Oil prices and the impact of the financial crisis of 2007–2009
Oil prices increased dramatically during 2004–2006. Industry experts initially attributed these price increases to fundamental factors such as the rise in global demand, but also because of disruptions in the supply of oil. The price increases however were so substantial that additional factors are...
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| Veröffentlicht in: | Energy economics 2011-11, Vol.33 (6), p.1049-1054 |
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| container_end_page | 1054 |
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| container_title | Energy economics |
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| creator | Bhar, Ramaprasad Malliaris, A.G. |
| description | Oil prices increased dramatically during 2004–2006. Industry experts initially attributed these price increases to fundamental factors such as the rise in global demand, but also because of disruptions in the supply of oil. The price increases however were so substantial that additional factors are needed to explain such dramatic changes. We propose that the decline in the value of the U.S. dollar measured both by the appreciation of the Euro and of gold prices, played an important role as oil suppliers demanded compensation for the declining value of the dollar. Using a Markov switching regime methodology we find evidence that this hypothesis is true prior to the financial crisis, but its validity does not hold after the crisis when oil prices crashed and the dollar rallied. |
| doi_str_mv | 10.1016/j.eneco.2011.01.016 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0140-9883 |
| ispartof | Energy economics, 2011-11, Vol.33 (6), p.1049-1054 |
| issn | 0140-9883 1873-6181 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_908489748 |
| source | Elsevier ScienceDirect Journals Complete; PAIS Index |
| subjects | Applied sciences Crude oil prices Currencies Currency devaluation Economic conditions Economic crisis Economic data Economics Energy Energy economics Energy policy Euro Eurocurrency market Exact sciences and technology Finance Financial crisis Fossil fuels and derived products General aspects General, economic and professional studies Gold Gold price Industry Markov analysis Markov switching regimes Markovian processes Oil Oil price Oil prices Petroleum industry Price level Prices Studies Time series Time series analysis |
| title | Oil prices and the impact of the financial crisis of 2007–2009 |
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