International market integration for natural gas? : a cointegration analysis of gas prices in Europe, North America and Japan

Guillaume L′Hégaret, Boriss Siliverstovs, Anne Neumann, Christian von Hirschhausen

We examine the degree of natural gas market integration in Europe, North America and Japan, between the mid 1990's and 2002. The relationship between the international gas marker prices, and their relation to the oil price, are investigated through principal component analysis and Johansen likelihood-based procedures. Both of them show a high level of integration within the European/Japanese and North American markets; but they also show that the European resp. Japanese and the North American markets were not integrated.

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Year of publication:	Dezember 2003
Authors:	L'Hégaret, Guillaume ; Siliverstovs, Boriss ; Neumann, Anne ; Hirschhausen, Christian R. von
Publisher:	Berlin, Germany : DIW Berlin, German Institute for Economic Research
Subject:	Market Integration \| gas markets \| cointegration test \| globalization \| Erdgasmarkt \| Natural gas market \| Erdgas \| Natural gas \| Preis \| Price \| Marktintegration \| Market integration \| Kointegration \| Cointegration \| Schätzung \| Estimation \| EU-Staaten \| EU countries \| Japan \| Nordamerika \| North America \| 1990-2002

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Extent:	1 Online-Ressource (circa 28 Seiten) Illustrationen
Series:	Discussion papers / Deutsches Institut für Wirtschaftsforschung. - Berlin : [Verlag nicht ermittelbar], ISSN 1619-4535, ZDB-ID 2125067-4. - Vol. 393
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/18155 [Handle]
Classification:	L95 - Gas Utilities; Pipelines; Water Utilities ; D43 - Oligopoly and Other Forms of Market Imperfection ; C32 - Time-Series Models ; Q41 - Demand and Supply
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011439628