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Dr. Lucia Morales
Technological University Dublin

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Book chapter
Published: 24 February 2020 in Sustainable Development and Energy Transition in Europe and Asia
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Southeast Asia is characterized by fast economic growth and increasing energy demands when compared with other regions of Asia. The region is also characterized by strongly diverging institutional conditions that impose significant problems when trying to develop and implement policies at the regional level. Southeast Asian countries are facing a paradox regarding their energy future. In order to promote energy efficiency, the region needs to engage in an energy model that is less reliant on fossil fuels and to start to engage in policy reforms that seek to address rooted fossil fuel subsidies with a cleaner and environment‐friendly energy plan being endorsed. Researchers seem to share a common view regarding the Association of Southeast Asian Nations region dependency on fossil fuels and its underdeveloped renewable energy sector that bring significant potential to secure the region's energy future.

ACS Style

Lucía Morales; Bernadette Andreosso-O'callaghan. Southeast Asian Energy Transformation: Is It Enough and Sustainable? Sustainable Development and Energy Transition in Europe and Asia 2020, 145 -163.

AMA Style

Lucía Morales, Bernadette Andreosso-O'callaghan. Southeast Asian Energy Transformation: Is It Enough and Sustainable? Sustainable Development and Energy Transition in Europe and Asia. 2020; ():145-163.

Chicago/Turabian Style

Lucía Morales; Bernadette Andreosso-O'callaghan. 2020. "Southeast Asian Energy Transformation: Is It Enough and Sustainable?" Sustainable Development and Energy Transition in Europe and Asia , no. : 145-163.

Book chapter
Published: 24 February 2020 in Sustainable Development and Energy Transition in Europe and Asia
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This chapter discusses a study that analyzes the impact of microfinance (MF) on women empowerment in the context of Vietnam. The analysis is based on the examination of primary data obtained from the MF organizations and women's unions (WUs) in the Tra Vinh (TV) province in Vietnam. Most of the feminist organizations focus on underdeveloped and developing countries to promote women empowerment through MF solutions, because women in these countries are considered exposed to significant challenges regarding gender inequity. Based on the goals of poverty reduction, gender equity, and financial security, there is evidence of the existence of strong association between WUs and microfinance institutions to provide MF services and non‐financial services to women through trust agreements on delegation of authority on finance services in the TV province. The research findings exposed the effect of existing MF services on economic empowerment, legal empowerment, and feminist factors.

ACS Style

Long Bui Thanh; Lucía Morales; Bernadette Andreosso-O'callaghan. The Role of Microfinance in Women Empowerment: Global Sustainable Perspectives in the Case of Vietnam. Sustainable Development and Energy Transition in Europe and Asia 2020, 1 -21.

AMA Style

Long Bui Thanh, Lucía Morales, Bernadette Andreosso-O'callaghan. The Role of Microfinance in Women Empowerment: Global Sustainable Perspectives in the Case of Vietnam. Sustainable Development and Energy Transition in Europe and Asia. 2020; ():1-21.

Chicago/Turabian Style

Long Bui Thanh; Lucía Morales; Bernadette Andreosso-O'callaghan. 2020. "The Role of Microfinance in Women Empowerment: Global Sustainable Perspectives in the Case of Vietnam." Sustainable Development and Energy Transition in Europe and Asia , no. : 1-21.

Book chapter
Published: 24 February 2020 in Sustainable Development and Energy Transition in Europe and Asia
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This chapter presents a critical assessment of the extant literature to help identify the geopolitical and geo‐economic challenges associated with China's energy revolution as the country commits to clean energy and the concept of an ecological civilization. China's economic model is characterized by excessive government intervention and a lack of guidelines with regard to the costs associated with fast and uncontrolled economic growth. Decades of a fast‐growing economy sustained by massive industrial activity in the context of nonexistent environmental regulations has made China the world's greatest polluter. The Belt and Road Initiative aspires at helping China become a global policy leader in terms of energy sustainability and ensure efficiency on its domestic economy. China's strategy regarding coal and energy investments in the domestic and international context is a major aspect that needs to be considered, as the evidence points to difficulties faced in detaching itself from coal as the cheapest energy resource.

ACS Style

Daniel Rajmil; Lucía Morales; Bernadette Andreosso-O'callaghan. China's “Ecological Civilization”: Geopolitical and Geo‐economic Insights. Sustainable Development and Energy Transition in Europe and Asia 2020, 45 -63.

