Integration in gasoline and ethanol markets in Brazil over time and space under the flex-fuel technology

Hector M. Nuñez; Jesus Otero

doi:10.5547/01956574.38.2.hnun

Integration in gasoline and ethanol markets in Brazil over time and space under the flex-fuel technology

Título traducido de la contribución: Integración en los Mercados de Gasolina y Etanol en Brasil en el Tiempo y Espacio bajo la Tecnología Flex-fuel

Hector M. Nuñez, Jesus Otero

Producción científica: Contribución a una revista › Artículo de Investigación › revisión exhaustiva

4 Citas (Scopus)

Resumen

Empleamos un enfoque de pares para analizar la integración regional en los mercados de gasolina y etanol en Brasil. Utilizando datos semanales sobre los precios de estos dos combustibles a nivel estatal durante un período de casi diez años, encontramos que más de la mitad de las diferencias de precios de los combustibles son estacionarias, lo que revela la importancia de tener en cuenta consideraciones espaciales a la hora de probar la integración del mercado. También encontramos que la velocidad con la que los precios convergen hacia el equilibrio de largo plazo depende de la distancia entre estados, el diferencial en la densidad de los ingenios de caña de azúcar entre estados y la similitud entre los regímenes tributarios. Otros factores de la demanda y la oferta, como la densidad de la población, la densidad de las gasolineras, la densidad de los ingenios de caña de azúcar y el PIB per cápita, no son estadísticamente significativos.

Título traducido de la contribución	Integración en los Mercados de Gasolina y Etanol en Brasil en el Tiempo y Espacio bajo la Tecnología Flex-fuel
Idioma original	Inglés estadounidense
Páginas (desde-hasta)	1-26
Número de páginas	26
Publicación	Energy Journal
Volumen	38
N.º	2
DOI	https://doi.org/10.5547/01956574.38.2.hnun
Estado	Publicada - 2017

Áreas temáticas de ASJC Scopus

Economía y econometría
Energía General

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title = "Integration in gasoline and ethanol markets in Brazil over time and space under the flex-fuel technology",

abstract = "We employ a pair-wise approach to analyse regional integration in the gasoline and ethanol markets in Brazil. Using weekly price data for these two fuels at the state level over a period of almost ten years, we find that more than half of the fuel price differentials are stationary, which reveals the importance of allowing for spatial considerations when testing for market integration. We also find that the speed at which prices converge to the long-run equilibrium depends upon the distance between states, the differential in sugarcane mills density between states, and the similarity between tax regimes. Other demand and supply factors such as population density, gas stations density, sugarcane mills density and GDP per capita are not statistically significant.",

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AB - We employ a pair-wise approach to analyse regional integration in the gasoline and ethanol markets in Brazil. Using weekly price data for these two fuels at the state level over a period of almost ten years, we find that more than half of the fuel price differentials are stationary, which reveals the importance of allowing for spatial considerations when testing for market integration. We also find that the speed at which prices converge to the long-run equilibrium depends upon the distance between states, the differential in sugarcane mills density between states, and the similarity between tax regimes. Other demand and supply factors such as population density, gas stations density, sugarcane mills density and GDP per capita are not statistically significant.

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Integration in gasoline and ethanol markets in Brazil over time and space under the flex-fuel technology

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