Korhonen, Iikka; Juurikkala, Tuuli - 2007
estimators, we find that the price of oil has a clear, statistically significant effect on real exchange rates in our group of … oil-producing countries. Higher oil price lead to appreciation of the real exchange rate. Elasticity of the real exchange … rate with respect to the oil price is typically between 0.4 and 0.5, but may be larger depending on the specification. Real …