AMA Style

Daniel Rajmil, Lucía Morales, Bernadette Andreosso-O'callaghan. China's “Ecological Civilization”: Geopolitical and Geo‐economic Insights. Sustainable Development and Energy Transition in Europe and Asia. 2020; ():45-63.

Chicago/Turabian Style

Daniel Rajmil; Lucía Morales; Bernadette Andreosso-O'callaghan. 2020. "China's “Ecological Civilization”: Geopolitical and Geo‐economic Insights." Sustainable Development and Energy Transition in Europe and Asia , no. : 45-63.

Book chapter
Published: 24 February 2020 in Sustainable Development and Energy Transition in Europe and Asia
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Coal is one of the prime contributors to China's economic success. This chapter examines China's coal dependency by looking at the short‐ to medium‐run dynamics between coal price volatility and sectoral stock exchange performance. It discusses the environmental implications of coal consumption, and discusses the relationship between coal demand and economic growth. China's economic growth depends on its ability to develop an energy‐efficient strategy that sustains its economic and social development plans. China's coal dependency is examined by implementing Granger causality tests to gain insights into the short‐ to medium‐run dynamics between coal price volatility and China's sectoral performance. The outcomes of the Granger causality analysis indicated a lack of causal effects running from coal price volatility to the selected sectors; an exception was found for the energy and natural resource sectors that exhibited bidirectional causal effects.

ACS Style

Miroslava Zavadska; Lucía Morales; Bernadette Andreosso-O'callaghan. Is China's Dependency on Coal a Threat to Its Economic Development? Sustainable Development and Energy Transition in Europe and Asia 2020, 23 -44.

AMA Style

Miroslava Zavadska, Lucía Morales, Bernadette Andreosso-O'callaghan. Is China's Dependency on Coal a Threat to Its Economic Development? Sustainable Development and Energy Transition in Europe and Asia. 2020; ():23-44.

Chicago/Turabian Style

Miroslava Zavadska; Lucía Morales; Bernadette Andreosso-O'callaghan. 2020. "Is China's Dependency on Coal a Threat to Its Economic Development?" Sustainable Development and Energy Transition in Europe and Asia , no. : 23-44.

Journal article
Published: 01 December 2019 in The Journal of Energy Markets
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ACS Style

Miroslava Zavadska; Lucía Morales; Joseph Coughlan. Brent crude oil spot and futures prices: structural break insights. The Journal of Energy Markets 2019, 31 -52.

AMA Style

Miroslava Zavadska, Lucía Morales, Joseph Coughlan. Brent crude oil spot and futures prices: structural break insights. The Journal of Energy Markets. 2019; ():31-52.

Chicago/Turabian Style

Miroslava Zavadska; Lucía Morales; Joseph Coughlan. 2019. "Brent crude oil spot and futures prices: structural break insights." The Journal of Energy Markets , no. : 31-52.

Conference paper
Published: 14 October 2019 in IEEE/WIC/ACM International Conference on Web Intelligence - Companion Volume
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ACS Style

James Usher; Pierpaolo Dondio; Lucía Morales. The Political Power of Twitter. IEEE/WIC/ACM International Conference on Web Intelligence - Companion Volume 2019, 326 -331.

AMA Style

James Usher, Pierpaolo Dondio, Lucía Morales. The Political Power of Twitter. IEEE/WIC/ACM International Conference on Web Intelligence - Companion Volume. 2019; ():326-331.

Chicago/Turabian Style

James Usher; Pierpaolo Dondio; Lucía Morales. 2019. "The Political Power of Twitter." IEEE/WIC/ACM International Conference on Web Intelligence - Companion Volume , no. : 326-331.

Research article
Published: 07 June 2019 in Journal of Emerging Market Finance
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The impact of Brexit and the election of Donald Trump as the 45th US president in the context of stock market reactions and economic policy uncertainty (EPU) within three key zones in ‘the Greater China Region’ (Hong Kong, Taiwan and China Mainland) are examined in this article. The chosen research period is from January 2014 to June 2017, and the EPU Index in the USA and the UK is used as a proxy to measure political uncertainty in two of the world major economies and how they impact on the Chinese stock market. The main contribution of the article can be found in the analysis of how stock market performance can be driven by policy-related uncertainty shocks in the international context. The results show that the stock markets in the ‘Greater China Region’ did not seem to react either to the uncertainty generated by Brexit or to the election of Donald Trump, implying that the Chinese stock markets appear to be quite resilient to the recent political events that have been disrupting the global economy. JEL codes: G58, G15, G18

ACS Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. Challenges and Opportunities Brought to the Chinese Economy by Brexit and the New US Administration. Journal of Emerging Market Finance 2019, 18, 145 -171.

