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Energy Shocks And The World Economy
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Book Synopsis Energy Shocks and the World Economy by : Hui Liang Tsai
Download or read book Energy Shocks and the World Economy written by Hui Liang Tsai and published by Praeger. This book was released on 1989-09-25 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second of two works resulting from the author's extensive study of energy and the world economy, this book examines the international macroeconomic aspects of energy adjustment. Specifically, the author analyzes the ways in which economies adjust to external shocks, particularly the oil price shock and other energy market changes of the 1970s and early 1980s. He seeks to put the recessions experienced by industrial countries during the last decade in historical and analytical perspective, arguing that with the increasing openness of the world economy, the effects of the domestic policies of the industrial economies are increasingly relevant to the economic prospects of developing countries. He argues further that the apparent problems of the global economy during the post-1973 era--stagnant growth, inflation, the international debt crisis, and rising protectionism--are in part the result of a deterioration in the economic performance of industrial countries. The author begins by examining the effects of energy supply disturbances on the world economy. Subsequent chapters explore such issues as challenges to economic stabilization policy; the impact of external shocks on the economies of less developed countries, especially with regard to inflation and balance of payments problems; the relationship between world payment imbalances and recycling problems; and the link between energy markets and the international debt crisis. Finally, the author provides a theoretical framework for the international adjustment to energy shocks, focusing on flexible exchange-rate policy responses to exogenous shocks in the 1970s and the contribution of exchange rate misalignment to the international debt crisis of the 1980s.
Book Synopsis Macroeconomic Impacts of Energy Shocks by : H.G. Huntington
Download or read book Macroeconomic Impacts of Energy Shocks written by H.G. Huntington and published by Elsevier. This book was released on 2016-10-19 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large-scale macroeconomic models have been used extensively to analyze a wide range of important economic issues. They were originally developed to study the economy's response to monetary and fiscal policies. During the 1970s these models were expanded and revised to track the inflationary processes and to incorporate key energy variables so that they could be used to examine the impacts of energy price shocks.This study compares the responses of 14 prominent macroeconomic models to supply-side shocks in the form of sudden energy price increases or decreases and to policies for lessening the impacts of price jumps. Four energy price shocks were examined: oil price increases of 50 and 20 percent, an oil price reduction of 20 percent, and an 80 percent increase in domestic natural gas prices. Five policy responses were considered for offsetting the GNP impacts of the larger oil price increase: monetary accommodation, an income tax rate reduction, an increase in the investment tax credit for equipment, a reduction in the employer's payroll tax rate, and an oil stockpile release.The study was conducted by a working group comprised of about 40 modelers and potential model users from universities, business, and government. As in previous EMF studies, the group pursued two broad goals. Firstly, they sought to understand the models themselves by identifying important similarities as well as structural differences. Secondly, they sought to use the models to sharpen their understanding of energy shocks and of the related policy issues. Their conclusions appear as the first chapter in this volume, the remaining chapters providing more technical treatment of the key structural differences among the participating models as well as their use for evaluating energy policies.This volume is addressed particularly to those interested in the energy shock issue, as well as to those with a broader interest in macroeconomic models and policies.
Book Synopsis The Differential Effects of Oil Demand and Supply Shocks on the Global Economy by : Mr.Paul Cashin
Download or read book The Differential Effects of Oil Demand and Supply Shocks on the Global Economy written by Mr.Paul Cashin and published by International Monetary Fund. This book was released on 2012-10-23 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We employ a set of sign restrictions on the generalized impulse responses of a Global VAR model, estimated for 38 countries/regions over the period 1979Q2–2011Q2, to discriminate between supply-driven and demand-driven oil-price shocks and to study the time profile of their macroeconomic effects for different countries. The results indicate that the economic consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic activity, and vary for oil-importing countries compared to energy exporters. While oil importers typically face a long-lived fall in economic activity in response to a supply-driven surge in oil prices, the impact is positive for energy-exporting countries that possess large proven oil/gas reserves. However, in response to an oil-demand disturbance, almost all countries in our sample experience long-run inflationary pressures and a short-run increase in real output.
Download or read book Oil Shock written by Elisabetta Bini and published by Bloomsbury Publishing. This book was released on 2016-05-27 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 1973 'Oil Shock' is considered a turning point in the history of the twentieth century. At the time it seemed to mark a definitive shift from the era of low priced oil to the era of expensive oil. For most Western industrialized countries, it became the symbolic marker of the end of an era. For many oil producers, it translated into an unprecedented control over their energy resources, and completed the process of decolonization, leading to a profound redefinition of international relations.This book provides an analysis of the crisis and its global political and economic impact. It features contributions from a range of perspectives and approaches, including political, economic, environmental, international and social history. The authors examine the origins of what was defined as an 'oil revolution' by the oil-producing countries, as well as the far-reaching effects of the 'shock' on the Cold War and decolonization, on international energy markets and the global economy. In doing so, they help place the event in its historical context as a key moment in the transformation of the international economy and of North-South relations.
Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Book Synopsis Oil and the International Economy by : Georg Koopmann
Download or read book Oil and the International Economy written by Georg Koopmann and published by Transaction Publishers. This book was released on with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The oil price increases of the 1970s left deep marks on the world economy. They led to a massive redistribution of income in favor of oil-producing countries, and caused serious disruption of growth, imbalances in foreign trade, and problems of stability in oil-importing countries. Despite the present levelling off, the authors suggest that more price increases remain a distinct possibility. "Oil and the International Economy "examines the effects of rising oil prices on the international financial system and identifies ways that oil-importing countries can overcome the financial and adjustment problems caused by them. The authors project the long-term trend in real oil prices and present economic policy options to help avoid future financial problems for industrialized and developing nations alike. Contents: The World Oil Market after the Oil Price Shocks; Future Trends in the Demand for Oil; Future Trends in the Supply of Oil; Balance-of-Payments and Exchange-Rate Adjustment: Current Account Developments in Times of Rising Oil Prices and Effects on Exchange Rates; The Effects of Real Oil Price Increases on Energy and Raw Material Prices; Repercussions on the General Price Level; Implications for the German Monetary and Exchange Rate Policy; Are Real Oil Price Increases a Brake on Growth?; Options for Economic Policy; The Struggle for Markets in the Oil-Producing Countries; The Oil-Producing Countries as Competitors in the Manufacturing Sector; Consequences for Trade Between Oil-Importing Countries.
Book Synopsis Oil Prices and the Global Economy by : Mr.Rabah Arezki
Download or read book Oil Prices and the Global Economy written by Mr.Rabah Arezki and published by International Monetary Fund. This book was released on 2017-01-27 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.
Book Synopsis Economic Effects of Recent Increases in Energy Prices by : John Peterson
Download or read book Economic Effects of Recent Increases in Energy Prices written by John Peterson and published by Government Printing Office. This book was released on 2006-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: NOTE: NO FURTHER DISCOUNT FOR THIS PRINT PRODUCT--OVERSTOCK SALE -- Significantly reduced list price while supplies last Analyzes the short-term macroeconomic effects of the recent rise in energy prices as well as the likely effects over the next ten years. Utility company personnel, American citizens and consumers, economists, and energy policy advocates may be interested in this volume to compare it to today's energy position and dependence in America. Middle school students and above may be interested in this volume for research papers. All libraries should have a copy of this text in their reference collections. Related products: International Energy Outlook 2016, With Projections to 2040 can be found here: https://bookstore.gpo.gov/products/sku/061-003-01167-5 New Realities: Energy Security in the 2010s and Implications for the U.S. Military is available here: https://bookstore.gpo.gov/products/sku/008-000-01093-5 Energy& Fuels resources collection can be found here: https://bookstore.gpo.gov/catalog/science-technology/energy-fuels Other reports produced by the U.S. Congressional Budget Office (CBO) can be found here: https://bookstore.gpo.gov/agency/237
Book Synopsis Impacts of World Oil Market Shocks on the U.S. Economy by : William P. Curtis
Download or read book Impacts of World Oil Market Shocks on the U.S. Economy written by William P. Curtis and published by . This book was released on 1983 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Energy Transition, Climate Change, and COVID-19 by : Fateh Belaïd
Download or read book Energy Transition, Climate Change, and COVID-19 written by Fateh Belaïd and published by Springer Nature. This book was released on 2021-12-06 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume analyzes the impacts of the COVID-19 pandemic on energy transition and climate change from an economic perspective. Since its emergence in early 2020, the COVID-19 pandemic has had a powerful effect on multiple facets of the global economy. The unknown scope and duration of the pandemic and its associated economic shocks have made energy security and the process of clean energy transition highly unpredictable. To combat this, this edited volume presents a wide range of theoretical and empirical research at the nexus of the COVID-19 pandemic and energy, resource, and environmental economics. Chapters focus on four major themes: the impact of crises on energy security, the role of resilient energy systems in society, the challenges of clean energy transition, and economic impacts of COVID-19 on climate change. Providing rigorous analysis of an evolving situation that will continue to impact the global energy market, this volume will be of interest to researchers and students of energy economics, environmental economics, and resource economics as well as policy professionals involved in climate change and energy transition.
Book Synopsis World Economic Situation and Prospects 2020 by : United Nations
Download or read book World Economic Situation and Prospects 2020 written by United Nations and published by United Nations. This book was released on 2020-01-16 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2020 and 2021. Produced by the Department of Economic and Social Affairs, the five United Nations regional commissions, the United Nations Conference on Trade and Development, with contributions from the UN World Tourism Organization and other intergovernmental agencies.
Book Synopsis Energy Price Shocks and Macroeconomic Performance by : Douglas R. Bohi
Download or read book Energy Price Shocks and Macroeconomic Performance written by Douglas R. Bohi and published by Routledge. This book was released on 2017-02-17 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: The oil price shocks of the 1970’s led to severe recessions in the 1980’s in the United States. Originally published in 1989 in the aftermath, Bohi attempts to show both how energy prices can cause a decline in output and employment and to explore important other factors which led to the recessions using the US, United Kingdom, Japan and Germany as examples. The findings in Energy Price Shocks and Macroeconomic Performance have major implications for energy policy and questions government plans which focus solely on preventing another oil supply disruption. This title will be of interest to students of environmental studies and economics as well as professionals.
