文章基本信息

标题：Oil Price Shocks and Global Imbalances: Lessons from a Model with Trade and Financial Interdependencies
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作者：Jean-Pierre Allegret ; Valérie Mignon ; Audrey Sallenave 等
期刊名称：Document de Travail / Centre d'Etudes Prospectives et d'Informations Internationales
出版年度：2014
页码：1
出版社：Paris
摘要：The aim of this paper is to investigate oil price shocks’ effects and their associated transmission channels on global imbalances. To this end, we rely on a Global VAR approach that allows us to account for trade and financial interdependencies between countries. Considering a sample of 30 oil-exporting and importing economies over the 1980-2011 period, we show that the nature of the shock—demand-driven or supply-driven—matters in understanding the effects of oil price shocks on global imbalances. In addition, we evidence that the main adjustment mechanism to oil shocks is based on the trade channel, the valuation channel being at play only on the short run.
关键词：oil prices ; global imbalances; global VAR