Stationarity Changes in Long-Run Fossil Resource Prices: Evidence from Persistence Break Testing

This paper considers the question of whether changes in persistence have occurred during the long-run evolution of U.S. prices of the non-renewable energy resources crude oil, natural gas and bituminous coal. Our main contribution is to allow for a structural break when testing for a break in persistence, thus disentangling the effect of a deterministic break from that of a stochastic break and advancing the existing literature on the persistence properties of non-renewable resource prices. The results clearly demonstrate the importance of specifying a structural break when testing for breaks in persistence, whereas our findings are robust to the exact date of the structural break. Our analysis yields that coal and natural gas prices are trend stationary throughout their evolution, while oil prices exhibit a break in persistence during the 1970s. The findings suggest that especially the coal market has remained fundamentals-driven, whereas for the oil market exogenous shocks have become dominant. Thus, our results are consequential for the treatment of energy resource prices in both causal analysis and forecasting.non-renewable resource prices, primary energy, persistence, structural breaks

The Dynamics of Global Crude Oil Production

We analyze the dynamic effect of prices and price volatility on current oil production, both on the level of country groups and the major individual producer countries. A comprehensive dataset at monthly frequency allows us to include a rich lag structure while controlling for key global and local determinants as well as seasonality. Our set of explanatory variables also includes real economic activity, investment, the strength of the U.S. dollar and institutional quality. We provide a naïve regression analysis using a broad model to show that lagged explanatory variables are important determinants of current oil production. We find that the reaction of oil production is heterogeneous across both country groups and the major individual producer countries.Crude oil, prices and production, dynamic time series

The Globalization of Steam Coal Markets and the Role of Logistics: An Empirical Analysis

In this paper, we provide a comprehensive multivariate cointegration analysis of three parts of the steam coal value chain - export, transport and import prices. The analysis is based on a rich dataset of international coal prices; in particular, we combine data on steam coal prices with freight rates, covering the period December 2001 until August 2009 at weekly frequency. We then test whether the demand and supply side components of steam coal trade are consistently integrated with one another. In addition, export and import prices as well as freight rates for individual trading routes, across regions and globally are combined. We find evidence of significant yet incomplete integration. We also find heterogeneous short-term dynamics of individual markets. Furthermore, we examine whether logistics enter coal price dynamics through transportation costs, which are mainly determined by oil prices. Our results suggest that this is generally not the case.Steam coal, market integration, multivariate cointegration

Strengthening of the riveted steel railway bridges

Istaknuta je činjenica da su mnogi željeznički čelični mostovi davno izvedeni, posebno oni kod kojih su spojna sredstva zakovice. Te je mostove potrebno ojačavati zbog povećanog opterećenja i većih dinamičkih utjecaja. Prikazano je neadekvatno projektno rješenje i analizirane nepovoljne posljedice njegove primjene. Opisano je i prikladnije rješenje, primijenjeno pri ojačanju jednog mosta. Kritički se ocjenjuju oba opisana projekta i sugerira se jedno od poboljšanih rješenja.It is emphasized that many of the existing steel railway bridges have been built a long time ago, especially those in which riveted connections are used. Such bridges should be strengthened to take into account an increase in traffic load and higher dynamic influences. An inadequate design solution is presented and unfavorable effects of its implementation are analyzed. A more adequate solution, used in the strengthening of an existing bridge, is also described. Both designs are critically analyzed and one of the suggested solutions is recommended

Why Do Emitters Trade Carbon Permits? Firm-Level Evidence from the European Emission Trading Scheme

À la fin des années cinquante, puis tout au long des années soixante, le théâtre égyptien brillait de tous ses feux et attirait écrivains et artistes. Après les débuts remarquables de Nu'mân 'Achûr avec Al-Maghnatîs (« L'Aimant ») et ceux de l'auteur de ces lignes avec Suqût far'awûn (« La chute de Pharaon »), c'est Mikhaïl Rummân, Sa'd al-Din Wahba et Youssef Idris, sans oublier Salah 'Abd al-Sabûr et 'Abd al-Rahman al-Charqâwî, qui allaient rejoindre le cercle des dramaturges. Une nouvelle ..

Strengthening of the riveted steel railway bridges

Istaknuta je činjenica da su mnogi željeznički čelični mostovi davno izvedeni, posebno oni kod kojih su spojna sredstva zakovice. Te je mostove potrebno ojačavati zbog povećanog opterećenja i većih dinamičkih utjecaja. Prikazano je neadekvatno projektno rješenje i analizirane nepovoljne posljedice njegove primjene. Opisano je i prikladnije rješenje, primijenjeno pri ojačanju jednog mosta. Kritički se ocjenjuju oba opisana projekta i sugerira se jedno od poboljšanih rješenja.It is emphasized that many of the existing steel railway bridges have been built a long time ago, especially those in which riveted connections are used. Such bridges should be strengthened to take into account an increase in traffic load and higher dynamic influences. An inadequate design solution is presented and unfavorable effects of its implementation are analyzed. A more adequate solution, used in the strengthening of an existing bridge, is also described. Both designs are critically analyzed and one of the suggested solutions is recommended

Welt-Metallmärkte: steigende Preise bei hoher Marktkonzentration

Die Preise für metallische Rohstoffe streben, trotz jüngster leichter Rückgänge, in der Tendenz neuen Höchstständen entgegen. Eisenerz, der nach Rohöl zweitwichtigste Rohstoff, ist von einer besonders starken Konzentration auf der Anbieter- und der Nachfrageseite geprägt. Relativ neu ist die stark wachsende Nachfrage Chinas. Auf dem Markt für Kupfer gibt es zwar auf den ersten Blick mehr Wettbewerb als bei Eisenerz, jedoch sind auch hier Tendenzen zu oligopolistischen Marktstrukturen zu beobachten.Non-renewable resources, international metal markets, oligopoly