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International Steam Coal Market Integration

Author

Listed:
  • Raymond Li
  • Roselyne Joyeux
  • Ronald D. Ripple

Abstract

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.

Suggested Citation

  • Raymond Li & Roselyne Joyeux & Ronald D. Ripple, 2010. "International Steam Coal Market Integration," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 181-202.
  • Handle: RePEc:aen:journl:2010v31-03-a10
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    Citations

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    Cited by:

    1. Derek Bunn, Julien Chevallier, Yannick Le Pen, and Benoit Sevi, 2017. "Fundamental and Financial Influences on the Co-movement of Oil and Gas Prices," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
    2. Narayan, Seema & Narayan, Paresh Kumar, 2017. "Estimating the speed of adjustment to target levels: The case of energy prices," Energy Economics, Elsevier, vol. 62(C), pages 419-427.
    3. repec:aen:journl:ej39-1-hartley is not listed on IDEAS
    4. Øglend, Atle & Osmundsen, Petter & Kleppe, Tore Selland, 2015. "Trade with Endogenous Transportation Costs: The Value of LNG Exports," UiS Working Papers in Economics and Finance 2015/5, University of Stavanger.
    5. Renou-Maissant, Patricia, 2012. "Toward the integration of European natural gas markets:A time-varying approach," Energy Policy, Elsevier, vol. 51(C), pages 779-790.
    6. Zaklan, Aleksandar & Cullmann, Astrid & Neumann, Anne & von Hirschhausen, Christian, 2012. "The globalization of steam coal markets and the role of logistics: An empirical analysis," Energy Economics, Elsevier, vol. 34(1), pages 105-116.
    7. Nazifi, Fatemeh, 2013. "Modelling the price spread between EUA and CER carbon prices," Energy Policy, Elsevier, vol. 56(C), pages 434-445.
    8. Papież, Monika & Śmiech, Sławomir, 2013. "Causality-in-mean and causality-in-variance within the international steam coal market," Energy Economics, Elsevier, vol. 36(C), pages 594-604.
    9. Clemens Haftendorn & Franziska Holz & Christian von Hirschhausen, 2010. "COALMOD-World: A Model to Assess International Coal Markets until 2030," Discussion Papers of DIW Berlin 1067, DIW Berlin, German Institute for Economic Research.
    10. Papież, Monika & Śmiech, Sławomir, 2015. "Dynamic steam coal market integration: Evidence from rolling cointegration analysis," Energy Economics, Elsevier, vol. 51(C), pages 510-520.
    11. Ragoobar, Tricia & Whalley, Jason & Harle, David, 2011. "Public and private intervention for next-generation access deployment: Possibilities for three European countries," Telecommunications Policy, Elsevier, vol. 35(9), pages 827-841.
    12. Clemens Haftendorn & Franziska Holz, 2008. "Analysis of the World Market for Steam Coal Using a Complementarity Model," Discussion Papers of DIW Berlin 818, DIW Berlin, German Institute for Economic Research.
    13. Clemens Haftendorn & Franziska Holz & Claudia Kemfert & Christian von Hirschhausen, 2013. "Global steam coal markets until 2030: perspectives on production, trade and consumption under increasing carbon constraints," Chapters,in: Handbook on Energy and Climate Change, chapter 4, pages 103-122 Edward Elgar Publishing.
    14. Nick, Sebastian & Tischler, Benjamin, 2014. "The Law of one Price in Global Natural Gas Markets - A Threshold Cointegration Analysis," EWI Working Papers 2014-16, Energiewirtschaftliches Institut an der Universitaet zu Koeln (EWI).
    15. Narjes Zamani, 2016. "The Relationship between Crude Oil and Coal Markets: A New Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 6(4), pages 801-805.
    16. Raymond Li, Roselyne Joyeux, and Ronald D. Ripple, 2014. "International Natural Gas market Integration," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4).
    17. Rickels, Wilfried & Görlich, Dennis & Oberst, Gerrit & Peterson, Sonja, 2012. "Carbon price dynamics: Evidence from Phase II of the European Emission Trading Scheme," Kiel Working Papers 1804, Kiel Institute for the World Economy (IfW).

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    JEL classification:

    • F0 - International Economics - - General

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