| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15296 |
| DP15296 Implications of Cheap Oil for Emerging Markets | |
| Alain Kabundi; Franziska Ohnsorge | |
| 发表日期 | 2020-09-15 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The COVID-19-triggered collapse in oil prices in March and April 2020 was the seventh, and by far the most severe, in a series of such collapses since 1970. This paper, first, compares this most recent collapse and its drivers with previous ones in an event study. It finds that it was associated with an exceptionally severe plunge in oil demand. Second, in a local projections model, this paper estimates the implications of demand- and supply-driven oil price collapses for growth in emerging markets and developing economies (EMDEs). The paper finds that steep oil price collapses were associated with significant and lasting output losses in energy-exporting EMDEs but no meaningful output gains in energy-importing EMDEs. These results are robust to multiple robustness checks. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Oil price decline Covid-19 pandemic Macroeconomic implications Supply factors Demand factors Local projections model |
| URL | https://cepr.org/publications/dp15296 |
| 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/544274 |
| 推荐引用方式 GB/T 7714 | Alain Kabundi,Franziska Ohnsorge. DP15296 Implications of Cheap Oil for Emerging Markets. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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