Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/212650
Authors: 
Korhonen, Iikka
Mehrotra, Aaron
Year of Publication: 
2009
Series/Report no.: 
BOFIT Discussion Papers 6/2009
Abstract: 
We assess the effects of oil price shocks on real exchange rate and output in four large energy-producing countries: Iran, Kazakhstan, Venezuela, and Russia. We estimate four-variable structural vector autoregressive models using standard long-run restrictions. Not surprisingly, we find that higher real oil prices are associated with higher output. However, we also find that supply shocks are by far the most important driver of real output in all four countries, possibly due to ongoing transition and catching-up. Similarly, oil shocks do not account for a large share of movements in the real exchange rate, although they are clearly more significant for Iran and Venezuela than for the other countries.
Subjects: 
structural VAR model
oil price
Iran
Kazakhstan
Russia
Venezuela
JEL: 
E31
E32
F31
Q43
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-967-6
Document Type: 
Working Paper

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