The link between liquefied natural gas prices and its policy implications-the ca

【作者(必填)】
Fu-Kuang Ko,Hui-Chih Chai
【文题(必填)】
The link between liquefied natural gas prices and its policy implications-the case of high importing dependency Asian countries
【年份(必填)】
2017
【全文链接或数据库名称(选填)】

[size=2.5em]The link between liquefied natural gas prices and its policy implications-the case of high importing dependency Asian countries
2017 ENERGY SOURCES PART B-ECONOMICS PLANNING AND POLICY Volume: 12, Issue: 4, pp 377-386, DOI: 10.1080/15567249.2016.1141265Fu-Kuang Ko,Hui-Chih Chai

ABSTRACTIt is crucial to evaluate integration issues for Asian liquefied natural gas (LNG) markets because importers now have some chance to adjust the pricing mechanisms. The purpose of this study is to examine the price integration between high-importing-dependency Asian LNG importers (Japan, Korea, and Taiwan). Considering the global economic crisis and LNG trading features, this study applied the smooth transition regression (STR) model and the nonlinear cointegration test to explore the long-run price relationship. This study indicates the limitation of the linear model in testing the LNG market integration. Furthermore, empirical results of this study suggest nonlinear cointegrations exist and show evidence of a smooth transition in the long-run price relationships, but do not support the law of one price (LOP). In terms of policy implications, this study’s findings indicate that a mechanism for facilitating information transmission and market adjustment in Asian LNG markets is needed.

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