Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies

Jean-Pierre Allegret (), Valérie Mignon () and Audrey Allegret-Sallenave ()
Additional contact information
Jean-Pierre Allegret: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: The aim of this paper is to investigate oil price shocks' effects and their associated transmission channels on global imbalances. To this end, we rely on a Global VAR approach that allows us to account for trade and financial interdependencies between countries. Considering a sample of 30 oil-exporting and importing economies over the 1980-2011period, wefindthatthenatureoftheshock—demand-drivenorsupply-driven— matters in understanding the effects of oil price shocks on global imbalances. In addition, we show that the main adjustment mechanism to oil shocks is based on the trade channel, the valuation channel being at play only on the short run.

Keywords: oil prices; global imbalances; global VAR (search for similar items in EconPapers)
Date: 2015
Note: View the original document on HAL open archive server: https://hal.parisnanterre.fr/hal-01385980
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (29)

Published in Economic Modelling, 2015, 49, pp.232 - 247

Downloads: (external link)
https://hal.parisnanterre.fr/hal-01385980/document (application/pdf)

Related works:
Journal Article: Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies (2015)
Working Paper: Oil price shocks and global imbalances: lessons from a model with trade and financial interdependencies (2015)
Working Paper: Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies (2014)
Working Paper: Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies (2014)
Working Paper: Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies (2014)
Working Paper: Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01385980

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().