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| 1 |
ID:
168688
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| Summary/Abstract |
The article compares the market power of Hungarian electricity traders during the partially liberalised transitional market model from 2004 to 2008 and the fully liberalised period lasting since 2008. In our empirical work, we use an econometric modelling technique based on asymmetric price transmission (APT) theory to measure the market power of traders in the electricity market. The aim of our work is to conduct a quantitative analysis of the Hungarian electricity trading market by applying the APT modelling technique – used widely in agro-economic analyses – to electricity markets. The intuition behind the method is the assumption that asymmetric price transmission refers to deviations from perfect competition. The research has found that different regulation regimes lead to different patterns of asymmetry in price transmission and the results underline that the market position of electricity traders have improved since the introduction of the liberalised market model. By mapping the results of the APT model to the actual policy and market changes we argue that the APT method is a useful tool for analysing the competition on electricity markets.
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| 2 |
ID:
132603
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2014.
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We propose a competitiveness index for the electricity industry based on efficiency, stability, and growth factors identified from previous studies subject to data accessibility. These are then weighted appropriately through the application of the analytical hierarchy process. This index is an alternative tool to capture the diverse characteristics of the electricity industry in order to analyze performance after deregulation. Using the competitiveness index, we analyze the effect of regulation change in specific economic environments represented by the level of economic development, energy intensity, and manufacturing share, for example. According to the results, deregulation generally increases competitiveness, but the effect depends on the economic environment and the type of regulation. Deregulating entry and vertical integration to increase competitiveness is more effective in countries where the level of economic development, energy intensity, and manufacturing share are low. The manner in which the privatization effect is related to the economic environment is, however, unclear.
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| 3 |
ID:
161775
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This paper analyzes one of the features of the Chinese economic transition, namely, the impact of foreign direct investment (FDI) accruing to advanced services sectors. To that aim we use an innovative computable general equilibrium (CGE) model that includes, in a multi-regional setting, foreign multinationals operating in monopolistic competition. The model is based on data that split the world economy in 2016 into 11 regions (China - US - EU27 - Great Britain -other advanced economies - India - Japan - South East Asia - Latin America - Middle East - Sub Saharan Africa) and 21 sectors. We provide quantitative evidence on several characteristics of the 21 sectors in China, EU27 and the US, as well as other data on the role of China in the global stage, including its evolution since 2004. Several scenarios focusing on the increase of FDI inflows in services, because of the reduction of its FDI barriers, are simulated deriving short and long run results. We find that the impact of more foreign multinationals in services is positive for China but smaller than the one that had been obtained in other previous studies on FDI in manufactures. This is due to the still limited role of services in the Chinese economy and to a crowding out effect that domestic firms experience after the entry of foreign multinationals. On the whole the impact is, however, slightly positive for China, because manufactures benefit from the entry of foreign services multinationals. The rest of regions are unaffected or benefit very slightly, due to the fact that services production is less export oriented and more devoted to private consumption than in the case of manufactures. However, their manufacturing sectors are slightly harmed by the stronger Chinese competition. Many of them manage to more than offset this latter trend through higher exports or FDI in services directed to China.
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| 4 |
ID:
111380
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2012.
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| Summary/Abstract |
When building a cross-border transmission line (a so-called interconnector) as a for-profit (merchant) project, where the regulator has required that capacity allocation be done non-discriminatorily by explicit auction, the identity of the investor can affect the profitability of the interconnector project and, once operational, the resulting allocation of its capacity. Specifically, when the investor is a generator (hereafter the integrated generator) who also can use the interconnector to export its electricity to a distant location, then, once operational, the integrated generator will bid more aggressively in the allocation auctions to increase the auction revenue and thus its profits. As a result, the integrated generator is more likely to win the auction and the capacity is sold for a higher price. This lowers the allocative efficiency of the auction, but it increases the expected ex-ante profitability of the merchant interconnector project. Unaffiliated, independent generators, however, are less likely to win the auction and, in any case, pay a higher price, which dramatically lowers their revenues from exporting electricity over this interconnector.
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| 5 |
ID:
107289
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2011.
