Infrastructure integration and incomplete contracts: natural gas in the Southern Cone
AbstractThis paper uses evidence on policies, markets and private transactions to discuss the experience of natural gas infrastructure integration in the Southern Cone of Latin America. The argument is that contracts on international exchanges supported by infrastructure may become incomplete due to contingencies related to policy-induced price distortions not anticipated at the moment of writing. Beyond regulatory risk mitigation, it calls for back-up contract provisions designed to cope with aggregate imbalances and for some supranational coordination related to information about market conditions and on energy planning dialogues that test consistency and stress situations in markets where exports originate
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31025.
Date of creation: Jan 2008
Date of revision:
Natural gas; integration; long-term contracts;
Find related papers by JEL classification:
- K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
- Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
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- Christian Hirschhausen & Anne Neumann, 2008.
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- Neumann, A. & von Hirschhausen, C., 2006. "Long-Term Contracts and Asset Specificity Revisited -An Empirical Analysis of Producer-Importer Relations in the Natural Gas Industry," Cambridge Working Papers in Economics 0630, Faculty of Economics, University of Cambridge.
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