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International Steam Coal Market Integration

  • Raymond Li
  • Roselyne Joyeux
  • Ronald D. Ripple

This paper examines the hypothesis that there is a single economic market for the international steam coal industry and investigates the degree of steam coal market integration over time. A regression test of convergence is employed to test for group convergence within a panel of steam coal exporting countries. The long-run relations between international steam coal prices are tested through cointegration analysis and the Kalman Filter analysis is employed to examine the convergence path of the price series. Monthly Free on Board (F.O.B.) prices for Australia, China, Colombia, Indonesia, Poland and South Africa between January 1995 and July 2007 are used. Considering the outcomes of the three econometric techniques as a whole, we conclude that the international steam coal market is generally integrated.

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Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume 31 (2010)
Issue (Month): Number 3 ()
Pages: 181-202

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Handle: RePEc:aen:journl:2010v31-03-a10
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