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dc.contributor.authorBelke, Ansgaren_US
dc.contributor.authorGros, Danielen_US
dc.date.accessioned2009-07-30en_US
dc.date.accessioned2010-02-12T15:07:42Z-
dc.date.available2010-02-12T15:07:42Z-
dc.date.issued2009en_US
dc.identifier.isbn978-3-86788-140-1en_US
dc.identifier.urihttp://hdl.handle.net/10419/29909-
dc.description.abstractThe purpose of this contribution is to illustrate the mechanism by which higher oil prices might lead to lower interest rates in the context of a simple model that takes into account the global external savings equilibrium. The simple model has interesting implications for how one views the huge US current account deficit and how the emergence of China's savings surplus and oil supply shocks impact the global economy.We show that the new equilibrium is located at a lower interest rate but also at a lower income level than without the China effect. Moreover, we argue that the lower real interest rates resulting from excess OPEC savings have facilitated the adjustment to the subprime crisis.en_US
dc.language.isoengen_US
dc.publisherRWI Essenen_US
dc.relation.ispartofseriesRuhr economic papers 128en_US
dc.subject.jelE21en_US
dc.subject.jelE43en_US
dc.subject.jelF32en_US
dc.subject.jelQ43en_US
dc.subject.ddc330en_US
dc.subject.keywordChina factoren_US
dc.subject.keywordcurrent account adjustmenten_US
dc.subject.keywordinterest rateen_US
dc.subject.keywordoil pricesen_US
dc.subject.keywordsaving gluten_US
dc.subject.stwErdölpreisen_US
dc.subject.stwZinsen_US
dc.subject.stwSparquoteen_US
dc.subject.stwLeistungsbilanzen_US
dc.subject.stwUSAen_US
dc.subject.stwChinaen_US
dc.titleA simple model of an oil based global savings glut: the China factor and the OPEC cartelen_US
dc.typeWorking Paperen_US
dc.identifier.ppn605644985en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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Ruhr Economic Papers, RWI

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