Market Integration in the International Coal Industry: A Cointegration Approach
AbstractThe 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.
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Bibliographic InfoArticle provided by International Association for Energy Economics in its journal The Energy Journal.
Volume (Year): Volume 27 (2006)
Issue (Month): Number 1 ()
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- F0 - International Economics - - General
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- Aleksandar Zaklan & Astrid Cullmann & Anne Neumann & Christian von Hirschhausen, 2009.
"The Globalization of Steam Coal Markets and the Role of Logistics: An Empirical Analysis,"
Discussion Papers of DIW Berlin
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- Zaklan, Aleksandar & Cullmann, Astrid & Neumann, Anne & von Hirschhausen, Christian, 2012. "The globalization of steam coal markets and the role of logistics: An empirical analysis," Energy Economics, Elsevier, vol. 34(1), pages 105-116.
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- Riker, David A., 2012. "International coal trade and restrictions on coal consumption," Energy Economics, Elsevier, vol. 34(4), pages 1244-1249.
- Clemens Haftendorn & Franziska Holz, 2008. "Analysis of the World Market for Steam Coal Using a Complementarity Model," Discussion Papers of DIW Berlin 818, DIW Berlin, German Institute for Economic Research.
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