The authors address the issue of estimation and inference in dependent non-stationary panels of small cross-section dimensions. The main conclusion is that the best results are obtained applying bootstrap inference to single-equation estimators, such as fully modified ordinary least squares and...

Using daily data from July 2005 to February 2011 for WTI, Dubai and Brent futures contracts, we employ a VAR-BEKK model to investigate crude oil markets integration on the second moment. We also quantify the size and persistence of these connections through the analysis of Volatility Impulse...

We investigate evidence on the effects of OPEC announcements on world oil prices by examining announcements from both official conferences and ministerial meetings on major international crudes, including the key benchmarks and several other heavy and light grades. With data from 1982 to 2008,...

The Northern Sea Route (NSR) through Russia's ice-infested Arctic waters can potentially halve sailing distances between Europe and Northeast Asia. It also passes by some of the world's largest oil and gas reserves. As we enter the 21st century, technological, political and even climatic...