Oil and Gas, which is the Belle of the Ball ? The Impact of Oil and Gas Reserves on Sovereign Risk

Emma Hooper
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Emma Hooper: GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique

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Abstract: Using panel data from emerging oil and gas exporting countries, this paper investigates whether oil and gas reserves have a significant impact on sovereign spreads. The main findings are that oil and gas reserves affect differently financial markets. Indeed, oil reserves increase spreads, contrary to gas reserves that lower them. The evidence shows that financial markets' reaction depends also on institutional quality. When interactions with institutional variables are introduced, financial markets give more importance to political stability and corruption for oil reserves than gas reserves.

Keywords: exhaustible natural resources; sovereign risk; spreads; emerging markets (search for similar items in EconPapers)
Date: 2015-10
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01211506
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Citations: View citations in EconPapers (11)

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