We estimate the effects of unexpected changes in oil prices on output for the case of Venezuela, an oil-exporting economy. Following Hamilton (2003), Lee et al. (1995), and Mork (1989), we estimate measures of oil shocks and determine the effect of these shocks on the Venezuelan economy. Our results suggest that oil shocks have had positive and significant effects on output growth in Venezuela ...

This paper examines risk-averse and risk-seeking investor preferences for oil spot and futures prices by using the mean-variance (MV) criterion and stochastic dominance (SD) approach. The MV findings cannot distinguish between the preferences of spot and futures markets. However, the SD tests show that spot dominates futures in the downside risk, while futures dominate spot in the upside profit...

This article proposes a two-stage oligopoly model for the crude oil market. In a game of several Stackelberg leaders, market power increases endogenously as the spare capacity of the competitive fringe goes down. This effect is due to the specific cost function characteristics of extractive industries. The model captures the increase of OPEC market power before the financial crisis and its dras...

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...

Bu çalışmada, kurumsal gelişmişlik ve doğal kaynak zenginliği bağlantısı çerçevesinde 2010-2020 dönemi için OPEC üyesi 13 ülkenin düzeyleri incelenmektedir. Literatürde göstergelerine odaklanan çalışmalarda her bir göstergenin farklı sorunlar ile arasındaki ilişki ele alınmaktadır. Ancak, analizini bütüncül biçimde alan çok boyutlu yapısı gereği kriterli karar verme yöntemlerine başvurulan çalı...