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Internet service providers (ISPs) have played an important role in China's internet regulation regime. This article illustrates how ISPs are governed to serve the government's regulatory goals. This involves examining some of the most extraordinary and profound insights concerning internet governance: the theories of the layers principle, the end-to-end argument and the generative internet. Chinese ISPs have been dependent rather than neutral regulatory intermediaries of the government. Moreover, in addition to telecommunication carriers, the radio and television networks affiliated to the State Administration for Radio, Film and Television (SARFT) are to become a new type of ISP that is capable of choking the free spirit of the internet, as recently demonstrated by the far-reaching policy of "network convergence." This article argues that the policy has the potential to drastically alter the structure and ecology of the internet in China.
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| 6 |
ID:
163534
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The present paper provides an empirical examination of cost pass-through on a market with a vertically integrated firm which has substantial market power in wholesale and faces competition in retail. Our investigation focuses on gasoline pricing in Hungary, where a court-case against the dominant firm on the market provides us with detailed evidence regarding the price-setting behavior of the vertically integrated agent. We find that when market power is stronger at the wholesale level, the company is likely to raise prices in response to cost increases faster than it adjusts them downwards in case of cost decreases on the wholesale market. This process is known as “asymmetric cost pass-through”. Our findings suggest that regulatory efforts on the market should not only encompass differences in firm mark-ups between franchisees of the firm and competitors in order to prevent foreclosure, but should also seek to evaluate the wholesale price margins applied to all firms. We supplement our results with an analysis of the behavior of the firm after an investigation into its pricing behavior and find that pass-through asymmetry decreases substantially on the wholesale level in the period after the investigation.
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| 7 |
ID:
166707
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This paper explores how the profitability of European transnational gas infrastructure is affected by (i) alternative ways to organize the gas supply chain; and (ii) different forms of energy diplomacy. In particular, through a case study, the paper analyses how these factors determined the realisation and success of the Greenstream pipeline and the stalemate of the Galsi pipeline, despite the potential for both projects to be profitable. The issue is important in view of the full transition to the EU Single Market, of which unbundling and privatisation are policy pillars. In fact, before the transition, vertical integration in the foreign upstream and energy diplomacy were key elements for infrastructure profitability. The paper argues that these elements are still important, as constraints to gas procurement and binding contractual relations with producers have not changed substantially. Nevertheless, securing those advantages within the EU Single Market framework requires significant innovations. In particular, the paper suggests forms of EU energy diplomacy, based on bilateral trade deals, which could achieve forms of vertical integration for energy firms as well as help EU and non-EU counterparts align their interests. This paper may prove particularly relevant for the recent debate on how to shape EU energy diplomacy.
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| 8 |
ID:
167050
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In the post-Soviet period, Central Asia has lost the cohesiveness it had in the Soviet period. The states of the region have since been seeking outward linkages to pursue their economic and security interests. In the process, the relation between the Central Asian countries weakened and, in some cases, became adversarial. The nation-building process undertaken by the national leaders alienated ethnic minorities and neighbouring states. As a result, the regional mechanisms or organizations that have come up in the region are led or initiated by powers such as Russia, China and the USA. The competing interests of these powers have not helped in promoting cooperation among the Central Asia countries though some of these organizations are useful for member states. However, a new trend is visible since 2016 when a new leader became president in Uzbekistan. Improved bilateral relations and summits of leaders of the region create hope for a new regionalism in Central Asia that is based on the internal cooperative dynamics within the region. This may not replace the already existing mechanisms or organizations. However, the process itself is conducive for intra-regional cooperation and would be helpful in keeping the region free from the geopolitical competition of external powers.
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| 9 |
ID:
157193
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This article aims to conceptualize political relations in Bangladesh by building a descriptive model of these relations. It draws on the concept of segmentary opposition developed by Evans-Pritchard in his study of the Nuer political system and on the concept of vertical integration used in the study of both industrial relations and party structures in federal states. It is argued that the structure of political relations in Bangladesh is based on the interaction of the logic of segmentary opposition and of vertical integration under leader-based groups. The descriptive model is then applied to two cases, based on qualitative fieldwork in Dhaka and Chittagong, to further clarify the model and illustrate its use as an analytical tool.
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| 10 |
ID:
096737
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| Publication |
2010.
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| Summary/Abstract |
An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration.
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| 11 |
ID:
097592
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| Publication |
2010.
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| Summary/Abstract |
An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration.
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