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Macroeconomic Effects of Terms-of-Trade Shocks : The Case of Oil-Exporting Countries
Spatafora, Nikola - 2017
The authors investigate the impact on economic growth and development of long-run movements in the external terms of trade, with special reference to the experience of 18 oil-exporting countries between 1973 and 1989. They argue that this sample approximates a controlled experiment for examining...
Persistent link: https://www.econbiz.de/10012746912
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Oil Price Volatility, Economic Growth and the Hedging Role of Renewable Energy
Rentschler, Jun E. - 2017
This paper investigates the adverse effects of oil price volatility on economic activity and the extent to which … countries can hedge against such effects by using renewable energy. By considering the Realized Volatility of oil prices, rather …, and variance decompositions show that oil price volatility has more-adverse effects in all sample countries than oil price …
Persistent link: https://www.econbiz.de/10012973994
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The 2014-16 Oil Price Collapse in Retrospect : Sources and Implications
Stocker, Marc - 2018
With the benefit of hindsight, this paper provides a fresh and comprehensive look at the causes of the 2014-16 collapse in oil prices and its impact on the global economy. It disentangles the contribution of supply and demand factors, assesses the impact on activity in oil exporters and oil...
Persistent link: https://www.econbiz.de/10012920304
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Impact of Oil Price Fluctuations on Financial Markets Since 2014
Nguyen, Ha - 2017
This paper investigates the causal impact of oil price fluctuations on financial markets since January 2014. Following a heteroscedasticity-based event study approach, the paper instruments changes in oil prices by exogenous shocks in oil supply. It finds that oil price declines raise...
Persistent link: https://www.econbiz.de/10012964339
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Sources of Volatility During Four Oil Price Crashes
Baffes, John - 2017
Previous sharp oil price declines have been accompanied by elevated ex post volatility. In contrast, volatility was … price declines. This finding is robust to nonparametric and GARCH measures of volatility. Further, the U.S. dollar … appreciation exerted a strong influence on volatility during the recent crash; in contrast, the impact of shocks on equity markets …
Persistent link: https://www.econbiz.de/10012970942
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Oil Price Risks and Pump Price Adjustments
Kojima, Masami - 2017
Between 1999 and 2008, world oil prices more than quadrupled in real terms. For oil importers, vulnerability to oil price increases, defined as the share of gross domestic product spent on net oil imports, rose considerably. Considering medians, low-income countries had the highest vulnerability...
Persistent link: https://www.econbiz.de/10012974899
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How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis
Timilsina, Govinda R. - 2017
A global computable general equilibrium model is used to analyze the economic impacts of rising oil prices with endogenously determined availability of biofuels to mitigate those impacts. The negative effects on the global economy are comparable to those found in other studies, but the impacts...
Persistent link: https://www.econbiz.de/10012974209
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Economy-Wide and Distributional Impacts of an Oil Price Shock on the South African Economy
Essama-Nssah, B. - 2017
As crude oil prices reach new highs, there is renewed concern about how external shocks will affect growth and poverty in developing countries. This paper describes a macro-micro framework for examining the structural and distributional consequences of a significant external shock-an increase in...
Persistent link: https://www.econbiz.de/10012746822
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Financial Development, Growth, and Crisis : Is There a Trade-Off?
Loayza, Norman - 2017
-- run growth and another studying its impact on volatility and crisis?has given way to a more nuanced approach that analyzes …
Persistent link: https://www.econbiz.de/10012943988
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Financial Systems, Growth, and Volatility : Searching for the Perfect Fit
Islam, Roumeen - 2017
system on volatility in gross domestic product per capita and consumption per capita growth. It also examines the impact of … volatility even after controlling for the quality of institutions and periods of financial crises. In large financial systems …, finance may not help individuals smooth consumption volatility. The threshold at which finance's effect may be volatility …
Persistent link: https://www.econbiz.de/10012968745