Oil Prices and the Global Economy : A General Equilibrium Analysis

A global computable general equilibrium model is used to analyze the economic impacts of rising oil prices with endogenously determined availability of biofuels to mitigate those impacts. The negative effects on the global economy are comparable to those found in other studies, but the impacts are u...

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Bibliographic Details
Main Author:	Timilsina, Govinda R.
Format:	Journal Article
Language:	en_US
Published:	Elsevier 2015
Subjects:	oil prices CGE model global economy international trade
Online Access:	http://hdl.handle.net/10986/22704

id	okr-10986-22704
recordtype	oai_dc
spelling	okr-10986-227042021-04-23T14:04:10Z Oil Prices and the Global Economy : A General Equilibrium Analysis Timilsina, Govinda R. oil prices CGE model global economy international trade A global computable general equilibrium model is used to analyze the economic impacts of rising oil prices with endogenously determined availability of biofuels to mitigate those impacts. The negative effects on the global economy are comparable to those found in other studies, but the impacts are unevenly distributed across countries/regions or sectors. The agricultural sectors of high-income countries, which are relatively energy intensive, would suffer more from a rising oil prices than that in lower-income countries, whereas the reverse is true for the impacts across manufacturing sectors. The impacts are especially strong for oil importers with relatively energy-intensive manufacturing and trade, such as India and China. While the availability of biofuels does mitigate some of the negative impacts of rising oil prices, the benefit is small because capacity of biofuels to economically substitute for fossil fuels on a large scale remains limited. 2015-09-29T17:05:38Z 2015-09-29T17:05:38Z 2015-03-23 Journal Article Energy Economics 0140-9883 http://hdl.handle.net/10986/22704 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Elsevier Publications & Research Publications & Research :: Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	en_US
topic	oil prices CGE model global economy international trade
spellingShingle	oil prices CGE model global economy international trade Timilsina, Govinda R. Oil Prices and the Global Economy : A General Equilibrium Analysis
description	A global computable general equilibrium model is used to analyze the economic impacts of rising oil prices with endogenously determined availability of biofuels to mitigate those impacts. The negative effects on the global economy are comparable to those found in other studies, but the impacts are unevenly distributed across countries/regions or sectors. The agricultural sectors of high-income countries, which are relatively energy intensive, would suffer more from a rising oil prices than that in lower-income countries, whereas the reverse is true for the impacts across manufacturing sectors. The impacts are especially strong for oil importers with relatively energy-intensive manufacturing and trade, such as India and China. While the availability of biofuels does mitigate some of the negative impacts of rising oil prices, the benefit is small because capacity of biofuels to economically substitute for fossil fuels on a large scale remains limited.
format	Journal Article
author	Timilsina, Govinda R.
author_facet	Timilsina, Govinda R.
author_sort	Timilsina, Govinda R.
title	Oil Prices and the Global Economy : A General Equilibrium Analysis
title_short	Oil Prices and the Global Economy : A General Equilibrium Analysis
title_full	Oil Prices and the Global Economy : A General Equilibrium Analysis
title_fullStr	Oil Prices and the Global Economy : A General Equilibrium Analysis
title_full_unstemmed	Oil Prices and the Global Economy : A General Equilibrium Analysis
title_sort	oil prices and the global economy : a general equilibrium analysis
publisher	Elsevier
publishDate	2015
url	http://hdl.handle.net/10986/22704
_version_	1764451821409009664

Oil Prices and the Global Economy : A General Equilibrium Analysis

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