract:
The direction of the causality between energy consumption and income is an important issue in the fields of energy economics, economic growth, and policies toward energy use. The seminal work on the relations between energy consumption and aggregate income is Kraft and Kraft (1978). An extensive literature has followed, but the array of findings provide anything but consensus on either the existence of relations or direction of causality between the variables. The work in this paper extends this research by analysing the cointegrating and causal relations between income and three energy consumption series based on panel data and the latest panel methodologies. These relations are analysed for the 30 OECD countries and 26 non-OECD countries. The results support a finding of causality flowing from income to energy consumption for developed and developing economies, alike.



International Natural Gas market Integration

Raymond Li, Roselyne Joyeux, and Ronald D. Ripple

Year: 2014
Volume: Volume 35
Number: Number 4
DOI: 10.5547/01956574.35.4.7
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Abstract:
We explore the relationships among the North American, European and Asian natural gas markets for evidence of convergence and integration for the January 1997 through May 2011 period. The analyses are conducted under a multivariate framework, so the dynamics among the prices can be captured without the necessity of identifying an anchor price series. We find evidence of convergence among the Japanese, Korean, Taiwanese and UK prices. The North American price displays behaviour that is distinct from this group of prices. We conclude that there is not a fully integrated international natural gas market. The integration between European (represented by NBP) and Asian geographic regions appears to be due primarily to underlying contractual mechanisms specifically linking natural gas prices to oil prices rather than the result of market supply and demand interactions. We also find that the relationship among the Asian markets has evolved with Japanese prices adjusting to changes in South Korean and Taiwanese prices.



Polypropylene Price Dynamics: Input Costs or Downstream Demand?

Lurion M. De Mello and Ronald D. Ripple

Year: 2017
Volume: Volume 38
Number: Number 4
DOI: 10.5547/01956574.38.4.ldem
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Abstract:
This paper investigates price dynamics between polypropylene (PP), propylene, naphtha, and crude oil together with proxies representing PP using industries. We test the dynamics in the South East Asian and North Western European markets. The paper is motivated due to the importance of the propylene and PP market in various downstream industries and importantly to aid producers in having a better understanding of how input costs and demand drive the prices. We employ a vector error correction framework, which facilitates testing different dynamics among the upstream and downstream prices. We find PP prices in both regions to be endogenous, albeit with some evolution over time, i.e., input costs and downstream demand factors tend to drive PP prices. In both regional markets shocks to naphtha and oil prices tend to be driven mostly by each other's price with little effect originating from PP and propylene prices.



China’s Natural Gas Demand Projections and Supply Capacity Analysis in 2030

Qiang Ji, Ying Fan, Mike Troilo, Ronald D. Ripple, and Lianyong Feng

Year: 2018
Volume: Volume 39
Number: Number 6
DOI: 10.5547/01956574.39.6.qji
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Abstract:
This paper builds an econometric model to analyze the income elasticity and price elasticities of sectoral natural gas demand and forecasts China's natural gas demand up to 2030. The findings indicate that there is a long-term equilibrium relationship among sectoral natural gas demand, sectoral income and various fuel prices. The results also indicate that most price elasticities are smaller relative to developed countries; the effect of fuel prices on natural gas demand is partly offset by the government regulation. In the Business As Usual (BAU) scenario, China's natural gas demand will reach 340 bcm and 528 bcm and its foreign dependence will reach 27.9% and 43.2% in 2020 and 2030, respectively. The forecast and discussion in this paper provide important insights into China's energy policy design and pricing mechanism reform, and into the potential impact of China's growing natural gas demand on global energy market dynamics.





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