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ID: 121298

Do gasoline prices respond asymmetrically in the euro zone area / Polemis, Michael L; Fotis, Panagiotis N

Polemis, Michael L	Journal Article
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2013.

Summary/Abstract

This paper uses the generalized method of moments (GMM) estimation to a panel data error correction model (ECM) in order to measure the asymmetries in the transmission of shocks to input prices and exchange rate onto the wholesale and retail gasoline price, respectively. For this purpose, we use an updated data set of 6369 weekly observations (January 2000 to February 2011) for 11 euro zone countries. The results indicate the existence of asymmetric responses in the retail and wholesale segment due to possible reasons (oligopolistic structure of the refining industry, existence of consumers search costs, regulatory and legal barriers).

Key Words

Panel Data ; Generalized Method of Moments ; Euro Zone Price Asymmetries

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ID: 125782

Electricity consumption and economic growth nexus: evidence from Greece / Polemis, Michael L; Dagoumas, Athanasios S

Polemis, Michael L	Journal Article
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Publication

2013.

Summary/Abstract

This paper attempts to cast light into the relationship between electricity consumption and economic growth in Greece in a multivariate framework. For this purpose we used cointegration techniques and the vector error correction model in order to capture short-run and long-run dynamics over the sample period 1970-2011. The empirical results reveal that in the long-run electricity demand appears to be price inelastic and income elastic, while in the short-run the relevant elasticities are below unity. We also argue that the causal relationship between electricity consumption and economic growth in Greece is bi-directional. Our results strengthen the notion that Greece is an energy dependent country and well directed energy conservation policies could even boost economic growth. Furthermore, the implementation of renewable energy sources should provide significant benefits ensuring sufficient security of supply in the Greek energy system. This evidence can provide a new basis for discussion on the appropriate design and implementation of environmental and energy policies for Greece and other medium sized economies with similar characteristics.

Key Words

Causality ; Cointegration ; Electricity Consumption

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ID: 150442

New evidence on the impact of structural reforms on electricity sector performance / Polemis, Michael L

Polemis, Michael L	Journal Article
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Summary/Abstract

The evolution of electricity industry over the last decades has shown substantial differences between OECD countries. This paper empirically investigates to what extent different structural forms of regulation, competition and privatisation explain these international differences. It distinguishes three modes of electricity performance: a) net generation per capita, b) installed capacity and c) labour productivity. The empirical model spans the period 1975–2011 and uses panel data econometric techniques. Our analysis reveals that there is a strongly significant interaction impact on the level of electricity performance between regulation and competition. The empirical findings do confirm that a robust independent regulatory scheme must be implemented in order to achieve a competitive electricity market.

Key Words

Competition ; Performance ; Privatisation ; Regulation ; Electricity Industry

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