This work in progress considers the bargaining options of a natural gas transit country. The paper describes the situation with potential hold-up due to asset specific investments and the timing of the hold-up by the transit country

This article is an analysis of relevant Intergovernmental and Host Government Agreements on oil and gas transit pipelines in several parts of the world. The following questions serve as the basis for the analysis: 1. To what extent can common principles and regional specificities be derived from...

Contagion from East Asia imposed a severe "stress test" on the market-oriented reforms of transition economies. We find that the portfolio reallocations of investors differentiated sharply among these economies at the height of the East Asian turmoil, appearing clearly in the relative movements...

Turkey is a key country in order to realize the Southern Gas Corridor (SGC) due to its geographical location. However, as the main transit country within the SGC, Turkey could potentially exert market power with gas transits. Whether Turkey exerts market power or not, is crucial for an economic...