Oil Market Structure, Network Effects and the Choice of Currency for Oil Invoicing

A recurring theme in recent years in the debate on the international role of currencies has been the possibility of pricing oil in euro. This paper contributes to these debates by providing a detailed review of the empirical evidence regarding the market for crude oil and current oil invoicing practices. It introduces a network effect model to identify the conditions under which a parallel invoicing in different currencies would be possible. The paper also includes a simulation designed to illustrate the dynamics of the currency choice of oil invoicing

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Year of publication:	[2007]
Authors:	Mileva, Elitza
Other Persons:	Siegfried, Nikolaus A. (contributor)
Publisher:	[2007]: [S.l.] : SSRN
Subject:	Ölmarkt \| Oil market \| Welt \| World \| Währungssubstitution \| Currency substitution \| Marktmechanismus \| Market mechanism \| Netzwerkökonomik \| Network economics

Extent:	1 Online-Ressource (33 p)
Series:	ECB Occasional Paper ; No. 77
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 2007 erstellt
Other identifiers:	10.2139/ssrn.1005940 [DOI]
Classification:	G14 - Information and Market Efficiency; Event Studies ; O13 - Agriculture; Natural Resources; Energy; Environment; Other Primary Products ; Q41 - Demand and Supply
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012776340