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Traditional literature on energy economics gives a central role to exogenous political events (supply shocks) or to global economic growth (aggregate demand shock) in modeling the oil market. However, more recent literature claims that the increased precautionary demand for oil triggered by...
Persistent link: https://www.econbiz.de/10013098905
This study utilized both single-regime GARCH and double-regime GARCH models to investigate oil price volatility, Spanish macroeconomic factors, and stock prices during major crises such as geopolitical conflicts, the global financial crisis (GFC), and COVID-19, covering the period from Q2-1995...
Persistent link: https://www.econbiz.de/10014636061
In 2016, Russia's crude oil production hit an all-time peak since 1990. Under the so-called tax maneuver in force in the oil industry, refining depth went up, production and export of fuel oil moved down and export of crude oil, a highly lucrative source of state budget revenues, increased
Persistent link: https://www.econbiz.de/10012959646
exports and agricultural exports tend to decrease corruption, while fuel exports increase corruption. The influence of … agricultural exports in more pronounced in more corrupt nations, while fuel exports contribute to corruption in least corrupt … nations. Manufacturing and ore exports, on the other hand, generally fail to show significant impacts on corruption. Our …
Persistent link: https://www.econbiz.de/10013008565
This paper examines the empirical relationships between trade structure and economic growth, particularly the influence of natural resource abundance, export concentration and intra-industry trade. We test the robustness of these relationships across proxies, control variables, and estimation...
Persistent link: https://www.econbiz.de/10014085594
The global dimension of environmental problems stresses the need of an internationally linked environmental environmental policy. The example of climate change policy shows, that environmental policy has to be a subject of a globally oriented international policy formulating operational targets...
Persistent link: https://www.econbiz.de/10010346869
We study the response of a three-sector commodity-exporter small open economy to a commodity price boom. When the economy has access to international borrowing and lending, a temporary commodity price boom brings about the standard wealth effect that stimulates demand and has long-run...
Persistent link: https://www.econbiz.de/10012963083
We study the response of a three-sector commodity-exporter small open economy to a commodity price boom. When the economy has access to international borrowing and lending, a temporary commodity price boom brings about the standard wealth effect that stimulates demand and has long-run...
Persistent link: https://www.econbiz.de/10012963828
The global energy crisis that began in fall 2021 and the following spike in energy price constitute a major challenge for the world economy which risks undermining the post-COVID-19 recovery. In this paper, we develop and validate a new macroeconomic agent-based model with an endogenous energy...
Persistent link: https://www.econbiz.de/10012990154
We show that economies may exhibit a strong endogenous macroeconomic adaptation response to climate change. If climate change induces a structural change to the more productive sector, economies can benefit from climate change though productivities in both sectors are reduced. If climate change...
Persistent link: https://www.econbiz.de/10012992447