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Diskussionspapiere 956 / 2009
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 rates, covering the period December 2001 until August 2009 at weekly frequency. We then test whether the ...
2009| Aleksandar Zaklan, Astrid Cullmann, Anne Neumann, Christian von Hirschhausen
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Other refereed essays
This paper provides an empirical analysis linking two theories of firms' strategic behavior. We analyze corporate strategies in the emerging global market for liquefied natural gas. First, following Porter, we identify three strategic target market positions: chain optimization, flexibility strategy, and national oil companies (NOCs). Each target market position is supported by an underlying resource ...
In:
Journal of Institutional Economics
5 (2009), 1, S. 47-64
| Sophia Rüster, Anne Neumann
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Weitere externe Aufsätze
In:
Anna Creti (Ed.) ,
The Economics of Natural Gas Storage
Berlin [u.a.] : Springer
S. 13-29
| Anne Neumann, Georg Zachmann
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Diskussionspapiere 898 / 2009
This paper examines the interactions between money, consumer prices and commodity prices at a global level from 1970 to 2008. Using aggregated data for major OECD countries and a cointegrating VAR framework, we are able to establish long run and short run relationships among these variables while the process is mainly driven by global liquidity. According to our empirical findings, different price ...
2009| Ansgar Belke, Ingo G. Bordon, Torben W. Hendricks
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Refereed essays Web of Science
This paper presents results of simulating a more collusive behavior of a group of natural gas producing and exporting countries, sometimes called GASPEC. We use the World Gas Model, a dynamic, strategic representation of world gas production, trade, and consumption between 2005 and 2030. In particular, we simulate a closer cooperation of the GASPEC countries when exporting pipeline gas and liquefied ...
In:
The Energy Journal
(2009), Special Issue, S. 97-117
| Ruud Egging, Franziska Holz, Christian von Hirschhausen, Steven A. Gabriel
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Refereed essays Web of Science
We apply the EMF 23 study design to simulate the effects of the reference case and the scenarios to European natural gas supplies to 2025. We use GASMOD, a strategic several-layer model of European natural gas supply, consisting of upstream natural gas producers, traders in each consuming European country (or region), and final demand. Our model results suggest rather modest changes in the overall ...
In:
The Energy Journal
(2009), Special Issue, S. 137-150
| Franziska Holz, Christian von Hirschhausen, Claudia Kemfert
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Refereed essays Web of Science
The increase in liquefied natural gas trade has accelerated the integration of previously segmented markets in North America, Europe, and Asia. This paper provides evidence on the integration of the transatlantic natural gas market; it thus complements other papers in the EMF 23 study that focus on prices and international natural gas trade. We test the theoretical proposition that in integrating markets ...
In:
The Energy Journal
(2009), Special Issue, S. 187-200
| Anne Neumann
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Diskussionspapiere 854 / 2009
We consider a multimarket framework where a set of firms compete on two interrelated oligopolistic markets. Prior to competing in these markets, firms can spy on others in order to increase the quality of their product. We characterize the equilibrium espionage networks and networks that maximize social welfare under the most interesting scenario of diseconomies of scope. We find that in some situations ...
2009| Pascal Billand, Christophe Bravard, Subhadip Chakrabarti, Sudipta Sarangi
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Nicht-referierte Aufsätze
In:
Commerce Germany
7 (2009), 1, S. 3
| Claudia Kemfert
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Diskussionspapiere 919 / 2009
We present a model with firms selling (homogeneous) products in two imperfectly segmented markets (a "high-demand" and a "low-demand" market). Buyers are mobile but restricted by transportation costs, so that imperfect arbitrage occurs when prices differ in both markets. We show that equilibria are distorted away from Cournot outcomes to prevent consumer arbitrage. Furthermore, a merger can lead to ...
2009| Pio Baake, Christian Wey