Evaluating regulatory reform of network industries: a survey of empirical models based on categorical proxies

Bastianin, Andrea; Castelnovo, Paolo; Florio, Massimo

doi:10.1016/j.jup.2018.09.012

Cited by 13 publications

(13 citation statements)

References 112 publications

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“…Numbers are sector-, topic-and question-weights used for aggregation purposes. Source: (Bastianin et al, 2018). provide any clear evidence in support of, or against convergence.…”

Section: A3 Log-price Differentials: Visual Inspectionmentioning

confidence: 99%

Convergence of European natural gas prices

2018

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Over the period 2015-2050 the consumption of natural gas of European OECD countries is expected to grow more than the consumption of any other energy source. Although these countries are interconnected and in most cases share a common currency, their wholesale national gas markets are highly heterogeneous. We study the determinants of cross-country convergence of natural gas prices for industrial consumers in fourteen European countries. Our empirical analysis is based on the notions of pairwise, relative and σ-convergence. We show that there is evidence of pairwise price convergence and that some key characteristics of gas markets, such as the maturity of trading hubs and the degree of interconnection, are positively associated with the existence of a convergence process. This result carries over to the notion of σ-convergence and is robust to a number of changes in the implementation of the statistical tests. The analysis of relative convergence points to the existence of price-growth convergence, while price-level convergence is not supported by the data. Lastly, we assess the the short-run implications of price convergence focusing on the speed of reversion to equilibrium after a system-wide shocks hits the cointegrating relation.

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“…Numbers are sector-, topic-and question-weights used for aggregation purposes. Source: (Bastianin et al, 2018). provide any clear evidence in support of, or against convergence.…”

Section: A3 Log-price Differentials: Visual Inspectionmentioning

confidence: 99%

Convergence of European natural gas prices

2018

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“…The OECD indicators of regulation in energy, transport, and communications (ETCR) collect survey information about regulatory structures and policies for OECD and some non-OECD countries (see Koske et al, 2015, for details). All answers are normalized in a range from zero to six, where values near zero indicate fewer restrictions to competition (see Bastianin et al, 2018, for a discussion of categorical proxies of reform). As shown in Figure A2, the ETCR index is available at different levels of aggregation.…”

Section: A2 the Oecd Etcr Databasementioning

confidence: 99%

“…Numbers are sector-, topic-and question-weights used for aggregation purposes. Source: (Bastianin et al, 2018).…”

mentioning

confidence: 99%

Convergence of European natural gas prices

2019

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Over the period 2015-2050 the consumption of natural gas of European OECD countries is expected to grow more than the consumption of any other energy source. Although these countries are interconnected and in most cases share a common currency, their wholesale national gas markets are highly heterogeneous. We study the determinants of crosscountry convergence of natural gas prices for industrial consumers in fourteen European countries. Our empirical analysis is based on the notions of pairwise, relative and σ-convergence. We show that there is evidence of pairwise price convergence and that some key characteristics of gas markets, such as the maturity of trading hubs and the degree of interconnection, are positively associated with the existence of a convergence process. This result carries over to the notion of σ-convergence and is robust to a number of changes in the implementation of the statistical tests. The analysis of relative convergence points to the existence of price-growth convergence, while price-level convergence is not supported by the data. Lastly, we assess the the short-run implications of price convergence focusing on the speed of reversion to equilibrium after a system-wide shocks hits the cointegrating relation.

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“…Opolska (2017) az európai földgázpiaci liberalizáció hatásait mérte panel ökonometriai modellekkel, elemzése szerint a liberalizációs szakpolitikák növelik a verseny mértékét. Bastianin, Castelnovo & Florio (2018) 63 ökonometriai írás metaanalízisét végzi el, melyek különböző indikátorokat (például az ETCR-indexet) használtak a különböző szabályozási reformok hatásának elemzésére a hálózatos iparágakban. A feldolgozott tanulmányok alapján számos módszertani csapdára hívják fel a figyelmet, ugyanakkor következtetésük szerint az indikátorok többletinformációval szolgálnak a szabályozó felé, ezzel is javítva a szabályozás minőségét.…”

Section: Szakirodalmi Háttérunclassified

A magyar gázpiaci liberalizáció 15 éve

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Kotek²,

Selei³

2019

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Az első szabadpiaci fogyasztók 2004-es megjelenése óta a gázpiaci értéklánc minden szegmensében jelentős tulajdonosi, szabályozási és működésbeli változások mentek végbe, eleinte a többszereplős verseny, majd bizonyos szegmensekben az újra erősödő állami szerepvállalással együtt a növekvő koncentráció irányába. Jelen cikk hiánypótló jellegű, mivel nem készült olyan áttekintés a magyar gázpiaci fejleményekről, ami átfogóan mutatná be a 2004-es piacnyitás óta végbement változásokat. Ebben a cikkben a magyar földgázpiaci szabályozás szubjektív, fogyasztói értékelésen alapuló indexét (MPI) és a piacszerkezeti adatok alapján történő szakértői becslésre épülő indexét (ETCR) vetik össze a szerzők, majd a kis-és nagykereskedelmi piaci árak változásának vizsgálatával kiegészítve értékelik a magyar földgázpiaci szabályozás fejlődését. Kulcsszavak: Magyarország, földgázpiac, szabályozás, belépési korlát, állami tulajdon, vertikális integráció, piacszerkezet, kompozit index, nagykereskedelmi és kiskereskedelmi ár Since the opening of the natural gas market in 2004, profound changes have taken place in ownership, regulation and operation of the natural gas market. After morphing to a multi-player competition market structure, some market segments returned to strong centralisation and state control. This article enriches the literature on the developments of the Hungarian natural gas market from 2004 as no other analysis has done so far. To describe the history of the sector, the authors compare the indicator of Hungarian natural gas market regulation based on consumer experience (MPI) with the expert evaluation market structure index (ETCR) and the development of wholesale and retail prices.

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Evaluating regulatory reform of network industries: a survey of empirical models based on categorical proxies

Cited by 13 publications

References 112 publications

Convergence of European natural gas prices

Convergence of European natural gas prices

Convergence of European natural gas prices

A magyar gázpiaci liberalizáció 15 éve

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