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Electricity. --- Galvanism --- Mathematical physics --- Physics --- Magnetism
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This book combines the fundamentals of industrial organization theories based on microeconomic foundations, applied econometrics and environmental and natural resource economics in undertaking a comprehensive review of reforms of the power sector and its impact on industrial and socio-economic performance. The book provides the reader with the intellectual groundwork necessary for understanding the workings and interactions of today's reforming power markets such as in the ASEAN and East Asia that are striving to achieve the energy policy trilemma of affordability, energy sustainability and energy security. The topics addressed in this book include application of welfare theorems such as competition in and for the market in the electricity sector, market failures such as lack of electricity access, analysis of forecasting models under volatility, energy resource allocation such as renewable energy and competitive market designs of energy markets. Country-specific and region-specific case studies are used to analyze the progress and outcomes of market-driven electricity reforms across the reforming and advanced electricity markets. Therefore, the book derives policy lessons and provides policy recommendations in reforming power markets for the ASEAN and East Asia taking stock of more than three decades of global experience with power sector reforms. The electricity markets case studies are carefully chosen and supported by extensive data analyses as appropriate. This book on energy economics and policy is highly recommended to readers who seek an in-depth and up-to-date integrated overview about the evolving literature and status on electricity market reforms with a particular reference to Asia.
General ethics --- Economic order --- Economic policy and planning (general) --- Economic conditions. Economic development --- Development aid. Development cooperation --- Relation between energy and economics --- ontwikkelingsbeleid --- ethiek --- ontwikkelingssamenwerking --- economische ontwikkelingen --- ontwikkelingspolitiek --- natuurlijke energiebronnen
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This paper examines whether the size of foreign exchange (FX) reserves can explain cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary policy tightening that led to a sharp appreciation of the US dollar. Across a broad sample of countries, we document that an additional 10 percentage points of FX reserves/GDP held ex-ante were associated with 1.5 to 2 percent less exchange rate depreciation and this buffer effect was larger among less financially developed economies. Effects were more pronounced for large-reserve countries that sold reserves to intervene than for large-reserve countries that did not intervene, lending support to the presence of both balance sheet and intervention channels. Higher ex-ante policy rates were also associated with less depreciation especially among financially open economies. An analysis of daily currency movements following the June 2021 FOMC meeting corroborates these results. These findings suggest that FX reserves may promote monetary policy independence in the presence of global spillovers.
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This paper examines whether prudential policies help to reduce sovereign bond vulnerability to global spillover risk in ASEAN-4 countries (Indonesia, Malaysia, the Philippines, and Thailand). We measure sovereign vulnerability within a risk connectedness network among sovereign bonds. The direct effect is that markets with tighter prudential policies have significantly smaller spillovers from the Treasury yield shocks of other regional and global economies. The sum of indirect and direct effects indicates that prudential policies reduce sovereign spillover risk in the long term. These findings suggest prudential policies have dual efficiency in sovereign risk regulation and Treasury internationalization.
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We investigate the event-based geopolitical shocks from the Russian invasion of Ukraine on agricultural and energy commodities using daily event-based structural vector autoregression (SVAR). We find that the geopolitical shock affects the markets of wheat (2%), corn (1%) and European natural gas (7.5%). However, substantial heterogeneity is observed among the agricultural and energy markets. Geopolitical risk stemming from the Russia-Ukraine conflict affects the European natural gas market more strongly than the US and Asian markets. The regional segment of natural gas markets could explain this. Finally, our analysis explores how geopolitical news affects the dynamics of stock, currency, and bond markets.
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The global financial crisis has brought increased attention to the consequences of international reserves holdings. In an era of high financial integration, we investigate the relationship between the real exchange rate and international reserves using nonlinear regressions and panel threshold regressions over 110 countries from 2001 to 2020. We find the buffer effect of international reserves is more pronounced in Europe and Central Asia above a threshold of 17% of international reserves over GDP. Our study shows the level of financial-institution development plays an essential role in explaining the buffer effect of international reserves. Countries with a low development of their financial institutions may manage the international reserves as a shield to deal with the negative consequences of terms-of-trade shocks on the real exchange rate. We also find the buffer effect is stronger in countries with intermediate levels of financial openness.
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We investigate the determinants of emerging markets performance during five U.S. Federal Reserve monetary tightening and easing cycles during 2004 - 2023. We study how macroeconomic and institutional conditions of an Emerging Market (EM) at the beginning of a cycle explain EM resilience during each cycle. More specifically, our baseline cross-sectional regressions examine how those conditions affect three measures of resilience, namely bilateral exchange rate against the USD, exchange rate market pressure, and country-specific Morgan Stanley Capital International index (MSCI). We then stack the five cross-sections to build a panel database to investigate potential asymmetry between tightening versus easing cycles. Our evidence indicates that macroeconomic and institutional variables are associated with EM performance, determinants of resilience differ during tightening versus easing cycles, and institutions matter more during difficult times. Our specific findings are largely consistent with economic intuition. For instance, we find that current account balance, international reserves, and inflation are all important determinants of EM resilience.
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