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Empirical Economics

Erschienen in:

04.07.2021

Determinants and international influences of the Chinese freight market

verfasst von: Yimiao Gu, Zhenxi Chen, Qingyang Gu

Erschienen in: Empirical Economics | Ausgabe 5/2022

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Abstract

The past decades witness the impressive development of China. Along with the huge demand of China for commodities, the Chinese shipping market becomes more and more important. This paper investigates the determinants and the interactions of the Chinese shipping market with the international shipping market. We utilize the relatively large-dimensional Chinese commodities data as part of the controlled variables. The principal component analysis is applied to the commodities data to reduce the size of the data dimension. It is found that the controlled variables, including fuel cost, financial markets, and prices of large commodities, have the explanatory capability for the Chinese and the international shipping markets. There are mutual influences between the two shipping markets, with the Chinese market more sensitive to the movements of the international market. The Chinese shipping market has integrated into the international shipping market to some extent, instead of being isolated.

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We thank an anonymous referee for raising this point.

Wind Information Co., Ltd., is headquartered in Shanghai, China. It is a leading service provider of financial data and information, especially for those related to China. More information could be found: https://www.wind.com.cn/En/aboutus.html#.

We also evaluate by including the three components of nonferrous metals group. As reported in “Appendix,” the estimated coefficients for the third component are insignificant and the regression result is qualitatively the same as the case using two components.

We are grateful for the suggestion of one of the anonymous reviewers.

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Titel: Determinants and international influences of the Chinese freight market
verfasst von: Yimiao Gu
Zhenxi Chen
Qingyang Gu
Publikationsdatum: 04.07.2021
Verlag: Springer Berlin Heidelberg
Erschienen in: Empirical Economics / Ausgabe 5/2022
Print ISSN: 0377-7332
Elektronische ISSN: 1435-8921
DOI: https://doi.org/10.1007/s00181-021-02089-1

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