Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/69986 
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper No. 4126
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the global crude oil price expressed in US dollar. Furthermore, the effect of the US dollar on oil demand tends to be declining over time and, for a subsample of OECD countries, stronger for an appreciation compared to a depreciation of the US dollar.
Subjects: 
oil demand
US dollar exchange rate
panel data
nonlinearities
JEL: 
C33
F31
Q41
Document Type: 
Working Paper
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