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The Difficulty to Stabilize Energy Markets

Author

Listed:
  • Òscar Mascarilla, Yuri Yegorov

    (Universidad de Barcelona)

  • Yuri Yegorov

    (University of Vienna)

  • Montse Crespi-Vallbona

    (Universidad de Barcelona)

Abstract

Energy is one an important class of traded commodities. The particular feature of energy is that about 85% of energies consumed are produced from non-renewable sources. While the structure of energy market is complex, in general we have competitive markets. Some exceptions like OPEC cartel in fact work now towards stabilization of market for oil, with periodical adjustment in production to keep prices within acceptable corridor. It is important to understand that not only real energy but also paper energy (like future contracts and options) are traded. The aim of the article is to analyse the main recent events to understand the specifics of energy markets and macroeconomic externalities derived from price instability, as well as to point towards some solutions to stabilise markets and trends within the current economic crisis.

Suggested Citation

  • Òscar Mascarilla, Yuri Yegorov & Yuri Yegorov & Montse Crespi-Vallbona, 2010. "The Difficulty to Stabilize Energy Markets," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 33(93), pages 05-18, Octubre-D.
    • Handle: RePEc:cud:journl:v:33:y:2010:i:93:p:05-18
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    More about this item

    Keywords

    Energy markets. commodities. volatility prices.;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • G13 - Financial Economics - - General Financial Markets - - - Contingent Pricing; Futures Pricing
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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