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| 1 |
ID:
166939
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| Summary/Abstract |
Governments in Ontario and Quebec, two Canadian provinces, have required their fuel distributors to participate in carbon markets and to buy allowances covering their greenhouse gas emissions. The resulting carbon pricing can impose an indirect tax on gasoline retailers through the higher wholesale price they pay. This paper's goal is to measure carbon pricing pass-throughs in Ontario and Quebec's wholesale gasoline markets. Although carbon pricing pass-throughs are uniform within each province, they are higher in Ontario where over-shifting is observed. Higher (lower) levels of pass-throughs in Ontario (Quebec) might be explained by less (more) competitive wholesale gasoline markets.
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| 2 |
ID:
168315
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| Summary/Abstract |
This paper uses a confidential refinery-level dataset to estimate how unexpected changes in the costs of the Renewable Fuel Standard (RFS) affected US oil refinery prices and production decisions for regulated and non-regulated products between 2012 and 2014. The RFS mandates blending of biofuels with conventional gasoline and diesel. Each gallon of biofuel blended with conventional fuel generates a renewable fuel credit (RIN). Refineries comply with the RFS by purchasing RINs from blenders and retiring them with the EPA. I find that RIN costs were fully passed through to wholesale gasoline and diesel prices on average, consistent with previous literature and a necessary condition to ensure the effectiveness of the RFS. Furthermore, I estimate full pass-through in all regions of the US, with the exception of the Eastern Seaboard. I also find that RIN cost increases are associated with higher jet fuel production, a non-regulated product, and with decreased jet fuel prices. Finally, I corroborate previous findings by showing that refinery specific input cost shocks are not fully passed-through to wholesale output prices. These results, combined with other estimates in the literature, suggest that on average the RFS is functioning efficiently and that the wholesale petroleum market is highly competitive.
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| 3 |
ID:
124405
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| Publication |
2013.
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| Summary/Abstract |
This paper examines the effects of market liquidity and exchange rate pass-through on domestic inflation in China from 1998 to 2008 using both univariate and multivariate dynamic models. We find the following: (1) market liquidity in China has significantly positive effects on inflation, (2) the pass-through effect of exchange rates is limited to CPI. (3) the shock to growth rate of real GDP drives domestic inflation significantly, (4) external shocks contribute little to the volatility of inflation, and (5) China s central bank should keep the growth rate of M2 as the main monetary policy instrument in inflation management.
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| 4 |
ID:
161559
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| Summary/Abstract |
Existing theories on real exchange rates predict a significant undervaluation of the Korean won (KRW) in the early and mid-1990s. The paper demonstrates why this expectation did not materialize and instead an unprecedentedly large degree of overvaluation took place. Focusing on three variables, namely, financial repression, devaluation pass-through, and policy exhibitionism, the paper examines how the unraveling of the developmental state eventually gave rise to the 1990s’ overvaluation. It argues that the policy exhibitionism of the new civilian government amplified the influence of Chaebol on monetary policies, which in turn created a strong appreciative force to KRW. It also contends that the increasing exchange rate pass-through onto the prices of imported intermediate goods explains why Chaebol did not desire to tame the excessive appreciative trend despite its detrimental effect on their exports. The paper offers policy implications for other state-led, emerging economies.
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| 5 |
ID:
177327
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| Summary/Abstract |
This paper attempts to shed light on the drivers causing international fuel prices to be passed through to domestic retail fuel prices. While many developing countries limit the international fuel price pass through to domestic fuel prices, others do not. In the former, large fuel subsidies can emerge, thereby threatening fiscal sustainability, worsening income distribution and setting back efforts to fight climate change. Against this backdrop, we examine the factors that determine whether governments allow international fuel price changes to be passed through to domestic prices in developing countries using a dataset spanning 109 developing countries from 2000 to 2014. The paper finds that the pass-through is higher when changes in international prices are moderate and less volatile. In addition, the flexibility of the pricing mechanism allows for higher pass-through while exchange rate depreciation and lower retail fuel prices in neighboring countries inhibit it. The econometric results also underscore the fact that countries with inflation tend to experience lower pass-through, whereas those with high public debt exhibit larger pass-through. Finally, no evidence is found that political variables or environmental policies matter with regard to fuel price dynamics in the short-term. These findings, which are consistent across fuel products (gasoline, diesel and kerosene), allow us to draw important policy lessons for fuel subsidy reforms.
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