WHAT DRIVES OIL PRICES? EMERGING VERSUS DEVELOPED ECONOMIES

被引：115

作者：

Aastveit, Knut Are ^{[1
]}

Bjornland, Hilde C. ^{[2
]}

Thorsrud, Leif Anders ^{[2
]}

机构：

[1] Norges Bank, Oslo, Norway

[2] BI Norwegian Business Sch, Dept Econ, N-0442 Oslo, Norway

来源：

JOURNAL OF APPLIED ECONOMETRICS | 2015年 / 30卷 / 07期

关键词：

STRUCTURAL VECTOR AUTOREGRESSIONS; MONETARY-POLICY; CRUDE-OIL; SHOCKS; MACROECONOMY; IDENTIFICATION; TRANSMISSION; DEMAND;

D O I：

10.1002/jae.2406

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We explore the role of demand from emerging and developed economies as drivers of the real price of oil. Using a FAVAR model that identifies shocks from different regions of the world, we find that demand from emerging economies (most notably from Asian countries) is more than twice as important as demand from developed countries in accounting for the fluctuations in the real oil price and in oil production. Furthermore, geographical regions respond differently to adverse oil market shocks that drive up oil prices, with Europe and North America being more negatively affected than countries in Asia and South America. Copyright (C) 2014 John Wiley & Sons, Ltd.

引用

页码：1013 / 1028

页数：16

共 35 条

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