A new look at the crude oil shocks and trade nexus: Evidence from bilateral trade between Korea and its three largest partners

Jungho Baek

Resources Policy, 2023, vol. 85, issue PA

Abstract: This article examines the impact of oil supply, global demand, and oil-specific demand shocks on Korea's exports to and imports from its three largest partners: China, the United States, and Japan. We also account for world trade uncertainty in our analysis. Our findings shed light on the complex dynamics of oil price shocks, highlighting the importance of shock type, trading partners, and timing in determining their effects on Korea's trade. Moreover, we identify the significant role of world trade uncertainty in explaining short-term fluctuations in Korea's exports to its top three partners. These insights have substantial implications for trade modeling and policy analysis.

Keywords: Exports; Imports; Oil supply; Oil demand; Korea (search for similar items in EconPapers)
JEL-codes: C22 F14 Q43 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:85:y:2023:i:pa:s0301420723007262

DOI: 10.1016/j.resourpol.2023.104015

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