Liao, Huei-Chu; Lin, Shu-Chuan; Huang, Ho-Chuan - In: Applied Economics Letters 21 (2014) 4, pp. 235-241
This study applies a novel quantile unit root with structural breaks approach to explore whether the international crude oil markets are better characterized as 'globalized' or 'regionalized'. By using the spreads between WTI and Brent crude oil prices as a benchmark, we find that the spreads...