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341. Oil Shocks and External Adjustment

Author:
Luca Guerrieri, Martin Bodenstein, and Christopher J. Erceg
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper investigates how oil price shocks affect the trade balance and terms of trade in a two country DSGE model. We show that the response of the external sector depends critically on the structure of financial market risk-sharing. Under incomplete markets, higher oil prices reduce the relative wealth of an oil-importing country, and induce its nonoil terms of trade to deteriorate, and its nonoil trade balance to improve. The magnitude of the nonoil terms of trade response hinges on structural parameters that affect the divergence in wealth effects across oil importers and exporters, including the elasticity of substitution between oil and other inputs in production, and the discount factor. By contrast, cross-country wealth differences effectively disappear under complete markets, with the implication that oil shocks have essentially no effect on the nonoil terms of trade or the nonoil trade balance.
Topic:
Economics, Foreign Exchange, International Trade and Finance, Markets, and Oil

342. International Conference on Renewable Energy: Potential and Benefits for Developing Countries

Publication Date:
04-2007
Content Type:
Policy Brief
Institution:
EastWest Institute
Abstract:
As part of the EastWest Institute's and the Madariaga European Foundation's joint project on Energy and Conflict Prevention, a one-day discussion titled “Energy and Conflict: Current Controversies” was held. This convening was part of the project's concluding activities.
Topic:
Conflict Prevention, Energy Policy, International Cooperation, and Oil
Political Geography:
Russia

343. The Case for Exchange Rate Flexibility in Oil-Exporting Economies

Author:
Brad Setser
Publication Date:
11-2007
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Brad Setser is a fellow at the Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations. He previously worked as a senior economist at RGEMonitor, an online financial information service. He served in the US Treasury Department from 1997 to 2001, where he concluded his tenure as the acting director of the Office of International Monetary and Financial Policy, and spent 2002 as a visiting scholar at the International Monetary Fund. He is the coauthor of Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies (Institute for International Economics, 2004) with Nouriel Roubini.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Oil
Political Geography:
United States

344. Oil development in Africa: Lessons for Sudan after the comprehensive peace agreement

Author:
Luke Patey
Publication Date:
05-2007
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
In 1999, Sudan shipped its first barrel of oil to the international market. It did so with one civil war painfully continuing between the Khartoum government and the Sudan People's Liberation Army, unrest threatening the petroleum pathway along the pipeline route in the East, and a growing conflict in the western province of Darfur. This was not a rare occurrence in Africa. Nigeria and Angola had experienced the paradoxical duality of the economic progression of oil development; a one-sided affair simply benefiting the ruling elite, while the majority of the population suffered civil war and unrelenting poverty. However, unlike previous cases of the 'resource curse' in Africa, what seems to be a growing trend took shape in Sudan with the engagement of Asian investors, particularly China, in the development of its oil industry. While Asian investment initially took place alongside Western oil companies, state-owned enterprises from China, Malaysia, and India later came to dominate the sector. Nonetheless, whether this investment will deviate from the historical norm of fuelling civil war and underdevelopment has yet to be seen.
Topic:
Conflict Resolution, Civil War, and Oil
Political Geography:
Africa, China, Sudan, Darfur, Malaysia, India, Nigeria, Angola, and Khartoum

345. The New Energy Security: 2005 Global Oil and Gas Forum

Author:
John A. Riggs
Publication Date:
01-2006
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
Energy security means different things to different countries. Importing countries primarily focus on supply. Since the oil price shocks of the 1970s, the focus of energy security has been on achieving adequate supplies at reasonable prices, without incurring serious disruptions. Recent high prices have intensified this concern and renewed interest in policies to bring prices down.
Topic:
Security, Energy Policy, and Oil
Political Geography:
Russia, China, Europe, Middle East, India, Asia, and Saudi Arabia

346. Energy: The New Normal?

Author:
John A. Riggs
Publication Date:
10-2006
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
The title of the 2006 Energy Policy Forum—Energy: The New Normal? — raises two primary questions: has the world crossed a threshold into a qualitatively different energy environment in which the era of cheap and plentiful energy is over, and does the interaction of energy issues with other considerations, such as national security, foreign affairs, and global climate change, require fundamentally new ways of thinking about U.S. energy policies?
Topic:
Energy Policy, Environment, and Oil
Political Geography:
United States and Middle East

347. A New Era for Oil Prices

Author:
John V Mitchell
Publication Date:
08-2006
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
Since 2003 the international oil market has been moving away from the previous 20-year equilibrium in which prices fluctuated around $25/bbl (in today's dollars). The single most important reason is that growing demand has eliminated the structural surplus of crude production capacity which had existed since the oil price shock of 1979-83.
Topic:
Energy Policy, International Trade and Finance, Markets, and Oil

348. Al-Qaeda Attack on Abqaiq: The Vulnerability of Saudi Oil

Author:
Simon Henderson
Publication Date:
02-2006
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
The February 24 attack by al-Qaeda on Saudi Arabia's giant oil processing facility at Abqaiq failed. At least two of the attackers were killed, along with two security guards. On February 27, Saudi authorities said they had killed another five terrorists linked to the Abqaiq attack in a clash in Riyadh, and they were interrogating a further suspect. The failure of the attack and the reported success of the subsequent counterterrorist operation give the impression of Saudi efficiency, but it should at least as much serve as a warning. The planned attack, targeting the world's largest oil exporter, should give impetus to President Bush's determination, declared in his January State of the Union address, to wean the United States off foreign oil.
Topic:
Conflict Resolution, Economics, and Oil
Political Geography:
Middle East, Arabia, and Saudi Arabia

349. New rules for a new 'Great Game'

Author:
Anthony Bubalo and Mark P Thirlwell
Publication Date:
11-2006
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
Strongly growing demand for oil, the sharp run up in prices since mid-2003 and tight supply, have seen energy insecurity return to the international policy agenda. Fears have been raised that China's emergence as a voracious consumer of oil and gas and a keen competitor in global energy markets might imperil the largely cordial relationship that has developed between Beijing and Washington over the last decade. There is also a risk that the competition for energy resources could feed into the less than cordial relations between China and Japan. The purpose of this Policy Brief is to examine the risks that the competition for oil resources might pose for international security, focusing in particular on the relationships between the United States, Middle East oil producers and major Northeast Asian energy consumers, and to propose a mechanism for defusing some of the risks that this competition could entail.
Topic:
Energy Policy, International Organization, International Political Economy, and Oil
Political Geography:
United States, Japan, China, and Middle East

350. Producer-Consumer Dialogue: What can energy ministers say to one another?

Author:
John Mitchell
Publication Date:
11-2005
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
The development of exceptionally high oil prices since mid-2004 has attracted increased political attention. High level discussions may provide a political stimulus for further development of a producer-consumer dialogue additional to the international trade which unites billions of consumers with hundreds of oil producing enterprises.
Topic:
Energy Policy, Government, International Cooperation, Markets, and Oil