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Oil Products in Latin America: The Politics of Energy Pricing

Thomas Sterner

Year: 1989
Volume: Volume 10
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No2-4
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Abstract:
This paper looks at the pricing of petroleum products in Latin America and compares the policies adopted in countries with different endowments and with different traditions as to state involvement in the oil industry. I find that, in contrast to the OECD countries, product prices are used extensively as instruments of policy and that in general the more oil a country has the lower are its domestic prices. They also tend to be lower in the presence of state monopolies.



A Stochastic Frontier Analysis Approach for Estimating Energy Demand and Efficiency in the Transport Sector of Latin America and the Caribbean

Manuel Llorca, José Baños, José Somoza, and Pelayo Arbués

Year: 2017
Volume: Volume 38
Number: Number 5
DOI: https://doi.org/10.5547/01956574.38.5.mllo
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Abstract:
In this paper, a stochastic frontier analysis approach is applied to estimate energy demand functions in the transport sector. This approach allows us to obtain energy efficiency measures at country level that are a robust alternative to the energy intensity indicators commonly used for international comparisons. A transitive multilateral price index is constructed for aggregating the diverse energy components employed in the sector. Due to the likely unobserved heterogeneity among countries, the use of a random parameters model is proposed to accommodate these differences and to obtain different income and price elasticities per country. The estimated model is compared with alternative approaches of addressing this issue such as latent class, true fixed effects or true random effects models. This study is the first to use a random parameters stochastic frontier approach in the estimation of energy demand functions. The proposed procedure is applied to Latin America and the Caribbean, where the transport sector represents a large share of total energy consumption.



Green Bonds for Renewable Energy in Latin America and the Caribbean

Juan David González-Ruiz, Juan Camilo Mejía-Escobar, Javier Rojo-Suárez, and Ana-Belén Alonso-Conde

Year: 2023
Volume: Volume 44
Number: Number 5
DOI: 10.5547/01956574.44.4.jgon
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Abstract:
This paper comprehensively analyzes the overall status of the green bond market in Latin America and the Caribbean (LAC) for the renewable energy sector. Our results show that, in most cases, issuers are non-financial corporations. Also, despite LAC's low perception of transparency, 78% of the volume issued has been externally reviewed. In general terms, the barriers imposed on issuance by local governments, mainly municipal debt ceiling, low credit rating and solvency, limited capabilities to prepare bankable projects, and lack of communication channels between the financial sector and local governments, constrain the green bond market in LAC. Furthermore, although the presence of development institutions that promote the issuance of green bonds in the renewable sector has improved in recent years, it is mandatory to continue making progress in this area. For that purpose, closer cooperation and alliances are essential to share responsibilities and knowledge in LAC.





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