This paper investigates demand response to crude oil price movements before and after the recent global financial and economic crisis. It employs several market power indices to structurally estimate price elasticities. A newly developed market power index for crude oil markets is implemented....

In this study, we have endeavored to explain China‟s trade pattern with OPEC member countries by employing gravity model over the period 1990-2016. The estimation results demonstrate that the gravity equation fits the data pragmatically. China was the first biggest oil importer worldwide with...

We investigate the relationships between different types of OPEC announcements and term structure variables (level, slope and curvature) for WTI crude oil futures. We find that agreements to increase (decrease) production are positively (negatively) associated with changes in oil price levels in...

This article seeks to elaborate on the (seemingly) clash of goals between the WTO and the OPEC. This article thereafter elucidates possible arguments and outcomes if a (hypothetical) case were to be brought before the WTO by any of its member states, primarily based on GATT arts. XI, XX and XXI....

We examine the existing fiscal policy paradigm in commodity-exporting countries. First,we argue that its centerpiece-the permanent income hypothesis (PIH)-is not consistentwith either intergenerational equity or long-term sustainability in the presence ofuncertainty. Policies to achieve these...

We study the jump behaviour in the sovereign risks of major oil-exporting countries and examine whether it is affected by jumps in the price and volatility of crude oil. Data used are daily from 14 February 2011, to 31 July 2019. We detect the presence of jumps in many oil exporters and find...

The impact that oil market shocks have on stock markets of oil-related economies has several implications for both domestic and foreign investors. Thus, we investigate the role of the oil market in deriving the dynamic linkage between stock markets of oil-exporting and oil-importing countries....