Search

In this research, the effects of spillover and volatility generated by oil, gas and coal prices on the industrial activity of the Chile, Brazil, Colombia and Mexico economies are evaluated using the metho-dology proposed by Debold and Yilmaz (2012), characterized by the use of generalized autoregressive vectors, where the variance decomposition does not vary according to the order of the variables, thus measuring the contagion effects of total and directional volatility. The results show that these industries receive the financial spillover from the raw materials markets, caused by fluctuations in the prices of oil and coal and, in addition, behave as transmitters of the spillover caused by the fluctuations in gas prices. On the other hand, it was found that, months before the 2008 economic crisis, the four industries and these products increased their spillover effect and volatility, En esta investigación se evalúan los efectos del desbordamiento y la volatilidad generados por los precios del petróleo, el gas y el carbón sobre la actividad industrial de las economías de Chile, Brasil, Colombia y México, usando la metodología propuesta por Diebold y Yilmaz (2012), que se caracteriza por el uso de vectores autorregresivos generalizados, donde la descomposición de la varianza no varía según el orden de las variables, midiendo así los efectos de contagio de la volatilidad total y direccional. Los resultados muestran que estas industrias reciben el derrame financiero de los mercados de materias primas, ocasionado por las fluctuaciones de los precios del petróleo y carbón y, además, se comportan como transmisoras del derrame que producen las oscilaciones de los precios del gas. Por otro lado, se halló que meses previos a la crisis económica del 2008, las cuatro industrias y dichos productos aumentaron el efecto derrame y la volatilidad

In this research, the effects of spillover and volatility generated by oil, gas and coal prices on the industrial activity of the Chile, Brazil, Colombia and Mexico economies are evaluated using the metho-dology proposed by Debold and Yilmaz (2012), characterized by the use of generalized autoregressive vectors, where the variance decomposition does not vary according to the order of the variables, thus measuring the contagion effects of total and directional volatility. The results show that these industries receive the financial spillover from the raw materials markets, caused by fluctuations in the prices of oil and coal and, in addition, behave as transmitters of the spillover caused by the fluctuations in gas prices. On the other hand, it was found that, months before the 2008 economic crisis, the four industries and these products increased their spillover effect and volatility, En esta investigación se evalúan los efectos del desbordamiento y la volatilidad generados por los precios del petróleo, el gas y el carbón sobre la actividad industrial de las economías de Chile, Brasil, Colombia y México, usando la metodología propuesta por Diebold y Yilmaz (2012), que se caracteriza por el uso de vectores autorregresivos generalizados, donde la descomposición de la varianza no varía según el orden de las variables, midiendo así los efectos de contagio de la volatilidad total y direccional. Los resultados muestran que estas industrias reciben el derrame financiero de los mercados de materias primas, ocasionado por las fluctuaciones de los precios del petróleo y carbón y, además, se comportan como transmisoras del derrame que producen las oscilaciones de los precios del gas. Por otro lado, se halló que meses previos a la crisis económica del 2008, las cuatro industrias y dichos productos aumentaron el efecto derrame y la volatilidad

This paper analyses the interdependencies existing in wholesale electricity prices in six major European countries. The results of a robust multivariate long-run dynamic analysis reveal the presence of four highly integrated central European markets (France, Germany, the Netherlands and Austria). The trend shared by these four electricity markets appears to be common also to gas prices, but not to oil prices. The existence of a common long-term dynamics among electricity prices and between electricity prices and gas prices can be explained by the similarity of the market design across Europe and by the same marginal generation technology. Since standard unit root and cointegration tests are not robust to the peculiar characteristics of electricity prices time series, we also develop a battery of robust inference procedures that should assure the reliability of our results.

This report addresses the authority of state and federal governments to control price gouging in the aftermath of Hurricane Katrina. Specifically, questions have arisen regarding increased prices in the areas affected by Hurricane Katrina and the effect that the damage caused by the hurricane will have on prices, specifically gasoline prices, in other parts of the country. State laws regarding price gouging in the event of an emergency are discussed as is the role the Federal Government could play in addressing rising gas prices in other parts of the country. This report will be updated as events warrant., CRS Report for Congress.