Book Synopsis The Distributional Implications of the Impact of Fuel Price Increases on Inflation by : Mr. Kangni R Kpodar
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Download or read book Oil Shock written by Elisabetta Bini and published by . This book was released on 2016 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The 1973 'Oil Shock' is considered a turning point in the history of the twentieth century. At the time it seemed to mark a definitive shift from the era of low priced oil to the era of expensive oil. For most Western industrialized countries, it became the symbolic marker of the end of an era. For many oil producers, it translated into an unprecedented control over their energy resources, and completed the process of decolonization, leading to a profound redefinition of international relations. This book provides an analysis of the crisis and its global political and economic impact. It features contributions from a range of perspectives and approaches, including political, economic, environmental, international and social history. The authors examine the origins of what was defined as an 'oil revolution' by the oil-producing countries, as well as the far-reaching effects of the 'shock' on the Cold War and decolonization, on international energy markets and the global economy. In doing so, they help place the event in its historical context as a key moment in the transformation of the international economy and of North-South relations."--Bloomsbury Publishing.
Download or read book The New Map written by Daniel Yergin and published by Penguin. This book was released on 2020-09-15 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Wall Street Journal besteller and a USA Today Best Book of 2020 Named Energy Writer of the Year for The New Map by the American Energy Society “A master class on how the world works.” —NPR Pulitzer Prize-winning author and global energy expert, Daniel Yergin offers a revelatory new account of how energy revolutions, climate battles, and geopolitics are mapping our future The world is being shaken by the collision of energy, climate change, and the clashing power of nations in a time of global crisis. Out of this tumult is emerging a new map of energy and geopolitics. The “shale revolution” in oil and gas has transformed the American economy, ending the “era of shortage” but introducing a turbulent new era. Almost overnight, the United States has become the world's number one energy powerhouse. Yet concern about energy's role in climate change is challenging the global economy and way of life, accelerating a second energy revolution in the search for a low-carbon future. All of this has been made starker and more urgent by the coronavirus pandemic and the economic dark age that it has wrought. World politics is being upended, as a new cold war develops between the United States and China, and the rivalry grows more dangerous with Russia, which is pivoting east toward Beijing. Vladimir Putin and China's Xi Jinping are converging both on energy and on challenging American leadership, as China projects its power and influence in all directions. The South China Sea, claimed by China and the world's most critical trade route, could become the arena where the United States and China directly collide. The map of the Middle East, which was laid down after World War I, is being challenged by jihadists, revolutionary Iran, ethnic and religious clashes, and restive populations. But the region has also been shocked by the two recent oil price collapses--and by the very question of oil's future in the rest of this century. A master storyteller and global energy expert, Daniel Yergin takes the reader on an utterly riveting and timely journey across the world's new map. He illuminates the great energy and geopolitical questions in an era of rising political turbulence and points to the profound challenges that lie ahead.
Book Synopsis Oil Prices and the Global Economy by : Mr.Kamiar Mohaddes
Download or read book Oil Prices and the Global Economy written by Mr.Kamiar Mohaddes and published by International Monetary Fund. This book was released on 2016-11-08 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent plunge in oil prices has brought into question the generally accepted view that lower oil prices are good for the United States and the global economy. In this paper, using a quarterly multi-country econometric model, we first show that a fall in oil prices tends relatively quickly to lower interest rates and inflation in most countries, and increase global real equity prices. The effects on real output are positive, although they take longer to materialize (around four quarters after the shock). We then re-examine the effects of low oil prices on the U.S. economy over different sub-periods using monthly observations on real oil prices, real equity prices and real dividends. We confirm the perverse positive relationship between oil and equity prices over the period since the 2008 financial crisis highlighted in the recent literature, but show that this relationship has been unstable when considered over the longer time period of 1946–2016. In contrast, we find a stable negative relationship between oil prices and real dividends which we argue is a better proxy for economic activity (as compared to equity prices). On the supply side, the effects of lower oil prices differ widely across the different oil producers, and could be perverse initially, as some of the major oil producers try to compensate their loss of revenues by raising production. Taking demand and supply adjustments to oil price changes as a whole, we conclude that oil markets equilibrate but rather slowly, with large episodic swings between low and high oil prices.
Book Synopsis Oil and the World Economy by : Mr.Michael Kumhof
Download or read book Oil and the World Economy written by Mr.Michael Kumhof and published by International Monetary Fund. This book was released on 2012-10-25 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper, using a six-region DSGE model of the world economy, assesses the GDP and current account implications of permanent oil supply shocks hitting the world economy at an unspecified future date. For modest-sized shocks and conventional production technologies the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage is reduced to a minimum, and for production functions in which oil acts as a critical enabler of technologies, GDP growth could drop significantly. Also, oil prices could become so high that smooth adjustment, as assumed in the model, may become very difficult.
