The Impacts of Exogenous Oil Supply Shocks on Mediterranean Economies

The security of energy supply is a key geopolitical factor in the relationship between the European Union and the southern neighborhood countries of the Middle East and North Africa region. We study the response of eight Mediterranean economies to exogenous oil supply shocks. We focus on the effects on economic activity - as measured by real Gross Value Added - for the whole economy, as well as for selected industries. We show that there are clear patterns characterizing the response of different economies to an unexpected reduction in global oil production. The main determinants of these patterns are the degree of energy intensity and energy dependence of the country, as well as the composition of its Gross Value Added.


Issue Date:
Feb 03 2016
Publication Type:
Working or Discussion Paper
PURL Identifier:
http://purl.umn.edu/230683
Total Pages:
24
JEL Codes:
C22; E32; Q43; Q41
Series Statement:
ERM
100.2015




 Record created 2017-04-01, last modified 2017-08-29

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