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economicconsequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic … countries/regions over the period 1979Q2–2011Q2, to discriminatebetween supply-driven and demand-driven oil-price shocks and to …-exporting countries that possess large proven oil/gas reserves. However, in response to an oil-demand disturbance, almost all countries in …
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