response, is framed by the volatility and uncertainty that characterize the oil market. Volatile prices arise from supply and … volatility of prices make it difficult to reach simple conclusions about how oil producers and consumers should respond to price …The discussion in this paper of the causes and consequences of recent oil price increases, and the appropriate policy …

This paper studies the effects of demand and supply shocks in the global crude oil market on several measures of … countries'' external balance, including the oil and non-oil trade balances, the current account, and changes in net foreign … consider a number of country groups including oil exporters and middle-income oil-importing economies. We find that the effect …

increase in protectionist pressures, and the disappointing performance of world trade, renewed concern has been expressed about …

and world commodity supplies and the real exchange rate and real commodity prices. It is shown that fiscal expansion and … increasing world commodity supplies simultaneously lead to an appreciation of the real exchange rate and a decline in relative …

This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well … (CPMG) methodology of Pesaran et al. (1999) for estimation. The latter takes account of cross-country heterogeneity and … of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly …