Oil price shocks and the composition of current account balance
| Autor: | Hakan Berument, Serdar Varlik |
|---|---|
| Přispěvatelé: | [Belirlenecek], Berument, M. Hakan |
| Jazyk: | angličtina |
| Rok vydání: | 2020 |
| Předmět: |
Q40
Economics and Econometrics Compensation of employees Balance of trade Monetary economics Current account balance Oil prices lcsh:HG1501-3550 lcsh:Finance lcsh:HG1-9999 0502 economics and business Economics ddc:330 Production (economics) 050207 economics Agricultural productivity Empirical evidence Financial services Investment income lcsh:HB71-74 business.industry F14 FAVAR 05 social sciences [No Keywords] F17 lcsh:Economics as a science Current account lcsh:Banking business 050203 business & management Finance |
| Zdroj: | Central Bank Review, Vol 20, Iss 1, Pp 1-8 (2020) Central Bank Review |
| Popis: | It is a well-established regularity that permanent oil price shocks do not have a permanent effect on the current account deficit. This requires that sub-components of the current account or trade balance will make the necessary adjustments to accommodate the higher energy bill of a country triggered by permanent crude oil price increases. Empirical evidence gathered from Turkey reveals that, in the long run, balancing the current account is provided by a permanent increase in the net exports of Agricultural Production, Maintenance and Repair Services, Travel, Construction, Financial Services, Compensation of Employees, and Goods under Merchanting (non-tradable components of the current account balance); and a permanent decrease in the net exports of Mining, Fishery, Other Goods for BEC Classification, Investment Income, Manufacturing Services on Physical Inputs Owned by Others, and Transport balances mostly in sectors that use energy heavily in production. All these responses are found to be statistically significant in the more than 24 periods we consider in this study. (c) 2020 Central Bank of The Republic of Turkey. Production and hosting by Elsevier B.V. WOS:000524450300001 2-s2.0-85081694667 |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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