The Impacts of Exogenous Oil Supply Shocks on Mediterranean Economies

Andrea Bastianin, Marzio Galeotti and Matteo Manera (matteo.manera@unimib.it)

No 82, IEFE Working Papers from IEFE, Center for Research on Energy and Environmental Economics and Policy, Universita' Bocconi, Milano, Italy

Abstract: The security of energy supply is a key geopolitical factor in the relationship between the European Union and the southern neighborhood countries of the Middle East and North Africa region. We study the response of eight Mediterranean economies to exogenous oil supply shocks. We focus on the effects on economic activity - as measured by real Gross Value Added - for the whole economy, as well as for selected industries. We show that there are clear patterns characterizing the response of different economies to an unexpected reduction in global oil production. The main determinants of these patterns are the degree of energy intensity and energy dependence of the country, as well as the composition of its Gross Value Added.

Keywords: Oil supply shocks; Mediterranean; Growth. (search for similar items in EconPapers)
JEL-codes: C22 E32 Q41 Q43 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2015
New Economics Papers: this item is included in nep-ara, nep-ene and nep-mac
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https://repec.unibocconi.it/iefe/bcu/papers/iefewp82.pdf (application/pdf)

Related works:
Journal Article: Oil supply shocks and economic growth in the Mediterranean (2017)
Working Paper: The Impacts of Exogenous Oil Supply Shocks on Mediterranean Economies (2016)
Working Paper: The Impacts of Exogenous Oil Supply Shocks on Mediterranean Economies (2015)
Working Paper: The Impacts of Exogenous Oil Supply Shocks on Mediterranean Economies (2015)
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