Publication:
Energy Price Shocks and Current Account Balances: Evidence from Emerging Market and Developing Economies

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dc.contributor.authorLebrand, Mathilde
dc.contributor.authorVasishtha, Garima
dc.contributor.authorYilmazkuday, Hakan
dc.date.accessioned2023-12-05T16:23:35Z
dc.date.available2023-12-05T16:23:35Z
dc.date.issued2023-12-05
dc.description.abstractThis paper investigates the effects of real energy price shocks on the current account balances of 45 emerging market and developing economies using country-specific structural vector autoregression models. The empirical results suggest that a 1 percent increase in real oil prices results in up to 0.11 percentage point cumulative improvement in the current account balances of oil exporters after five years, while a similar shock to real natural gas prices results in up to 0.06 percentage point improvement in the current account balances of natural gas exporters after five years. Real coal price shocks result in higher current account balances of oil exporters and natural gas exporters, suggesting substitution of coal with oil and natural gas in such cases. When the contributions of alternative real energy prices to the variance of current account balances are compared, oil price shocks dominate those of natural gas and coal prices. On the source of oil price shocks, the results support the view that the effects of oil demand shocks on current account balances are different from those of oil supply shocks. The results are robust to alternative specifications and identification schemes.en
dc.identifierhttp://documents.worldbank.org/curated/en/099529112012323945/IDU0b00bb5920b38c041f0093b80460779a24451
dc.identifier.doi10.1596/1813-9450-10623
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/40689
dc.languageEnglish
dc.language.isoen
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Papers; 10623
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectOIL PRICE
dc.subjectNATURAL GAS PRICE
dc.subjectCOAL PRICE
dc.subjectENERGY PRICE SHOCK
dc.subjectALTERNATIVE ENERGY PRICE SHOCKS
dc.titleEnergy Price Shocks and Current Account Balancesen
dc.title.subtitleEvidence from Emerging Market and Developing Economiesen
dc.typeWorking Paper
dspace.entity.typePublication
okr.crossref.titleEnergy Price Shocks and Current Account Balances: Evidence from Emerging Market and Developing Economies
okr.date.disclosure2023-12-01
okr.date.lastmodified2023-12-01T00:00:00Zen
okr.doctypePolicy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099529112012323945/IDU0b00bb5920b38c041f0093b80460779a24451
okr.guid099529112012323945
okr.identifier.docmidIDU-b00bb592-b38c-41f0-93b8-460779a24451
okr.identifier.doi10.1596/1813-9450-10623
okr.identifier.doihttp://dx.doi.org/10.1596/1813-9450-10623
okr.identifier.externaldocumentum34206486
okr.identifier.internaldocumentum34206486
okr.identifier.reportWPS10623
okr.import.id2463
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099529112012323945/pdf/IDU0b00bb5920b38c041f0093b80460779a24451.pdfen
okr.topicEnergy::Energy Demand
okr.topicEnergy::Power & Energy Conversion
okr.topicEnergy::Fuels
okr.topicEnergy::Energy Policies & Economics
okr.unitProspects Group (DECPG)
relation.isAuthorOfPublication638d03a5-dedb-4a52-95ab-bcedc3fc5302
relation.isAuthorOfPublication.latestForDiscovery638d03a5-dedb-4a52-95ab-bcedc3fc5302
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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