气候变化领域集成服务门户(CCPortal): Whether to abandon or continue the petroleum product price regulation in China？

CCPortal

DOI	10.1016/j.enpol.2022.112890
	Whether to abandon or continue the petroleum product price regulation in China？
	Fan W.; Wang Z.
发表日期	2022
ISSN	0301-4215
卷号	165
英文摘要	Petroleum product price regulations are usually adopted to alleviate the shocks of crude oil price volatility on macroeconomy by adjusting the petroleum product price. However, the regulation can contribute to social welfare by alleviating the price shock on the one hand, but it can reduce welfare due to its price distortions on the other hand. Thus, this study assessed the net social welfare effect using a Regime-Switching Dynamic Stochastic General Equilibrium Model, so as to inform policy-makers whether to abandon or continue the regulation. The crude oil price volatility were analysed using data from June 2000 to December 2019, and impulse responses analyses were conducted to investigate the effects of the regulation on different economic indicators. Finally, the net social welfare were assessed using a social welfare loss function. It is found that the regulation is effective in alleviating the price shocks to the macroeconomy, and consequently reducing social welfare loss in a short run. Thus, while the reform of China's petroleum product pricing mechanism should be market-oriented, the regulation is economically justified for short-term implementation to deal with crude oil price volatility. The study provides policy makers with important information on the reform of petroleum product price regulation. © 2022 Elsevier Ltd
英文关键词	Crude oil price volatility; Petroleum product price regulation; Regime switching dynamic stochastic general equilibrium model; Social welfare
语种	英语
scopus关键词	Crude oil; Decision making; Economic analysis; Economic and social effects; Gasoline; Petroleum analysis; Stochastic models; Crude oil price volatility; Crude oil prices; General equilibrium models; Oil price volatility; Petroleum product price regulation; Petroleum product prices; Price regulation; Regime switching; Regime switching dynamic stochastic general equilibrium model; Social welfare; Stochastics; Switching dynamics; Stochastic systems; crude oil; macroeconomics; price dynamics; regulatory framework; stochasticity; welfare impact; China
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/256227
作者单位	School of Business and Tourism Management, Yunnan University, Kunming, 650091, China
推荐引用方式 GB/T 7714	Fan W.,Wang Z.. Whether to abandon or continue the petroleum product price regulation in China？[J],2022,165.
APA	Fan W.,&Wang Z..(2022).Whether to abandon or continue the petroleum product price regulation in China？.Energy Policy,165.
MLA	Fan W.,et al."Whether to abandon or continue the petroleum product price regulation in China？".Energy Policy 165(2022).