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The U.S. Dollar Exchange Rate and the Demand for Oil

Selien De Schryder and Gert Peersman
Authors registered in the RePEc Author Service: Gert Peersman ()

The Energy Journal, 2015, vol. Volume 36, issue Number 3

Abstract: Using recent advances in panel data estimation techniques, we find that an appreciation of the U.S. dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be considerably larger than the impact of a shift in the global crude oil price expressed in U.S. dollar. This finding appears to be the consequence of a stronger pass-through of changes in the U.S. dollar exchange rate to domestic end-user oil products prices relative to changes in the global crude oil price. Furthermore, we demonstrate the relevance of U.S. dollar fluctuations for global oil price dynamics.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 2015
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Related works:
Working Paper: THE US DOLLAR EXCHANGE RATE AND THE DEMAND FOR OIL (2014) Downloads
Working Paper: The U.S. Dollar Exchange Rate and the Demand for Oil (2013) Downloads
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