AMA Style

Lucía Morales, Bernadette Andreosso-O’Callaghan. Challenges and Opportunities Brought to the Chinese Economy by Brexit and the New US Administration. Journal of Emerging Market Finance. 2019; 18 (2):145-171.

Chicago/Turabian Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. 2019. "Challenges and Opportunities Brought to the Chinese Economy by Brexit and the New US Administration." Journal of Emerging Market Finance 18, no. 2: 145-171.

Conference paper
Published: 01 June 2019 in 2019 IEEE Second International Conference on Artificial Intelligence and Knowledge Engineering (AIKE)
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BREXIT is the single biggest geopolitical event in British history since WWII. Whilst the political fallout has become a tragicomedy, the political ramifications has had a profound impact on the Pound and the FTSE 100 index. This paper examines Twitter political discourse surrounding the BREXIT withdrawal agreement. In particular we focus on the discussions around four different exit strategies known as "Norway", "Article 50", the"Backstop" and "No Deal" and their effect on the pound and FTSE 100 index from the period of rumblings of the cancellation of the Meaning Vote on December 10th 2018 inclusive of second defeat on the Prime Minister's BREXIT exit strategy on February 14th to February 24th 2019. Our approach focuses on using a Naive Bayes classification algorithm to assess political party and public Twitter sentiment. A Granger causality analysis is then introduced to investigate the hypothesis that BREXIT political and public sentiment, as measured by the twitter sentiment time series, is indicative of changes in the GBP/EUR Fx and FTSE 100 Index. Our results indicate that the accuracy of the "Article 50" scenario had the single biggest effect on short run dynamics on the FTSE 100 index, additionally the "Norway" BREXIT strategy has a marginal effect on the FTSE 100 index whilst there was no significant causation to the GBP/EUR Fx.

ACS Style

James Usher; Lucía Morales; Pierpaolo Dondio. BREXIT: A Granger Causality of Twitter Political Polarisation on the FTSE 100 Index and the Pound. 2019 IEEE Second International Conference on Artificial Intelligence and Knowledge Engineering (AIKE) 2019, 51 -54.

AMA Style

James Usher, Lucía Morales, Pierpaolo Dondio. BREXIT: A Granger Causality of Twitter Political Polarisation on the FTSE 100 Index and the Pound. 2019 IEEE Second International Conference on Artificial Intelligence and Knowledge Engineering (AIKE). 2019; ():51-54.

Chicago/Turabian Style

James Usher; Lucía Morales; Pierpaolo Dondio. 2019. "BREXIT: A Granger Causality of Twitter Political Polarisation on the FTSE 100 Index and the Pound." 2019 IEEE Second International Conference on Artificial Intelligence and Knowledge Engineering (AIKE) , no. : 51-54.

Journal article
Published: 02 March 2019 in Journal of Applied Business and Economics
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ACS Style

Bernadette Andreosso O’Callaghan; Lucía Morales. Emerging Asian Economies: Are they really a challenge to the current Status Quo? Journal of Applied Business and Economics 2019, 21, 1 .

AMA Style

Bernadette Andreosso O’Callaghan, Lucía Morales. Emerging Asian Economies: Are they really a challenge to the current Status Quo? Journal of Applied Business and Economics. 2019; 21 (1):1.

Chicago/Turabian Style

Bernadette Andreosso O’Callaghan; Lucía Morales. 2019. "Emerging Asian Economies: Are they really a challenge to the current Status Quo?" Journal of Applied Business and Economics 21, no. 1: 1.

Articles
Published: 01 January 2019 in Journal of Applied Economics
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In this paper we analyse a set of socially responsible investment (SRI) indices against their conventional counterparts in the US context. Using a data set that spans the Obama and Trump administrations, we aim to identify whether performance and volatility patterns differ when markets are exposed to political uncertainty and the Global Financial Crisis (GFC). The findings suggest that SRI indices underperform conventional indices, and that the S&P 500 has a significant impact on their behaviour. The CBOE’s Volatility Index (VIX), the US Equity Related Economic Uncertainty Index (EEUi) and the impact of the economic policy uncertainty index (EPUi) are used to consider market volatility and political uncertainty, with VIX emerging as the best indicator to capture market uncertainty. The study signals a positive and significant impact on SRI indices during the first hundred days of the Obama administration with a lack of significant findings for the Trump administration for the period of study. The results for implied volatility reveal similar patterns across all indices.

ACS Style

Lucía Morales; Amparo Soler-Dominguez; Jim Hanly. The power of ethical investment in the context of political uncertainty. Journal of Applied Economics 2019, 22, 554 -580.

AMA Style

Lucía Morales, Amparo Soler-Dominguez, Jim Hanly. The power of ethical investment in the context of political uncertainty. Journal of Applied Economics. 2019; 22 (1):554-580.

Chicago/Turabian Style

Lucía Morales; Amparo Soler-Dominguez; Jim Hanly. 2019. "The power of ethical investment in the context of political uncertainty." Journal of Applied Economics 22, no. 1: 554-580.

Journal article
Published: 30 December 2018 in Asean Economic Bulletin
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ACS Style

Lucía Morales; Bernadette Andreosso-O'callaghan. Understanding Market Inefficiency in the East Asian Region during Times of Crisis. Asean Economic Bulletin 2018, 35, 449 -469.

AMA Style

Lucía Morales, Bernadette Andreosso-O'callaghan. Understanding Market Inefficiency in the East Asian Region during Times of Crisis. Asean Economic Bulletin. 2018; 35 (3):449-469.

Chicago/Turabian Style

Lucía Morales; Bernadette Andreosso-O'callaghan. 2018. "Understanding Market Inefficiency in the East Asian Region during Times of Crisis." Asean Economic Bulletin 35, no. 3: 449-469.

Journal article
Published: 26 December 2018 in Finance Research Letters
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Volatility patterns in Brent crude oil spot and futures prices are examined during four major crises that significantly affected the oil markets: the First Gulf war 1990/91; the Asian Financial crisis 1997/98; the US terrorist attack 2001; and the Global Financial crisis 2008/9. The selected crises arose due to different triggers having diverse implications for oil market participants. The outcomes reveal higher levels of volatility during crises that was directly associated with oil supply/demand disruptions and higher volatility persistence during financial/economic crises, indicating that volatility persistence is a key issue when uncertainty is derived from global economic and financial instability.

ACS Style

Miroslava Zavadska; Lucía Morales; Joseph Coughlan. Brent crude oil prices volatility during major crises. Finance Research Letters 2018, 32, 101078 .

AMA Style

Miroslava Zavadska, Lucía Morales, Joseph Coughlan. Brent crude oil prices volatility during major crises. Finance Research Letters. 2018; 32 ():101078.

Chicago/Turabian Style

Miroslava Zavadska; Lucía Morales; Joseph Coughlan. 2018. "Brent crude oil prices volatility during major crises." Finance Research Letters 32, no. : 101078.

Chapter
Published: 24 November 2018 in Asian Nations and Multinationals
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Over the last decades, microfinance (MF) in Vietnam has grown significantly contributing to government goals in terms of poverty reduction. As per 2013 records for Vietnam, there were 10.09 million MF clients, and over 130 Microfinance Institutions (MFIs) with 5800 branches at the commune-level (ADB in Sector assessment: MF development program in Vietnam, Hanoi, Vietnam, 2014). The reviewed literature points out to the lack of effective analysis on how MF programmes are developed and on how they are aligned with ethical standards that focus their activities on both poverty reduction and the empowerment of women in Vietnam. This study identifies how MF is used to articulate appropriate and effective policies and measures that contribute to the alleviation of poverty in the Southeast Asian region, taking Vietnam as a case study.

ACS Style

Long Bui; Lucía Morales; Bernadette Andreosso-O’Callaghan. Microfinance in Southeast Asia: The Case of Vietnam Over the Period 2005–2015. Asian Nations and Multinationals 2018, 159 -173.

AMA Style

Long Bui, Lucía Morales, Bernadette Andreosso-O’Callaghan. Microfinance in Southeast Asia: The Case of Vietnam Over the Period 2005–2015. Asian Nations and Multinationals. 2018; ():159-173.

