Showing 1 - 10 of 183
We study the effects of oil-price shocks on the U.S. economy combining narrative and quantitative approaches. After examining daily oil-related events since 1984, we classify them into various event types. We then develop measures of exogenous shocks that avoid endogeneity and predictability...
Persistent link: https://www.econbiz.de/10009650637
This Selected Issues paper on Azerbaijan Republic reports that the government has made substantial progress in dealing with energy-related subsidies. The domestic market for oil products has been tightly regulated by the government since Azerbaijan gained independence. Azerbaijan is largely...
Persistent link: https://www.econbiz.de/10005591672
This paper empirically assesses the impact of oil price shocks on the underlying non-oil economic cycle in oil-exporting countries. Panel VAR analysis and the associated impulse responses indicate that in countries where the oil sector is large in relation to the economy, oil price changes...
Persistent link: https://www.econbiz.de/10005599370
This paper describes potential benefits from Canada's expanding oil sands production, higher energy exports, and further improvements in the terms of trade. Contrary to the previous Canadian exchange rate literature, this paper finds that both energy and nonenergy commodity prices have an...
Persistent link: https://www.econbiz.de/10005599560
This paper undertakes an investigation into the efficiency of the crude oil futures market and the forecasting accuracy … prices by comparing the forecasting accuracy of end-of-month prices with weekly and monthly averages, using a variety of … incorporating information from other forecasting techniques. …
Persistent link: https://www.econbiz.de/10005599690
This paper discusses issues relating to the domestic pricing of petroleum in oil-producing countries. It finds that in most major oil-exporting countries, government policies keep domestic prices below free-market levels, resulting in implicit subsidies that equaled 3.0 percent of GDP, on...
Persistent link: https://www.econbiz.de/10005604969
Many governments are heavily exposed to oil price risk, especially those dependent on revenue derived from oil production. For these governments, dealing with large price movements is difficult and costly. Traditional approaches, such as stabilization funds, are inherently flawed. Oil risk...
Persistent link: https://www.econbiz.de/10005605340
This paper examines the case for government-led smoothing of domestic petroleum prices in the face of volatile international prices. Governments in most developing and transition countries engage in petroleum price smoothing, as the survey of country practice carried out for this paper shows....
Persistent link: https://www.econbiz.de/10005264205
Rapid private sector credit growth in the Middle East, North Africa, and Central Asia has been a result of strong economic growth, financial deepening, and banks’ willingness to explore consumer credit markets. Economic growth, the initial ratio of private sector credit to GDP, price...
Persistent link: https://www.econbiz.de/10005264230
This paper investigates the causes of extreme fluctuations in commodity prices from 1990 to 2010. Analyzing two very distinct commodities-crude oil and fine wine, we find that macroeconomic factors are the main determinants of commodity prices. Although supply constraints have the expected...
Persistent link: https://www.econbiz.de/10008839357