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dc.contributor.authorRivera-Alonso, David
dc.contributor.authorIglesias, Emma M.
dc.date.accessioned2024-02-26T18:27:19Z
dc.date.available2024-02-26T18:27:19Z
dc.date.issued2024
dc.identifier.citationRivera-Alonso, D., & Iglesias, E. M. (2024). Is the Chinese crude oil spot price a good hedging tool for other crude oil prices, and in special for the main Russian oil benchmarks and during international sanctions? Resources Policy, 90, 104778. 10.1016/j.resourpol.2024.104778es_ES
dc.identifier.issn0301-4207
dc.identifier.urihttp://hdl.handle.net/2183/35727
dc.description.abstract[Abstract] In order to deal with risk management for policy makers and potential and current investors, green bond, bitcoin and several precious metals have been proposed as safe heavens and hedges for WTI and BRENT. We show that the Chinese DAQ spot crude oil price can also be used as a hedging tool for several main benchmark oil prices such as WTI, BRENT, OMAN and in special for Russian oil indexes such as ESPO and URAL. We find that when new international sanctions to the Russian oil are announced, in general the hedge property of DAQ decreases or is not affected. However, the hedging property of the DAQ increases very significantly due to public announcements of events that are beneficial for China to increase oil imports; specially when Russia announces important increases in its oil production or there are international sanctions and price caps on seaborne Russian crude or oil products and it is publicly known that Chinese buyers obtain Russian oil at steep discounts avoiding sanctions. We show then that hedging property depends on when international sanctions are effective, or when existing sanctions are publicly known to be easily avoided by China.es_ES
dc.description.sponsorshipThe second author is very grateful for the financial support of the Spanish “Ministerio de Ciencia e Innovación”, project PID2022-137923NB-I00 and of “Xunta de Galicia”, project ED431C 2020/26es_ES
dc.description.sponsorshipXunta de Galicia; ED431C 2020/26es_ES
dc.language.isoenges_ES
dc.publisherElsevieres_ES
dc.relationinfo:eu-repo/grantAgreement/AEI/Plan Estatal de Investigación Científica, Técnica y de Innovación 2021-2023/PID2022-137923NB-I00/ES/NUEVOS MODELOS DE VOLATILIDAD, MODELOS DINAMICOS Y APLICACIONESes_ES
dc.relation.urihttps://doi.org/10.1016/j.resourpol.2024.104778es_ES
dc.rightsAttribution 4.0 Internationales_ES
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/es/*
dc.subjectChinese crude oil spot pricees_ES
dc.subjectHedgees_ES
dc.subjectOil benchmarkses_ES
dc.subjectOil international sanctionses_ES
dc.titleIs the Chinese Crude Oil Spot Price a Good Hedging Tool for Other Crude Oil Prices, and in Special for the Main Russian Oil Benchmarks and During International Sanctions?es_ES
dc.typeinfo:eu-repo/semantics/articlees_ES
dc.rights.accessinfo:eu-repo/semantics/openAccesses_ES
UDC.journalTitleResources Policyes_ES
UDC.volume90es_ES
dc.identifier.doihttps://doi.org/10.1016/j.resourpol.2024.104778


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