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DOI | 10.1016/j.enpol.2017.10.046 |
Further evidence on the debate of oil-gas price decoupling: A long memory approach | |
Zhang, Dayong1; Ji, Qiang2,3 | |
2018-02-01 | |
发表期刊 | ENERGY POLICY
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ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2018 |
卷号 | 113页码:68-75 |
文章类型 | Article |
语种 | 英语 |
国家 | Peoples R China |
英文摘要 | The long-run oil gas price relationship has been challenged more often in recent years, as these two prices have shown evidence of decoupling from each other. This paper proposes the use of a long-memory approach and a rolling-windows method to model the time-varying oil gas price relationship in three markets, namely, the United States, Europe and Japan. The results extend existing research conclusions on the oil gas price relationship and answer the question of whether it is a temporary phenomenon or a permanent market change. Our findings indicate that the US oil gas relationship remains nonstationary at almost all windows and illustrate strong evidence of decoupling. Conversely, the European and Asian oil gas prices exhibit temporary decoupling over time, although the overall relationship still favours the oil-indexation hypothesis. The US experience suggests that oil and gas do not share the same fundamentals and a pricing hub can better reflect the true value of natural gas. Policy makers in Europe and Asia should reinforce their efforts towards a market based pricing mechanism for gas. |
英文关键词 | Long memory Market segmentation Natural gas Oil indexation |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000423009500008 |
WOS关键词 | NATURAL-GAS ; CRUDE-OIL ; MULTISCALE PERSPECTIVE ; EAST-ASIA ; MARKETS ; REVOLUTION ; SHOCKS ; COINTEGRATION ; INTEGRATION ; VOLATILITY |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/18809 |
专题 | 气候变化 |
作者单位 | 1.Southwestern Univ Finance & Econ, Res Inst Econ & Management, Chengdu, Sichuan, Peoples R China; 2.Chinese Acad Sci, Ctr Energy & Environm Policy Res, Inst Sci & Dev, Beijing 100190, Peoples R China; 3.Univ Chinese Acad Sci, Sch Publ Policy & Management, Beijing 100049, Peoples R China |
推荐引用方式 GB/T 7714 | Zhang, Dayong,Ji, Qiang. Further evidence on the debate of oil-gas price decoupling: A long memory approach[J]. ENERGY POLICY,2018,113:68-75. |
APA | Zhang, Dayong,&Ji, Qiang.(2018).Further evidence on the debate of oil-gas price decoupling: A long memory approach.ENERGY POLICY,113,68-75. |
MLA | Zhang, Dayong,et al."Further evidence on the debate of oil-gas price decoupling: A long memory approach".ENERGY POLICY 113(2018):68-75. |
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