Regimeology of coal markets

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Authors:

O.Amosha, Acad. of NAS of Ukraine, Dr. Sc. (Econ.), orcid.org/0000-0003-0189-3819, Institute of Industrial Economics of National Academy of Sciences of Ukraine, Kyiv, Ukraine, e-mail: zaloznova @nas.gov.ua; This email address is being protected from spambots. You need JavaScript enabled to view it.

Yu. Zaloznova, Dr. Sc. (Econ.), Senior Research Fellow, orcid.org/0000-0003-3106-1490, Institute of Industrial Economics of National Academy of Sciences of Ukraine, Kyiv, Ukraine, e-mail: zaloznova @nas.gov.ua; This email address is being protected from spambots. You need JavaScript enabled to view it.

 

D. Cherevatskyi, Cand. Sc. (Tech.), Senior Research Fellow, orcid.org/0000-0003-4038-6393, Institute of Industrial Economics of National Academy of Sciences of Ukraine, Kyiv, Ukraine, e-mail: zaloznova @nas.gov.ua; This email address is being protected from spambots. You need JavaScript enabled to view it.

Abstract:

Purpose. Consideration of the theoretical and practical aspects of establishing and changing the operating modes of coal markets

Methodology. The main methods of research are scientific abstractions, analysis and synthesis. Performance of work provides for the presentation of the concepts of transactions (market, hierarchy, hybrid), the definition of the main modes of functioning of existing coal markets, justification of the reasons of change of the modes of coal markets, the use of regimes to achieve a new market equilibrium, the interpretation of the results of observations in relation to Ukrainian realities.

Findings. The coal markets are in the regime of economic networks (a hybrid form) most of the time and only in cases of essential violations of demand or the offer they switch over to the market modes of price balancing. At the same time, there is an activation of regimes of equilibration of the interests of market participants, which return the system to network operation.

Originality. It is shown that the world coal markets mainly function in a hybrid mode, more precisely, in the mode of economic networks.

Practical value. Ukrainian thermal power engineering, which operates mainly in inter-sectoral hierarchy, is forced to resort to establishing a network of relationships with suppliers of coal resources, such as American companies, due to the loss of government control over anthracite sources. The pricing system for coal, currently implemented in Ukraine, is based on European market indices, which implies that its characteristic formula “Rotterdam +” is groundless and leads to negative economic effects for domestic consumers of electric power.

References.

1. Babri, S., Jørnsten, K. and Viertel, M., 2017. Application of gravity models with a fixed component in the international trade flows of coal, iron ore and crude oil. Maritime Economics & Logistics, 19(2), pp. 334‒351.

2. He, Y.Y. and Wang, L., 2014. Research on the evolution of the complex network theory based on the international coal trade. Applied Mechanics andMaterials. Trans Tech Publications, 672, pp. 2173‒2177.

3. Erten, B. and Ocampo, J.A., 2013. Super cycles of commodity prices since the mid-nineteenth century. World Development, 44, pp. 14‒30.

4. Zamani, N., 2016. The Relationship between Crude Oil and Coal Markets: A New Approach. International Journal of Energy Economics and Policy, 6(4), pp. 801‒805.

5Wolak, F.A., 2016. Assessing the Impact of the Diffusion of Shale Oil and Gas Technology on the Global Coal Market [pdf]. Stanford University. Available at: <https://ngi.stanford.edu/sites/default/files/16_Wolak_Stanford.pdf>[Accessed 7 September 2017].

6. Liashenko, V.I., 2012. Financial-regulatory modes of stimulating economic development: introduction to economic regimology [pdf]. Donetsk: NAS of Ukraine, Institute of Industrial Economics. Available at:<http://www.econindustry.org/SiteDocs/Ljashenko.pdf> [Accessed 24 July 2017].

7. Ménard, C., 2014. The economics of hybrid organizations. Journal of Institutional and Theoretical Economics JITE [pdf], 160(3), pp. 345‒376. Available at:<http://brousseau.info/pdf/cours/Menard[2004].pdf> [Accessed 11 May 2017].

8. Christian, D., 2011. Maps of time: An introduction to big history [pdf]. University of California Press. Vol. 2. Available at:<https://cdn.preterhuman.net/texts/history/Christian%20-%20Maps%20of%20Time%20-%20Introduction%20to%20Big%20History%20(California,%202004).pdf> [Accessed 20 December 2017].

9. Derlugian, G., 2013. How the world works. Outline of macrosociological subjects. Moscow: Gaidar Institute Press.

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Registration data

ISSN (print) 2071-2227,
ISSN (online) 2223-2362.
Journal was registered by Ministry of Justice of Ukraine.
Registration number КВ No.17742-6592PR dated April 27, 2011.

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