Diversification and energy security risks: the Japanese case

Lesbirel, S. Hayden (2004) Diversification and energy security risks: the Japanese case. Japanese Journal of Political Science, 5 (1). pp. 1-22.

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Abstract

This article explores the relationship between diversification and energy security risks. It uses portfolio theory to conceptualise energy security as an insurance mechanism against disruptions to energy import markets. It provides quantitative measures of systematic and specific risks associated with Japanese energy imports during the period 1970—99. It suggests that Japan's policy of diversification of energy import sources has reduced specific risks, although fundamental changes in the political and economic structure of international energy and, in particular, oil markets have also significantly reduced systematic risks. The article concludes that, despite their limitations, portfolio measures provide a much more theoretically and methodologically robust indicator of energy import security than traditional measures of dependence.

Item ID: 6500
Item Type: Article (Refereed Research - C1)
ISSN: 1474-0060
Date Deposited: 03 Feb 2010 23:12
FoR Codes: 16 STUDIES IN HUMAN SOCIETY > 1606 Political Science > 160603 Comparative Government and Politics @ 100%
SEO Codes: 94 LAW, POLITICS AND COMMUNITY SERVICES > 9402 Government and Politics > 940204 Public Services Policy Advice and Analysis @ 100%
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