Chicago/Turabian Style

Long Bui; Lucía Morales; Bernadette Andreosso-O’Callaghan. 2018. "Microfinance in Southeast Asia: The Case of Vietnam Over the Period 2005–2015." Asian Nations and Multinationals , no. : 159-173.

Chapter
Published: 24 November 2018 in Asian Nations and Multinationals
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The new economic policies initiated by the 45th US president Donald Trump, and their impact on the economies of the “the Greater China Region” (Hong Kong, Taiwan and Mainland China) are examined in this chapter. The impact is assessed at both the stock exchange and other non-financial markets levels. For the stock markets, the chosen research period runs from January 2014 to June 2017, and the Economic Policy Uncertainty Index in the United States is used as a proxy to measure political uncertainty in the main world economy. The results show that the stock markets in the “Greater China Region” did not react to the uncertainty generated by the US election in November 2016, but an examination of the move towards assertive trade US protectionist policies suggest a more detrimental impact on the GCR.

ACS Style

Bernadette Andreosso-O’Callaghan; Lucía Morales. Impact of the Trump Administration on the Economies of the Greater China Region. Asian Nations and Multinationals 2018, 139 -157.

AMA Style

Bernadette Andreosso-O’Callaghan, Lucía Morales. Impact of the Trump Administration on the Economies of the Greater China Region. Asian Nations and Multinationals. 2018; ():139-157.

Chicago/Turabian Style

Bernadette Andreosso-O’Callaghan; Lucía Morales. 2018. "Impact of the Trump Administration on the Economies of the Greater China Region." Asian Nations and Multinationals , no. : 139-157.

Review
Published: 31 October 2018 in International Journal of Financial Studies
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Crude oil is the dominant energy resource worldwide. The focus of this paper is on its historical behaviour and subsequent implications for the global economy with an emphasis on the lead–lag relationship between spot and future prices. The paper examines the behaviour of oil spot and future prices and their determinants during periods of market uncertainty, particularly in the context of economic and financial crises. The analysis highlights a key controversy within the extant literature, as to whether spot or futures prices are the main crude oil price indicator. The literature review indicates that the lead–lag relationship is a dynamic one, especially during periods of sustained uncertainty, which leads to significant disagreements and incongruities among researchers regarding the price that plays a dominant role.

ACS Style

Miroslava Zavadska; Lucía Morales; Joseph Coughlan. The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review. International Journal of Financial Studies 2018, 6, 89 .

AMA Style

Miroslava Zavadska, Lucía Morales, Joseph Coughlan. The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review. International Journal of Financial Studies. 2018; 6 (4):89.

Chicago/Turabian Style

Miroslava Zavadska; Lucía Morales; Joseph Coughlan. 2018. "The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review." International Journal of Financial Studies 6, no. 4: 89.

Journal article
Published: 11 September 2018 in Journal of the Asia Pacific Economy
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ACS Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. Hong Kong unrest and implications for the Hang Seng Index. Journal of the Asia Pacific Economy 2018, 24, 82 -96.

AMA Style

Lucía Morales, Bernadette Andreosso-O’Callaghan. Hong Kong unrest and implications for the Hang Seng Index. Journal of the Asia Pacific Economy. 2018; 24 (1):82-96.

Chicago/Turabian Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. 2018. "Hong Kong unrest and implications for the Hang Seng Index." Journal of the Asia Pacific Economy 24, no. 1: 82-96.

Journal article
Published: 28 May 2018 in Journal of Chinese Economic and Business Studies
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The analysis of the intertwined reactions of Hong Kong and Mainland China to the 2008 Global Financial Crisis is considered in this study through the lenses of their stock markets. The GARCH-based analysis of stock market performance over the period December 2011–December 2014 shows that trade and equity sectors were the sectors most affected by the global recession; volatility was prevalent on the Shanghai stock market, whereas volatility persistence characterised the Hong Kong stock market. The results also show that the two stock markets recovered quite quickly. Tight controls applied by the financial authorities helped ensure some stability during the crisis.

ACS Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. Lessons from the global financial crisis – the case of Mainland China and Hong Kong. Journal of Chinese Economic and Business Studies 2018, 16, 375 -392.

