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Raymond Li

Raymond Li Macquarie Research Student
  • Title: Mr
  • Position: PhD Student - Department of Economics

Contact Details

Student information

  • Load: PhD Student Full Time
  • Principal supervisor:

    Professor Russel Cooper

  • Associate supervisor:

    Dr Roselyne Joyeux and Professor Ronald Ripple

  • Date of submission: 19/03/2010
  • Thesis title: The Evolution of the International Steam Coal Market and its Future
  • Abstract:

    The objectives of this dissertation are three-fold. First, it investigates the evolution of the international steam coal market and compares the state of development of this market with the other fossil fuel markets. Since the international crude oil and natural gas markets are more mature and active than the international steam coal market, the comparison will shed light on the possible path of development of the international steam coal market in the future. Second, this dissertation aims to augment the stock of knowledge about the key characteristics of the international steam coal industry and to provide insights into specific issues that are of interest to modellers who wish to conduct analysis of the industry. Third, this dissertation analyses the effects of what could be the biggest challenge facing the international steam coal industry in the next decades â€" emissions reduction policies. This is an important issue because the demand and supply responses from the international steam coal market will not only affect the profitability of the related parties, but also the effectiveness of emissions reduction policies which in turn has profound implications on future climate developments on a broader perspective.

    Various empirical approaches are adopted to accomplish the objectives of this dissertation. A number of time-series econometric methods are used to examine the hypothesis of market integration in the international steam coal industry; the GTAP-E model (a multi-region, multi-sector computable general equilibrium model) is modified and applied to analyse the potential effects of (1) imperfect competition, (2) the implementation of the Kyoto Protocol and (3) an international emissions trading scheme on the international steam coal market.

Research Output
  • International Steam Coal Market Integration - submitted to the Energy Journal, under revision.
  • The Effects of Market Structure of the International Steam Coal Industry - submitted to Energy Economics, under review.
  • Energy Futures Prices and the US Exchange Rate - submitted to Australian Economic Papers, under review.
  • Is OPEC a Dominant Firm? - submitted to the International Journal of Business and Economics, under review.
Conference Presentations
  • The Degree of Market Integration for the International Steam Coal Industry - presented in the 2007 IAEE International Conference, Wellington.
  • Energy Futures Prices and the US Exchange Rate - presented in the 2007 BAI conference, Tokyo.
  • International Steam Coal Market Integration - presented in the 2008 IAEE International Conference, Istanbul. (Received the Best Student Paper Award)
  • Is OPEC a Dominant Firm? - presented in the 2008 BAI conference, Seoul.
  • International Steam Coal Market Integration - presented in the 2008 FIRN Doctoral Tutorial, Brisbane.