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- Title
The U.S. Dollar Exchange Rate and the Demand for Oil.
- Authors
De Schryder, Selien; Peersman, Gert
- Abstract
Using recent advances in panel data estimation techniques, we find that an appreciation of the U.S. 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 considerably larger than the impact of a shift in the global crude oil price expressed in U.S. dollar. This finding appears to be the consequence of a stronger pass-through of changes in the U.S. dollar exchange rate to domestic end-user oil products prices relative to changes in the global crude oil price. Furthermore, we demonstrate the relevance of U.S. dollar fluctuations for global oil price dynamics.
- Subjects
U.S. dollar; FOREIGN exchange rates; ENERGY consumption &; economics; ECONOMIC demand; PETROLEUM sales &; prices
- Publication
Energy Journal, 2015, Vol 36, Issue 3, p263
- ISSN
0195-6574
- Publication type
Article
- DOI
10.5547/01956574.36.3.ssch