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The Volatility Curse : Revisiting the Paradox of Plenty
van der Ploeg, Rick - 2013
The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling …. This effect is significant and robust over a wide range of specifications. We unravel the effects of volatility by opening … dependence, physical and institutional barriers to trade and associated policy shocks increase volatility sharply and harm growth …
Persistent link: https://www.econbiz.de/10012753136
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OPEC, Shale Oil, and Global Warming - On the Importance of the Order of Extraction
Benchekroun, Hassan - 2018
We show that OPEC's market power contributes to global warming by enabling producers of relatively expensive and dirty oil to start producing before OPEC reserves are depleted. We fully characterize the equilibrium of a cartel-fringe model and use a calibration to examine the importance of this...
Persistent link: https://www.econbiz.de/10012930279
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OPEC's Market Power : An Empirical Dominant Firm Model for the Oil Market
Golombek, Rolf; Irarrazabal, Alfonso; Ma, Lin - 2021
In this paper we estimate a dominant firm-competitive fringe model for the crude oil market using quarterly data on oil prices for the 1986-2009 period. All the estimated structural parameters have the expected sign and are significant at standard test levels. We find that OPEC exercised its...
Persistent link: https://www.econbiz.de/10013315667
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A Third Benefit of Joint Non-OPEC Carbon Taxes : Transferring OPEC Monopoly Rent
Dong, Yan - 2013
This paper highlights the potential for joint OECD (or non-OPEC) carbon taxes to reduce OPEC's monopoly rent and provide benefit to non-OPEC countries provided jointly agreed trigger strategies are adhered to. In traditional economic theory, the primary purpose of a carbon tax is to internalize...
Persistent link: https://www.econbiz.de/10013095719
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An Empirical Growth Model for Major Oil Exporters
Esfahani, Hadi Salehi; Mohaddes, Kamiar; Pesaran, M. Hashem - 2021
This paper develops a long-run growth model for a major oil exporting economy and derives conditions under which oil revenues are likely to have a lasting impact. This approach contrasts with the standard literature on the 'Dutch disease' and the 'resource curse', which primarily focuses on...
Persistent link: https://www.econbiz.de/10013315924
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Saving Alberta's Resource Revenues : Role of Intergenerational and Liquidity Funds
Van Den Bremer, Ton - 2016
cope with oil price volatility. The ongoing dividend equals approximately 30 per cent of government revenue and requires …
Persistent link: https://www.econbiz.de/10012979602
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Oil Price Uncertainty and Sectoral Stock Returns in China : A Time-Varying Approach
Caporale, Guglielmo Maria - 2014
suggests that oil price volatility affects stock returns positively during periods characterised by demand-side shocks in all …
Persistent link: https://www.econbiz.de/10013050468
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A Characterization of Oil Price Behavior - Evidence from Jump Models
Gronwald, Marc - 2021
This paper is concerned with the statistical behavior of oil prices in two ways. It, firstly, applies a combined jump GARCH in order to characterize the behavior of daily, weekly as well as monthly oil prices. Secondly, it relates its empirical results to implications of Hotelling-type resource...
Persistent link: https://www.econbiz.de/10013315950
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Oil Prices and GCC Stock Markets : New Evidence from Smooth Transition Models
Ben Cheikh, Nidhaleddine - 2018
Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear smooth transition regression (STR) models. Contrary to conventional wisdom, our empirical results reveal that GCC stock markets do not have similar sensitivities to oil price...
Persistent link: https://www.econbiz.de/10012914946
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Macroeconomic Uncertainty and the Impact of Oil Shocks
Van Robays, Ine - 2014
production volatility, significantly increases the responsiveness of oil prices to oil shocks. This implies a lower price … volatility. Also the impact of oil shocks on economic activity appears to be significantly stronger in uncertain times …
Persistent link: https://www.econbiz.de/10013065379