Ruiz, Juan; Vilarrubia, Josep - Banco de España - 2006
higher imports, or the financial channel, via an increase in the net external asset position of these countries. Our results … show that around 50% of the windfall revenue has been used to increase imports, while the rest has been directed towards … perception of a more permanent increase in the price of oil in the context of rising demand, and (ii) the gradualism of the …