Oil Shocks and External Balances:
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 and non-oil trade balances, the current account, and changes in net foreign assets (NFA) during 1975-2004. We explicitly take a g...
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| Corporate Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2007
|
| Series: | IMF Working Papers
Working Paper No. 07/110 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | 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 and non-oil trade balances, the current account, and changes in net foreign assets (NFA) during 1975-2004. We explicitly take a global perspective. In addition to the U.S., the Euro area and Japan, we consider a number of country groups including oil exporters and middle-income oil-importing economies. We find 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 nonoil trade balance, and differs systematically between the U.S. and other oil importing countries. 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 U.S., 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 the U.S., but may amplify it for other oil importers |
| Physical Description: | 1 Online-Ressource (39 p) |
| ISBN: | 1451866747 9781451866742 |
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MARC
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:24Z |
| indexdate | 2024-07-10T09:35:33Z |
| institution | BVB |
| isbn | 1451866747 9781451866742 |
| language | English |
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| spelling | International Monetary Fund Verfasser aut Oil Shocks and External Balances Washington, D.C International Monetary Fund 2007 1 Online-Ressource (39 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/110 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 and non-oil trade balances, the current account, and changes in net foreign assets (NFA) during 1975-2004. We explicitly take a global perspective. In addition to the U.S., the Euro area and Japan, we consider a number of country groups including oil exporters and middle-income oil-importing economies. We find 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 nonoil trade balance, and differs systematically between the U.S. and other oil importing countries. 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 U.S., 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 the U.S., but may amplify it for other oil importers Online-Ausg International Monetary Fund Sonstige oth http://elibrary.imf.org/view/IMF001/05010-9781451866742/05010-9781451866742/05010-9781451866742.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Oil Shocks and External Balances |
| title | Oil Shocks and External Balances |
| title_auth | Oil Shocks and External Balances |
| title_exact_search | Oil Shocks and External Balances |
| title_exact_search_txtP | Oil Shocks and External Balances |
| title_full | Oil Shocks and External Balances |
| title_fullStr | Oil Shocks and External Balances |
| title_full_unstemmed | Oil Shocks and External Balances |
| title_short | Oil Shocks and External Balances |
| title_sort | oil shocks and external balances |
| url | http://elibrary.imf.org/view/IMF001/05010-9781451866742/05010-9781451866742/05010-9781451866742.xml |
| work_keys_str_mv | AT internationalmonetaryfund oilshocksandexternalbalances |