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Fractional cointegration between energy imports to the EURO area and exchange rates to the US dollar

Author

Listed:
  • Maria Malmierca-Ordoqui

    (Universidad Villanueva)

  • Luis A. Gil-Alana

    (University of Navarra)

  • Manuel Monge

    (Universidad Francisco de Vitoria (UFV))

Abstract

The global dominance of the dollar is unquestionable, but the European Commission is committed to strengthening the role of the euro in international relations. Most of the transactions between countries are paid in US dollars even though the United States does not participate in them. Some argue that the euro could become more powerful if it were given more presence in international trade, in particular, in the energy bill of the Eurozone. With the aim of validating that statement, this paper analyses the cointegrating structure between energy imports to the Euro Area from its main partners and those partners’ currency exchange rates to the US dollar. We find that there is a bivariate fractional cointegration relationship between the series in most of the countries considered.

Suggested Citation

  • Maria Malmierca-Ordoqui & Luis A. Gil-Alana & Manuel Monge, 2024. "Fractional cointegration between energy imports to the EURO area and exchange rates to the US dollar," Empirical Economics, Springer, vol. 66(2), pages 859-882, February.
    • Handle: RePEc:spr:empeco:v:66:y:2024:i:2:d:10.1007_s00181-023-02468-w
    DOI: 10.1007/s00181-023-02468-w
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    More about this item

    Keywords

    Energy trade; Exchange rates; Long memory; Fractional cointegration; Euro Area policy;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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