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Market Integration in the International Coal Industry: A Cointegration Approach

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  • Linda Warell

Abstract

The purpose of this paper is to test the hypothesis of the existence of a single economic market for the international coal industry, separated for coking and steam coal, and to investigate market integration over time. This has been conducted by applying cointegration and error-correction models on quarterly price series data in Europe and Japan over the time period 1980-2000. Both the coking and the steam coal markets show evidence of global market integration, as demonstrated by the stable long-run cointegrating relationship between the respective price series in different world regions. This supports the hypothesis of a globally integrated market. However, when analyzing market integration over time it is not possible to confirm cointegration in the 1990s for steam coal. Thus, compared to the coking coal market, the steam coal market looks somewhat less global in scope.

Suggested Citation

  • Linda Warell, 2006. "Market Integration in the International Coal Industry: A Cointegration Approach," The Energy Journal, , vol. 27(1), pages 99-118, January.
    • Handle: RePEc:sae:enejou:v:27:y:2006:i:1:p:99-118
    DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No1-6
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    References listed on IDEAS

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    1. Pierre Regibeau, 2000. "The global energy industry: is competition among suppliers ensured?," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 13(4), pages 378-399.
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