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An empirical analysis of gasoline price convergence for 20 OECD countries

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Author Info
Bentzen, Jan () (Department of Economics, Aarhus School of Business)

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Abstract

Two decades have passed now since the oil price shocks of the 1970s and since then

energy prices have - apart from short periods of price instability - evolved relatively

smoothly in the industrialized countries. Energy taxes in many countries differ

markedly thereby causing differences in final energy prices, but as similar tax levels

are becoming more common, e.g. in the European Union, convergence concerning

energy prices might be expected to appear. In the present paper national gasoline

price data covering the time period since the 1970s for a sample of OECD countries

are used in order to test for this often addressed topic of convergence. The empirical

part of the paper applies different time series based tests of convergence, where

gasoline prices exhibit convergence for most OECD-Europe countries in the case

where US$ is used for measurement of the energy prices indicating a convergence or

tax harmonization process is taking place for these countries.

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Publisher Info
Paper provided by University of Aarhus, Aarhus School of Business, Department of Economics in its series Working Papers with number 03-19.

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Length: 27 pages
Date of creation: 28 Jan 2003
Date of revision:
Handle: RePEc:hhs:aareco:2003_019

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Postal: The Aarhus School of Business, Prismet, Silkeborgvej 2, DK 8000 Aarhus C, Denmark
Phone: +45 89 486396
Fax: +45 8615 5175
Web page: http://www.asb.dk/departments/nat.aspx
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Related research
Keywords: Gasoline prices; Price convergence; Gasoline tax harmonization;

Find related papers by JEL classification:
Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bernard, Andrew B. & Durlauf, Steven N., 1996. "Interpreting tests of the convergence hypothesis," Journal of Econometrics, Elsevier, vol. 71(1-2), pages 161-173. [Downloadable!] (restricted)
    Other versions:
  2. Serletis, Apostolos & Herbert, John, 1999. "The message in North American energy prices," Energy Economics, Elsevier, vol. 21(5), pages 471-483, October. [Downloadable!] (restricted)
    Other versions:
  3. Loewy, Michael B. & Papell, David H., 1996. "Are U.S. regional incomes converging? Some further evidence," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 587-598, December. [Downloadable!] (restricted)
  4. Xavier Sala-i-Martin, 1995. "The Classical Approach to Convergence Analysis," Economics Working Papers 117, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
    Other versions:
  5. Miriam Camarero & Vicente Esteve & Cecilio Tamarit, 2000. "Price convergence of peripheral European countries on the way to the EMU: A time series approach," Empirical Economics, Springer, vol. 25(1), pages 149-168. [Downloadable!] (restricted)
    Other versions:
  6. Serletis, A & Demp, T, 1997. "The Cyclical Behavior of Monthly NYMEX Energy Prices," Papers 9703, Calgary - Department of Economics.
    Other versions:
  7. Carlino, Gerald & Mills, Leonard, 1996. "Are U.S. regional incomes converging? Reply," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 599-601, December. [Downloadable!] (restricted)
  8. Greasley, David & Oxley, Les, 1997. "Time-series based tests of the convergence hypothesis: Some positive results," Economics Letters, Elsevier, vol. 56(2), pages 143-147, October. [Downloadable!] (restricted)
  9. Bernard, Andrew B & Durlauf, Steven N, 1995. "Convergence in International Output," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(2), pages 97-108, April-Jun. [Downloadable!] (restricted)
    Other versions:
  10. Li, Qing & Papell, David, 1999. "Convergence of international output Time series evidence for 16 OECD countries," International Review of Economics & Finance, Elsevier, vol. 8(3), pages 267-280, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Axel Dreher & Tim Krieger, 2004. "Do gasoline prices converge in a unified Europe with non- harmonized tax rates?," International Finance 0411005, EconWPA. [Downloadable!]
    Other versions:
  2. Hengyun Ma & Les Oxley & John Gibson, 2009. "Testing for Energy Market Integration in China," Working Papers 09_03, Motu Economic and Public Policy Research. [Downloadable!]
    Other versions:
  3. Axel Dreher & Tim Krieger, 2007. "Diesel price convergence and mineral oil taxation in Europe," Working Papers 5, University of Paderborn, CIE Center for International Economics. [Downloadable!]
    Other versions:
  4. Szymon Wlazlowski & Monica Giulietti & Jane Binner & Costas Milas, 2007. "Dynamics in the European Petroleum Markets," Keele Economics Research Papers KERP 2007/04, Centre for Economic Research, Keele University. [Downloadable!]
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