Pétrole: un choc sans traumatisme apparent

Christine Rifflart ()
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Christine Rifflart: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: Since the beginning of the 2000's, crude oil price has increased by more than 250 %. Contrary to the 1973 and 1979 shocks, the world economic growth does not look to have been so much affected by the present shock - it is above 4 % a year for three years - and the inflation is still moderated, even in the US despite of a higher economic perform than in Euro Area. Nevertheless, the oil prices have strongly risen. So, to compensate the relative decrease of their real income, households are attempted to get further into debt. The enterprises urge to push labour costs down to neutralize the increase of the inputs prices and be competitive. In the meantime, oil exporting countries receive a huge amount of liquidities that they use to import and reinvest in the international and regional financial markets, contributing to the low long term interest rates.

Keywords: Pays exportateurs de pétrole; Prix du baril de Brent; Endettement des ménages (search for similar items in EconPapers)
Date: 2005-10
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Published in Revue de l'OFCE, 2005, 95, pp.161 - 173. ⟨10.3917/reof.095.0159⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03471833

DOI: 10.3917/reof.095.0159

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