International Steam Coal Market Integration
通过协整分析、收敛检验和卡尔曼滤波三种计量方法，研究了1995-2007年间六个主要动力煤出口国的价格数据，发现国际动力煤市场总体上是整合的。
This paper examines the hypothesis that there is a single economic market for the international steam coal industry and investigates the degree of steam coal market integration over time. A regression test of convergence is employed to test for group convergence within a panel of steam coal exporting countries. The long-run relations between international steam coal prices are tested through cointegration analysis and the Kalman Filter analysis is employed to examine the convergence path of the price series. Monthly Free on Board (F.O.B.) prices for Australia, China, Colombia, Indonesia, Poland and South Africa between January 1995 and July 2007 are used. Considering the outcomes of the three econometric techniques as a whole, we conclude that the international steam coal market is generally integrated.