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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 assets (NFA) during 1975-2004. We explicitly take a global...
Persistent link: https://www.econbiz.de/10005264112
Global oil markets were roiled by sharp price swings in 2008, and economists are still divided over the reasons for the unusual volatility. Those emphasizing fundamentals point to inelastic supply and demand curves, others view the phenomenon mostly as a result of financial investors flocking...
Persistent link: https://www.econbiz.de/10008646422
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
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
A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of …
Persistent link: https://www.econbiz.de/10005768887
This Poverty Reduction Strategy Paper for Nigeria highlights the National Economic Empowerment and Development Strategy (NEEDS). NEEDS gives special support to agriculture, industry, small and medium-scale enterprises, and oil and gas. Under the plan, the government will seek long-term capital...
Persistent link: https://www.econbiz.de/10005591671
We discuss and reconcile two diametrically opposed views concerning the future of world oil production and prices. The … the fact that world oil production has plateaued since 2005 despite historically high prices, and that spare capacity has … model of the world oil market that encompasses both views. The model performs far better than existing empirical models in …
Persistent link: https://www.econbiz.de/10011242439