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Kentaka Aruga and Shunsuke Managi
''Testing the effects of the Japanese vehicle emission-control law on the international palladium futures market''
( 2012, Vol. 32 No.2 )
This paper tested the effects of the 2005 vehicle emission-control law issued in Japan on the market linkages between the U.S. and Japanese palladium futures markets. To determine these effects, we applied a cointegration test both with and without break points in the time series and found that the market linkages between the two countries changed after the break in October 2005. Our results show that the 2005 long-term regulation of vehicle emissions enacted in Japan influenced the international palladium futures market.
Keywords: vehicle emission-control law, palladium futures market, cointegration test
JEL: Q3 - Nonrenewable Resources and Conservation: General
C1 - Econometric and Statistical Methods: General
Manuscript Received : Nov 21 2011 Manuscript Accepted : Apr 17 2012

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