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The Finnish Great Depression : From Russia with Love
Gorodnichenko, Yuriy - 2009
During the period 1991-93, Finland experienced the deepest economic downturn in an industrialized country since the … of Soviet-Finnish trade can explain key features of Finland's Great Depression. We also show that Finland's Great … similar trade collapse. However, as a western democracy with developed capital markets and institutions, Finland faced none of …
Persistent link: https://www.econbiz.de/10012463774
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Making Sense of the Soviet Trade Shock in Eastern Europe : A Framework and Some Estimates
Rodrik, Dani - 1992
Eastern European countries have experienced sharp declines in real GDP since 1990. One of the reasons for this decline is the Soviet trade shock, deriving from the collapse of the CMEA and of traditional export markets in the Soviet Union. This paper is an attempt to quantify the magnitude of...
Persistent link: https://www.econbiz.de/10012474863
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Two Wrongs Can Sometimes Make a Right : The Environmental Benefits of Market Power in Oil
Asker, John; Collard-Wexler, Allan; De Canniere, Charlotte - National Bureau of Economic Research - 2024
Market power reduces equilibrium quantities and distorts production, typically causing welfare losses. However, as Buchanan (1969) noted, market power may mitigate overproduction from negative externalities. This paper examines this in the global oil market, where OPEC's market power affects oil...
Persistent link: https://www.econbiz.de/10015145066
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The Changing Face of World Oil Markets
Hamilton, James D. - 2014
This year the oil industry celebrated its 155th birthday, continuing a rich history of booms, busts and dramatic technological changes. Many old hands in the oil patch may view recent developments as a continuation of the same old story, wondering if the high prices of the last decade will prove...
Persistent link: https://www.econbiz.de/10012458312
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The Simple Economics of Commodity Price Speculation
Knittel, Christopher R. - 2013
Persistent link: https://www.econbiz.de/10012459711
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Limits to Arbitrage and Hedging : Evidence from Commodity Markets
Acharya, Viral V. - 2011
Motivated by the literature on limits-to-arbitrage, we build an equilibrium model of commodity markets in which speculators are capital constrained, and commodity producers have hedging demands for commodity futures. Increases (decreases) in producers' hedging demand (speculators' risk-capacity)...
Persistent link: https://www.econbiz.de/10012461784
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Historical Oil Shocks
Hamilton, James D. - 2011
This paper surveys the history of the oil industry with a particular focus on the events associated with significant changes in the price of oil. Although oil was used much differently and was substantially less important economically in the nineteenth century than it is today, there are...
Persistent link: https://www.econbiz.de/10012461867
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Cursed Resources? Political Conditions and Oil Market Outcomes
Metcalf, Gilbert E. - 2010
We analyze how a country's political institutions affect oil production within its borders. We find a pronounced negative relationship between political openness and volatility in oil production, with democratic regimes exhibiting less volatility than more autocratic regimes. This relationship...
Persistent link: https://www.econbiz.de/10012462043
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Pass-Through of Oil Prices to Japanese Domestic Prices
Shioji, Etsuro - 2010
In this paper, we investigate changes in the impacts of world crude oil prices on domestic prices in Japan. First, we employ a time-varying parameter VAR (TVP-VAR) approach to confirm that the rate of pass-through of oil prices declined, both at the aggregate and sectoral levels, for the period...
Persistent link: https://www.econbiz.de/10012462762
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Understanding Crude Oil Prices
Hamilton, James D. - 2008
This paper examines the factors responsible for changes in crude oil prices. The paper reviews the statistical behavior of oil prices, relates these to the predictions of theory, and looks in detail at key features of petroleum demand and supply. Topics discussed include the role of commodity...
Persistent link: https://www.econbiz.de/10012464155