Global Implications Of Lower Oil Prices
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Author | : Mr.Aasim M. Husain |
Publisher | : International Monetary Fund |
Total Pages | : 41 |
Release | : 2015-07-14 |
Genre | : Business & Economics |
ISBN | : 151357227X |
The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
Author | : Mr.Rabah Arezki |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 2017-01-27 |
Genre | : Business & Economics |
ISBN | : 1475572360 |
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.
Author | : Jordi Galí |
Publisher | : University of Chicago Press |
Total Pages | : 663 |
Release | : 2010-03-15 |
Genre | : Business & Economics |
ISBN | : 0226278875 |
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.
Author | : Mr. Kangni R Kpodar |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 2021-11-12 |
Genre | : Business & Economics |
ISBN | : 1616356154 |
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.
Author | : Mr.Aasim M. Husain |
Publisher | : International Monetary Fund |
Total Pages | : 41 |
Release | : 2015-07-14 |
Genre | : Business & Economics |
ISBN | : 1513532413 |
The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
Author | : Roberto F. Aguilera |
Publisher | : Cambridge University Press |
Total Pages | : 253 |
Release | : 2016 |
Genre | : Business & Economics |
ISBN | : 1107110017 |
This book explains why oil prices rose so spectacularly in the past and examines how they will be suppressed in the future.
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 754 |
Release | : 2014-02-19 |
Genre | : Business & Economics |
ISBN | : 1484355261 |
The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
Author | : |
Publisher | : |
Total Pages | : 780 |
Release | : 2000 |
Genre | : Shipbuilding industry |
ISBN | : 9789628565412 |
Author | : Mr.Tokhir N Mirzoev |
Publisher | : International Monetary Fund |
Total Pages | : 55 |
Release | : 2020-02-06 |
Genre | : Business & Economics |
ISBN | : 1513525905 |
The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil. This spells a significant challenge for oil-exporting countries, including those of the Gulf Cooperation Council (GCC) who account for a fifth of the world’s oil production. The GCC countries have recognized the need to reduce their reliance on oil and are all implementing reforms to diversify their economies as well as fiscal and external revenues. Nevertheless, as global oil demand is expected to peak in the next two decades, the associated fiscal imperative could be both larger and more urgent than implied by the GCC countries’ existing plans.
Author | : Ian W.H. Parry |
Publisher | : International Monetary Fund |
Total Pages | : 198 |
Release | : 2014-07-22 |
Genre | : Business & Economics |
ISBN | : 1484388577 |
Energy taxes can produce substantial environmental and revenue benefits and are an important component of countries’ fiscal systems. Although the principle that these taxes should reflect global warming, air pollution, road congestion, and other adverse environmental impacts of energy use is well established, there has been little previous work providing guidance on how countries can put this principle into practice. This book develops a practical methodology, and associated tools, to show how the major environmental damages from energy can be quantified for different countries and used to design the efficient set of energy taxes.