2008年
Inter-comparison of the long-run coefficients between the both prices of LNG and crude oil of Japan, EU and USA
Nihon Enerugi Gakkaishi/Journal of the Japan Institute of Energy
- ,
- ,
- ,
- 巻
- 87
- 号
- 2
- 開始ページ
- 139
- 終了ページ
- 145
- 記述言語
- 英語
- 掲載種別
- 研究論文(学術雑誌)
- DOI
- 10.3775/jie.87.139
The quantitative co-relationships between the time series of Liquid Natural Gas (LNG) CIF (Cost, Insurance and Freight) prices and those of crude oil prices were estimated for Japan, EU and USA based on the monthly price data in the time period from early of 1998 to 2006 of the three regional markets. Since both prices of LNG CIF and crude oil appear to be non-stationary, the cointegration and the Error Correction Model (ECM) techniques were applied to obtain the long-run elasticity coefficients between both prices of LNG CIF and crude oil for these three markets. The obtained results suggest that 100 percent changes of the crude oil prices of Japan, EU and USA have 49 percent, 76 percent and 96 percent impacts on the respective LNG CIF prices in a long term when the crude oil price in a relative high era. The obtained long-run elasticity coefficients can be used to explain the different price changes of LNG CIF in each market with responding to dramatically changing high crude oil price in recent years.
- リンク情報
- ID情報
-
- DOI : 10.3775/jie.87.139
- ISSN : 0916-8753
- SCOPUS ID : 42149154802