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Dynamics in the European Petroleum Markets

Author

Listed:
  • Szymon Wlazlowski

    (Aston Business School, Aston University)

  • Monica Giulietti

    (Aston Business School, Aston University)

  • Jane Binner

    (Aston Business School, Aston University)

  • Costas Milas

    (Keele University, Centre for Economic Research and School of Economic and Management Studies)

Abstract

This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. The uncovered patterns can be seen as the first empirical support for the politically-charged concept of ‘‘fuel tourism’’, obtained using pan-European cross-product time-series database. Even more interestingly, when analysed in cross-country setting, the dreaded welfare transfer due to the asymmetric price transmission phenomenon is found to be less pronounced than claimed before.

Suggested Citation

  • 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.
    • Handle: RePEc:kee:kerpuk:2007/04
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    File URL: http://www.keele.ac.uk/depts/ec/wpapers/kerp0704.pdf
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    More about this item

    Keywords

    Production; Pricing; and Market Structure; Petroleum; General Energy; Energy and Macroeconomy.;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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