Effects of oil shocks on EMU exports: technological level differences
Martin Hodula and
Vahalík Bohdan ()
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Vahalík Bohdan: VŠB-Technical University of Ostrava, Economic Faculty, Department of European Integration, Sokolská třída 33, 701 21 Ostrava, Czech Republic
Review of Economic Perspectives, 2017, vol. 17, issue 4, 399-423
This article provides some new empirical perspectives on the relationship between oil-market fluctuations and technological structure of EMU export. We rely on a time-varying parameter VAR model to capture the reaction of different technological structures of EMU export to various oil-market innovations in the period 2002-2015. Our results can be summarized as follows: (1) increase in crude oil production is likely to reduce oil prices and therefore increases all EMU exports due to lower production and transportation costs; (2) increase in global demand is more likely to be transmitted to goods with higher added value; (3) high-tech exports decrease in the first months after the global demand shock as a result of a delayed investment decision process; (4) increasing oil prices yield only marginal effect on EMU export.
Keywords: EMU; export; technological structure; TVP-VAR (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:reoecp:v:17:y:2017:i:4:p:399-423:n:4
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