Infrastructure integration and incomplete contracts: natural gas in the Southern Cone
This 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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- Christian Hirschhausen & Anne Neumann, 2008.
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- Anne Neumann & Christian von Hirschhausen, 2006. "Long-Term Contracts and Asset Specificity Revisited – An Empirical Analysis of producer-Importer Relations in the Natural Gas Industry," Working Papers 0610, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Anne Neumann & Christian von Hirschhausen, 2006. "Long-Term Contracts and Asset Specificity Revisited: An Empirical Analysis of Producer-Importer Relations in the Natural Gas Industry," Discussion Papers of DIW Berlin 552, DIW Berlin, German Institute for Economic Research.
- 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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