Doğal Gaz Fiyatlarını Etkileyen Faktörler: Panel Veri Analizi

Abstract

This study endeavors to examine the long-run relationship between natural gas prices and oil, coal, gold prices and interest rates, as well as figure out the effects on prices of exporting countries market diversification and exporting natural gas by pipeline or LNG. In the study, panel data analysis methods are employed by considering the monthly data of globally biggest natural gas exporting countries United States of America, Canada, Norway, Netherlands, Russia, Australia and Indonesia from July 2003 to December 2013. In order to analyse the long-run relationship between variables, stationary is tested by correlogram and panel unit root tests, then cointegration test is done. FMOLS and DOLS models are used to determine cointegration parameters. As per Hausman test s result, panel data analysis is performed by random effects model to reveal the direction and degree of the relationship between natural gas prices and variables that are not included in the cointegration model.