YERCEPTIONS OF A GLOBAL CRISIS have been rampant for over a decade. Third world nations fear their development prospects are being undermined by a series of devastating external shocks. Unprecedentedly high levels of foreign debt service, coupled with climbing interest rates and falling export revenues, have forced many developing countries to cut imports, restrict public-sector spending, curta...

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The paper presents a theory of nominal asset prices for competitively owned oil. Focusing on monetary e¤ects, with ‡exible oil prices the US dollar oil price should follow the aggregate US price level. But with rigid nominal oil prices, the nominal oil price jumps proportionally to nominal interest rate increases. We …nd evidence for structural breaks in the nominal oil price that are used to i...

A b s t r a c t a r t i c l e i n f o JEL classification: C23 G15 Q43 Keywords: Asymmetric effects International stock markets Oil prices Panel data Oil price volatility Although studies have found an asymmetric pattern in the response of aggregate output to oil price changes, parallel studies in stock markets have not been conclusive about their existence. This paper finds evidence that effect...

This paper contributes to the discussion of role that terrorism plays in oil production and prices literature by studying dynamics terrorist attacks OPEC. To this purpose, we use techniques based on fractional integration, cointegration VAR (FCVAR) wavelet analysis. Monthly data related OPEC production, basket crude from January 1970 December 2018 are used. The results, using integration techni...