High oil prices lift output of exporting economies
Higher real oil prices are associated with higher output in energy-producing countries, new research from the Bank of Finland shows.
The research looks at Iran, Kazakhstan, Venezuela, and Russia and finds that that supply shocks are the most important driver of real output in all four countries. The research posits that this is due to ongoing transition and the catching-up process in these economies.
The analysis also finds that oil shocks do not account for a large share of movements in
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