AMA Style

Lucía Morales, Bernadette Andreosso-O’Callaghan. Lessons from the global financial crisis – the case of Mainland China and Hong Kong. Journal of Chinese Economic and Business Studies. 2018; 16 (4):375-392.

Chicago/Turabian Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. 2018. "Lessons from the global financial crisis – the case of Mainland China and Hong Kong." Journal of Chinese Economic and Business Studies 16, no. 4: 375-392.

Journal article
Published: 10 May 2018 in International Journal of Financial Studies
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An examination of Brexit and its initial impact on the main stock markets in the Greater China Region (GCR) was conducted using augmented market models that integrate Economic Policy Uncertainty (EPU) and implied volatility (VIX). The results do not seem to align with research in the field that has suggested that the EPU index helps to identify if market participants are reacting to political events. The main research findings suggest that Brexit does not appear to have an impact on the performance of market returns in the region and the influence of economic policy uncertainty in the GCR appears to be insignificant, except for Hong Kong. Overall, China’s stock markets do not seem to be panicking and overreacting to unfolding events in the UK, and market instability in the region appears to be more associated with global and regional events that are better captured by the VIX index.

ACS Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. The Impact of Brexit on the Stock Markets of the Greater China Region. International Journal of Financial Studies 2018, 6, 51 .

AMA Style

Lucía Morales, Bernadette Andreosso-O’Callaghan. The Impact of Brexit on the Stock Markets of the Greater China Region. International Journal of Financial Studies. 2018; 6 (2):51.

Chicago/Turabian Style

Lucía Morales; Bernadette Andreosso-O’Callaghan. 2018. "The Impact of Brexit on the Stock Markets of the Greater China Region." International Journal of Financial Studies 6, no. 2: 51.

Journal article
Published: 01 May 2018 in Energy Policy
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The liberalization process of European electricity markets has been a work in progress since early reforms beginning in the 1990's. A key goal of these reforms was to enable increased integration and attendant efficiency within these markets. In this paper, we analyse three major European electricity markets - (APXUK, NordPool and Phelix) – before and after the 2009/72/EC Directive was introduced, to examine the extent to which those markets are efficient and whether they have become more integrated. We find little evidence of significant long run relationships between the different markets. We also find that the NordPool and Phelix markets in particular exhibit volatility persistence and clustering behaviour that is inconsistent with the postulations of market efficiency. The existence of continued inefficiencies across these power markets indicates that the desired goal of achieving an efficient and unified electricity market in the EU context is still a work in progress.

ACS Style

Lucía Morales; Jim Hanly. European power markets–A journey towards efficiency. Energy Policy 2018, 116, 78 -85.

AMA Style

Lucía Morales, Jim Hanly. European power markets–A journey towards efficiency. Energy Policy. 2018; 116 ():78-85.

Chicago/Turabian Style

Lucía Morales; Jim Hanly. 2018. "European power markets–A journey towards efficiency." Energy Policy 116, no. : 78-85.

Article
Published: 05 January 2018 in International Journal of Finance & Economics
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This paper estimates and applies a risk management strategy for electricity spot exposures using futures hedging. We apply our approach to 3 of the most actively traded European electricity markets, Nordpool, APXUK, and Phelix. We compare both optimal hedging strategies and the hedging effectiveness of these markets for 2 hedging horizons, weekly and monthly using both Variance and Value at Risk. Our key finding is that electricity futures can effectively manage risk only for specific time periods when using hedging strategies that have been very successful in financial and other commodity markets. More generally, they are ineffective as a risk management tool when compared with other energy assets. This is especially true at the weekly frequency. We also find significant differences in both the optimal hedge ratios and the hedging effectiveness of the different electricity markets. Better performance is found for the Nordpool market, whereas the poorest performer in hedging terms is the Phelix market.

ACS Style

Jim Hanly; Lucia Morales; Damien Cassells. The efficacy of financial futures as a hedging tool in electricity markets. International Journal of Finance & Economics 2018, 23, 29 -40.

AMA Style

Jim Hanly, Lucia Morales, Damien Cassells. The efficacy of financial futures as a hedging tool in electricity markets. International Journal of Finance & Economics. 2018; 23 (1):29-40.

Chicago/Turabian Style

Jim Hanly; Lucia Morales; Damien Cassells. 2018. "The efficacy of financial futures as a hedging tool in electricity markets." International Journal of Finance & Economics 23, no. 1: 29-40.