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Market Integration in the International Coal Industry: A Cointegration Approach

Linda Warell

Year: 2006
Volume: Volume 27
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No1-6
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Abstract:
The purpose of this paper is to test the hypothesis of the existence of a single economic market for the international coal industry, separated for coking and steam coal, and to investigate market integration over time. This has been conducted by applying cointegration and error-correction models on quarterly price series data in Europe and Japan over the time period 1980-2000. Both the coking and the steam coal markets show evidence of global market integration, as demonstrated by the stable long-run cointegrating relationship between the respective price series in different world regions. This supports the hypothesis of a globally integrated market. However, when analyzing market integration over time it is not possible to confirm cointegration in the 1990s for steam coal. Thus, compared to the coking coal market, the steam coal market looks somewhat less global in scope.



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.





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