… We investigate the impact of oil price shocks on global imbalances in both net oil importers
and exporters by considering the responses of three variables. The first one is the economic …

… Although there have been surplus and deficit nations in the world for some decades, the
2008 global financial crisis underscored the magnitude of the so-called global imbalances …

… oil exporters’ role in the global imbalances debate. Current account dynamics are estimated
for oil-… Perhaps this is due to a supposition that the oil price is the only driver of their current …

… Global imbalances are probably the most complex macroeconomic issue facing economists
… as a whole, global imbalances did not decline, primarily because of the spike in oil prices. In …

… in the global oil price would heavily dampen the oil trade deficit of the economy, at least in
the short run. This finding is attributable to the fact that Japan has virtually no domestic oil and …

… global imbalances, their prospects after the global crisis, and their policy implications. A
conventional view of global imbalances … An alternative view holds that global imbalances are the …

… The first reviews the evolution of global imbalances up to 2008. While … Yet for the year 2008
as a whole, global imbalances did not decline, primarily because of the spike in oil prices. In …

… them for oil exporters, decreases in global demand have a … that oil price increases only
generate large global imbalances if … evidence that oil price decreases only benefit oil importers if …

… countries the reason was the persistent rise in world oil prices. Rising saving led to widening
current account surpluses in both groups of countries -- especially among oil exporters, …

… Secondly, we provide a disaggregated analysis on how oil price shocks affect international
trade balances. Thirdly, the results from the GVAR model allow us to draw conclusions about …