This paper investigates the degree of integration of natural gas markets in Europe, North America and Japan in the time period between the early 1990s and 2004. The relationship between international gas market prices and their relation to the oil price are explored through principal components analysis and Johansen likelihood-based cointegration procedure. Both of them show a high level of natural gas market integration within Europe, between the European and Japanese markets as well as within the North American market. At the same time the obtained results suggest that the European (respectively, Japanese) and the North American markets were not integrated. D

This study examines the export-led growth hypothesis using annual time-series data from Chile in a production function framework. It addresses the limitations of the existing literature and focuses on the impact of manufactured and primary exports on productivity growth. In order to investigate if and how manufactured and primary exports affect economic growth via increases in productivity, several single-equation and system cointegration techniques are applied. The estimation results can be interpreted as evidence of productivity-enhancing effects of manufactured exports and of productivitylimiting effects of primary exports.

International migration, Panel data, Forecasting, C23, C53, F22,

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. This paper provides a textbook example of integration between commodity markets, and the subsequent price convergence or absence thereof. We analyze price relations between spot markets for natural gas in Europe. We apply time-varying coefficient estimation applying the Kalman filter, to test whether price convergence between different locations is really taking place. Our results reveal that the construction of a pipeline between the UK and Zeebrugge (Belgium) has led to almost perfect price convergence between these locations; on the other hand, liberalization on the continent does not seem to be working yet. Terms of use: Documents inJEL-Classification: C32, L95, D43, Q49

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractThis study examines the export-led growth hypothesis using annual time series data from Chile.It addresses the problem of specification bias under which previous studies have suffered and focuses on the impact of manufactured and primary exports on the economic growth. In order to investigate if and how manufactured and mining exports affect economic growth via increases in productivity, the study uses the Toda and Yamamoto (1995) procedure for testing for Granger non-causality in Vector Autoregressive models that involve variables that are integrated of an arbitrary order and that are possibly cointegrated. The estimation results support the export-led growth hypothesis for Chile and at the same time point out to the differentiated impact of manufactured and primary exports on the economic growth.