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Are There Oil Currencies? The Real Exchange Rate of Oil Exporting Countries
Habib, Maurizio Michael; Kalamova, Margarita M. - 2021
This paper investigates whether the real oil price has an impact on the real exchange rates of three main oil-exporting countries: Norway, Russia and Saudi Arabia. We create our measure of the real effective exchange rates for Norway and Saudi Arabia (1980-2006) and for Russia (1995-2006),...
Persistent link: https://www.econbiz.de/10013316726
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Saudi Aramco and the Oil Market
Nakov, Anton - 2011
We present a general equilibrium model of the global oil market, in which the oil price, oil production, and consumption, are jointly determined as outcomes of the optimizing decisions of oil importers and oil exporters. On the supply side the oil market is modeled as a dominant firm – Saudi...
Persistent link: https://www.econbiz.de/10013124255
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Petrodollars and Imports of Oil Exporting Countries
Beck, Roland - 2009
This paper investigates the empirical determinants of import demand in oil exporting countries. Using a new dataset including a large cross section of oil exporting countries, we show with a panel cointegration analysis that import demand in these countries depends positively on domestic demand...
Persistent link: https://www.econbiz.de/10012765191
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Do China and Oil Exporters Influence Major Currency Configurations?
Fratzscher, Marcel - 2015
This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US dollar exchange rate regimes remain pervasive and...
Persistent link: https://www.econbiz.de/10012749953
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Oil Exporters : In Search of an External Anchor
Habib, Maurizio Michael; Strasky, Jan - 2021
This paper discusses the choice of an optimal external anchor for oil exporting economies, using optimum currency area criteria and simulations of a simple model of a small open economy pegging to a basket of two currencies. Oil exporting countries - in particular those of the Gulf Cooperation...
Persistent link: https://www.econbiz.de/10013316458
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Strategic Interactions and Price Dynamics in the Global Oil Market
Alonso Alvarez, Irma - 2020
In a simplified theoretical framework we model the strategic interactions between OPEC and non-OPEC producers and the … implications for the global oil market. Depending on market conditions, OPEC may find it optimal to act either as a monopolist on … the residual demand curve, to move supply in-tandem with non-OPEC, or to offset changes in non-OPEC supply. We evaluate …
Persistent link: https://www.econbiz.de/10012842744
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The Influence of Opec+ on Oil Prices : A Quantitative Assessment
Quint, Dominic - 2020
Between January 2017 and March 2020 a coalition of oil producers led by OPEC and Russia (known as OPEC+) cut oil … coalition, as members did not agree on keeping the oil market tight in the face of a large negative demand shock. Yet, was OPEC …+ actually effective in sustaining the price of oil? Between 2017 and early 2020 when the OPEC+ strategy was in place, oil …
Persistent link: https://www.econbiz.de/10012823322
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Macroeconomic Shocks in an Oil Market VAR
Melolinna, Marko - 2021
This paper studies oil market and other macroeconomic shocks in a structural vector autoregression with sign restrictions. It introduces a new indicator for oil demand, and uniquely, performs a sign restriction set-up with a penalty function approach in an oil market vector autoregression. The...
Persistent link: https://www.econbiz.de/10013315918
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Assessing the factors behind oil price changes
Dées, Stéphane; Gasteuil, Audrey; Kaufmann, Robert K.; … - 2008
expanding a model for crude oil prices to include refinery utilization rates, a non-linear effect of OPEC capacity utilization …
Persistent link: https://www.econbiz.de/10011604901
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Global Financial Markets and Oil Price Shocks in Real Time
Venditti, Fabrizio; Veronese, Giovanni - 2021
The role that the price of oil plays in economic analysis in central banks as well as in financial markets has evolved over time. Oil is not seen anymore just as a input to production but also as a barometer of global economic activity as well as a financial asset. A high frequency structural...
Persistent link: https://www.econbiz.de/10013315299