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Will the energy price bubble burst?

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  • Liu, Tie-Ying
  • Lee, Chien-Chiang

Abstract

In this paper, we employ recursive unit-root tests to identify the beginnings and ends of potential speculative bubbles in the energy price market. The major advantage of this approach is that it allows one to account for a nonlinear structure and break while investigating the possible existence of multiple structural breaks resulting from these bubbles. The evidence finds the efficient market hypothesis has been the failure in most of the energy market. It shows that the gasoline spot market price is volatile, and investors in gasoline markets have more speculative opportunities than those investors who enter coal and oil markets. It is possible to hedge benefits in oil spot and future markets. Furthermore, the coal-gasoline price relation as well as the coal-crude oil price relation has a weak link, and the existing bubbles influence the interactions between the oil and gasoline markets.

Suggested Citation

  • Liu, Tie-Ying & Lee, Chien-Chiang, 2018. "Will the energy price bubble burst?," Energy, Elsevier, vol. 150(C), pages 276-288.
    • Handle: RePEc:eee:energy:v:150:y:2018:i:c:p:276-288
    DOI: 10.1016/j.energy.2018.02.075
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    6. Sarit Maitra, 2023. "Impact of Economic Uncertainty, Geopolitical Risk, Pandemic, Financial & Macroeconomic Factors on Crude Oil Returns -- An Empirical Investigation," Papers 2310.01123, arXiv.org, revised Oct 2023.
    7. Figuerola-Ferretti, Isabel & McCrorie, J. Roderick & Paraskevopoulos, Ioannis, 2020. "Mild explosivity in recent crude oil prices," Energy Economics, Elsevier, vol. 87(C).
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    More about this item

    Keywords

    Energy price; Multiple bubbles; Nonlinear structure; Sup ADF test; Generalized sup ADF test; Speculative opportunities;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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