Oil price shocks and the composition of current account balance

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dc.contributor.authorVarlik, Serdar
dc.contributor.authorBerument, M. Hakan
dc.date.accessioned2021-11-01T15:03:14Z
dc.date.available2021-11-01T15:03:14Z
dc.date.issued2020
dc.department[Belirlenecek]
dc.description.abstractIt is a well-established regularity that permanent oil price shocks do not have a permanent effect on the current account deficit. This requires that sub-components of the current account or trade balance will make the necessary adjustments to accommodate the higher energy bill of a country triggered by permanent crude oil price increases. Empirical evidence gathered from Turkey reveals that, in the long run, balancing the current account is provided by a permanent increase in the net exports of Agricultural Production, Maintenance and Repair Services, Travel, Construction, Financial Services, Compensation of Employees, and Goods under Merchanting (non-tradable components of the current account balance); and a permanent decrease in the net exports of Mining, Fishery, Other Goods for BEC Classification, Investment Income, Manufacturing Services on Physical Inputs Owned by Others, and Transport balances mostly in sectors that use energy heavily in production. All these responses are found to be statistically significant in the more than 24 periods we consider in this study. (c) 2020 Central Bank of The Republic of Turkey. Production and hosting by Elsevier B.V.
dc.identifier.doi10.1016/j.cbrev.2020.02.002
dc.identifier.endpage8en_US
dc.identifier.issn1303-0701
dc.identifier.issn1305-8800
dc.identifier.issue1en_US
dc.identifier.scopus2-s2.0-85081694667
dc.identifier.scopusqualityQ1
dc.identifier.startpage1en_US
dc.identifier.urihttps://doi.org/10.1016/j.cbrev.2020.02.002
dc.identifier.urihttps://hdl.handle.net/11491/7035
dc.identifier.volume20en_US
dc.identifier.wosWOS:000524450300001
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthor[Belirlenecek]
dc.language.isoen
dc.publisherCentral Bank Republic Turkey
dc.relation.ispartofCentral Bank Review
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectOil pricesen_US
dc.subjectCurrent account balanceen_US
dc.subjectFAVARen_US
dc.titleOil price shocks and the composition of current account balance
dc.typeArticle

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