only affect economic developments within these countries but also across the world. In the current paper, the macroeconomic … effects on the world economy in general and its major trading partners in particular. Moreover, the long-run effects function … world economy heavily reacts on sudden world oil price changes but is less vulnerable to ad-hoc production shortages of …

episodes include the 1929 stock market crash, the 1973 oil shock, the 2007 U.S. subprime collapse and fifteen severe post-World …