In this paper, we provide a comprehensive multivariate cointegration analysis of three parts of the steam coal value chain - export, transport and import prices. The analysis is based on a rich dataset of international coal prices; in particular, we combine data on steam coal prices with freight...

Das Thema "Energiepreise" ist brisant wie seit langer Zeit nicht mehr. Hohe Energiepreise schaden den Verbrauchern und der Wirtschaft. Die Energieunternehmen verweisen auf hohe Steuer- und Abgabenlasten sowie auf die Preisexplosion auf den Welterdölmärkten und die teuren Maßnahmen zur...

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...

Long-term contracts are an important element of all economic activity and, thus, critical for understanding modern economic structures. The natural gas industry provides particular insights into the functioning and dynamics of long-term contracts and industry structures, in a sector that is...