Oil Prices and the Global Economy: A General Equilibrium Analysis

doi:10.1016/j.eneco.2015.03.005

Publication:
Oil Prices and the Global Economy: A General Equilibrium Analysis

dc.contributor.author	Timilsina, Govinda R.
dc.date.accessioned	2015-09-29T17:05:38Z
dc.date.available	2015-09-29T17:05:38Z
dc.date.issued	2015-03-23
dc.description.abstract	A global computable general equilibrium model is used to analyze the economic impacts of rising oil prices with endogenously determined availability of biofuels to mitigate those impacts. The negative effects on the global economy are comparable to those found in other studies, but the impacts are unevenly distributed across countries/regions or sectors. The agricultural sectors of high-income countries, which are relatively energy intensive, would suffer more from a rising oil prices than that in lower-income countries, whereas the reverse is true for the impacts across manufacturing sectors. The impacts are especially strong for oil importers with relatively energy-intensive manufacturing and trade, such as India and China. While the availability of biofuels does mitigate some of the negative impacts of rising oil prices, the benefit is small because capacity of biofuels to economically substitute for fossil fuels on a large scale remains limited.	en
dc.identifier.citation	Energy Economics
dc.identifier.doi	10.1596/22704
dc.identifier.issn	0140-9883
dc.identifier.uri	https://hdl.handle.net/10986/22704
dc.language.iso	en_US
dc.publisher	Elsevier
dc.rights	CC BY-NC-ND 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
dc.subject	oil prices
dc.subject	CGE model
dc.subject	global economy
dc.subject	international trade
dc.title	Oil Prices and the Global Economy	en
dc.title.subtitle	A General Equilibrium Analysis	en
dc.type	Journal Article	en
dc.type	Article de journal	fr
dc.type	Artículo de revista	es
dspace.entity.type	Publication
okr.date.disclosure	2019-03-23
okr.date.doiregistration	2025-05-06T11:06:19.150691Z
okr.doctype	Publications & Research
okr.doctype	Publications & Research::Journal Article
okr.externalcontent	External Content
okr.globalpractice	Macroeconomics and Fiscal Management
okr.identifier.doi	10.1016/j.eneco.2015.03.005
okr.journal.nbpages	669-75
okr.language.supported	en
okr.peerreview	Academic Peer Review
okr.relation.associatedurl	http://www.sciencedirect.com/science/article/pii/S0140988315000961
okr.topic	Energy::Energy Markets
okr.topic	Energy::Oil & Gas
okr.topic	Macroeconomics and Economic Growth::Economic Forecasting
okr.topic	Macroeconomics and Economic Growth::Economic Growth
okr.topic	Macroeconomics and Economic Growth::Economic Theory & Research
okr.unit	Development Research Group
okr.volume	49 (May 2015)