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In this study, we investigate the nature and possible sources of economic fluctuations in oil exporting countries using principle component and impulse-response analysis. The principal component analysis shows that the first two components can be statistically significantly explained by world...
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during 1975-2011. The goal is to disentangle fluctuations in OPEC and non-OPEC production and to derive consistent estimates … medium-run responses to a speculative demand shock differ between OPEC and non-OPEC producers, i.e., on average over the … sample period, OPEC members seem to curtail production, whereas non-OPEC supply expands significantly. Flow and speculative …
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