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Delineation of Energy Markets with Cointegration Techniques

In: The Econometrics of Energy Systems

Author

Listed:
  • Régis Bourbonnais
  • Patrice Geoffron

Abstract

The question of market ‘frontiers’ is a constant issue in energy economics. The first and second oils shocks, during the 1970s, impacted national economies — to various degrees — in all OECD countries, resulting in a growing globalization of the oil markets or, at least, close links between regional markets. The move towards liberalization of energy markets, starting during the 1980s in the US and progressively reaching Europe, extended this process to all categories of energy and geographical markets. At the same time, improved availability of price information decreased transactions costs and also contributed to integrating energy markets even more than previously. These combined movements explain that research on the delineation of market boundaries and tests of the law of ‘one price’ are nowadays ‘classics’ in the field of energy economics.1

Suggested Citation

  • Régis Bourbonnais & Patrice Geoffron, 2007. "Delineation of Energy Markets with Cointegration Techniques," Palgrave Macmillan Books, in: Jan Horst Keppler & Régis Bourbonnais & Jacques Girod (ed.), The Econometrics of Energy Systems, chapter 8, pages 168-185, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-62631-7_8
    DOI: 10.1057/9780230626317_8
    as

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