Rockets and Feathers: The Asymmetric Effect between China's Refined Oil Prices and International Crude Oil Prices

被引：6
作者：
Chen, Yufeng [1 ,2 ]
Huang, Guobin [3 ]
Ma, Lihua [2 ]
机构：
[1] Zhejiang Gongshang Univ, Ctr Studies Modern Business, Hangzhou 310018, Zhejiang, Peoples R China
[2] Zhejiang Gongshang Univ, Sch Econ, Hangzhou 310018, Zhejiang, Peoples R China
[3] Guangzhou Univ, Sch Econ & Stat, Guangzhou 510006, Guangdong, Peoples R China
来源：
SUSTAINABILITY | 2017年 / 9卷 / 03期
基金：
中国国家社会科学基金; 中国国家自然科学基金;
关键词：
gasoline price; diesel price; asymmetry; transmission; maximum retail price; RETAIL GASOLINE PRICES; ERROR-CORRECTION; ENERGY PRICES; PETROL PRICES; UNITED-STATES; COINTEGRATION; ADJUSTMENT; FALL; RISE;
D O I：
10.3390/su9030381
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
This paper employs an asymmetric error-correction model (AECM), and uses monthly data on wholesale prices of gasoline and diesel products in China and international crude oil prices from February 2006 to October 2013 to examine whether China's gasoline and diesel prices adjust asymmetrically to international crude oil price changes. Our empirical results suggest that increases and decreases in international oil prices have asymmetric effects on both wholesale prices of gasoline and diesel fuel in China, and that both increases and decreases in international oil prices have a greater effect on diesel prices than on gasoline prices in China. If there is no change in the maximum retail price, the asymmetry results from the transmission of wholesale prices in China with international oil prices. However, if there is a change in maximum retail prices, both international oil prices and maximum retail prices cause the asymmetry.
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页数：19
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