Oil Shocks And External Balances

Provided by: International Monetary Fund Topic: Software Date Added: May 2007 Format: PDF
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. The authors explicitly take a global perspective. In addition to the U.S., the Euro area and Japan, they consider a number of country groups including oil exporters and middle-income oil-importing economies. They find that the effect of oil shocks on the merchandise trade balance and the current account, which depending on the source of the shock.

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