G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6312
DP6312 Fertility and the Real Exchange Rate
Andrew Rose; Saktiandi Supaat
发表日期2007-05-25
出版年2007
语种英语
摘要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 trade balance, the non-oil trade balance, the current account and changes in net foreign assets (NFA) during 1975?2004. We explicitly take a multilateral and global perspective. In addition to the United States, the Euro area and Japan, we consider a number of regional aggregates including oil-exporting economies and middle-income oil-importing economies. Our first result is that the effect of oil shocks on the merchandise trade balance and the current account, which depending on the source of the shock can be large, depends critically on the response of the non-oil trade balance, and differs systematically between the United States and other oil importing countries. Second, using the Lane-Milesi-Ferretti NFA data set, we document the presence of large and systematic (if not always statistically significant) valuation effects in response to oil shocks, not only for the United States, but also for other oil-importing economies and for oil exporters. Our estimates suggest that increased international financial integration will tend to cushion the effect of oil shocks on NFA positions for major oil exporters and for the United States, but may amplify it for other oil importers.
主题International Macroeconomics
关键词Balance of payments External balances International financial integration Oil demand shocks Oil prices Oil supply shocks
URLhttps://cepr.org/publications/dp6312
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/535151
推荐引用方式
GB/T 7714
Andrew Rose,Saktiandi Supaat. DP6312 Fertility and the Real Exchange Rate. 2007.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Andrew Rose]的文章
[Saktiandi Supaat]的文章
百度学术
百度学术中相似的文章
[Andrew Rose]的文章
[Saktiandi Supaat]的文章
必应学术
必应学术中相似的文章
[Andrew Rose]的文章
[Saktiandi Supaat]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。