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Infrastructure integration and incomplete contracts: natural gas in the Southern Cone

  • Navajas, Fernando H.
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    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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    File URL: https://mpra.ub.uni-muenchen.de/31025/1/MPRA_paper_31025.pdf
    File Function: original version
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31025.

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    Date of creation: Jan 2008
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    Publication status: Published in Integration and Trade No. 28 (2008): pp. 25-48
    Handle: RePEc:pra:mprapa:31025
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    1. 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.
    2. Masten, Scott E, 1988. "Minimum Bill Contracts: Theory and Policy," Journal of Industrial Economics, Wiley Blackwell, vol. 37(1), pages 85-97, September.
    3. repec:idb:brikps:33038 is not listed on IDEAS
    4. Masten, Scott E & Crocker, Keith J, 1985. "Efficient Adaptation in Long-term Contracts: Take-or-Pay Provisions for Natural Gas," American Economic Review, American Economic Association, vol. 75(5), pages 1083-93, December.
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