Utilize este identificador para referenciar este registo:
https://hdl.handle.net/1822/73471
Título: | How far is gas from becoming a global commodity? |
Autor(es): | Aguiar-Conraria, Luís Conceição, Gilmar Soares, M. J. |
Palavras-chave: | Gas markets Oil market Wavelet Power Spectrum Wavelet Coherency Wavelet Phase-Difference |
Data: | Fev-2021 |
Editora: | Universidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE) |
Resumo(s): | While we can say that there is a global market for crude oil, we cannot say the same cannot for natural gas. There is a strand of literature that argues that, in the last decades, gas markets have become less regional and more global. We use wavelets to test this hypothesis and conclude otherwise: although the European and Japanese gas markets are signifcantly synchronized, they are much less than the oil markets, which we take as the benchmark. We also show that the North American gas market fluctuations are independent of the other gas markets. Finally, we show that the existing synchronization between gas markets almost vanishes once one filters out the effect of oil price variations, suggesting that it is the global oil market that connects the regional gas markets. |
Tipo: | Documento de trabalho |
URI: | https://hdl.handle.net/1822/73471 |
Versão da editora: | https://nipe.eeg.uminho.pt/publicacoes-nipe/#documentos-de-trabalho |
Arbitragem científica: | no |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Documentos de Trabalho |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
---|---|---|---|---|
WP 06.2021.pdf | How far is gas from becoming a global commodity? | 6,03 MB | Adobe PDF | Ver/Abrir |