How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from 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...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2013/06/17935117/much-increase-oil-prices-affect-global-economy-some-insights-general-equilibrium-analysis http://hdl.handle.net/10986/15874 |
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okr-10986-158742021-04-23T14:03:26Z How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis Timilsina, Govinda R. ANNUAL ENERGY OUTLOOK AVAILABILITY BALANCE BARREL CARBON CARBON TAX COAL COMPUTABLE GENERAL EQUILIBRIUM MODEL CRUDE OIL DEMAND FOR OIL DEMAND FOR PETROLEUM DEMAND FOR PETROLEUM PRODUCTS ECOLOGICAL ECONOMICS ELASTICITY OF SUBSTITUTION ELECTRICITY ENERGY INFORMATION ADMINISTRATION ENERGY INTENSIVE ENERGY OUTLOOK ENERGY POLICY ENERGY PRICES ETHANOL FEEDSTOCK FOSSIL FOSSIL FUELS GAS INDUSTRY GLOBAL LEVEL GROSS DOMESTIC PRODUCT HIGHER OIL PRICES INCOME INCREASED OIL PRICES NATURAL GAS NATURAL GAS INDUSTRY NET OIL OIL OIL EXPORTING OIL EXPORTING COUNTRIES OIL EXPORTS OIL IMPORTERS OIL IMPORTING OIL IMPORTING COUNTRIES OIL PRICE OIL PRICE CHANGES OIL PRICES OIL SUPPLY PETROLEUM PETROLEUM PRODUCTS PETROLEUM SECTOR PRICE OF OIL REFINED PETROLEUM PRODUCTS REFINERY REFINERY SECTOR WORLD OIL WORLD OIL PRICE WORLD OIL PRICES international trade global economy 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 rising oil prices than would those 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. Although the availability of biofuels does mitigate some of the negative impacts of rising oil prices, the benefit is small because the capacity of biofuels to economically substitute for fossil fuels on a large scale remains limited. 2013-09-26T18:23:38Z 2013-09-26T18:23:38Z 2013-06 http://documents.worldbank.org/curated/en/2013/06/17935117/much-increase-oil-prices-affect-global-economy-some-insights-general-equilibrium-analysis http://hdl.handle.net/10986/15874 English en_US Policy Research Working Paper;No. 6515 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ANNUAL ENERGY OUTLOOK AVAILABILITY BALANCE BARREL CARBON CARBON TAX COAL COMPUTABLE GENERAL EQUILIBRIUM MODEL CRUDE OIL DEMAND FOR OIL DEMAND FOR PETROLEUM DEMAND FOR PETROLEUM PRODUCTS ECOLOGICAL ECONOMICS ELASTICITY OF SUBSTITUTION ELECTRICITY ENERGY INFORMATION ADMINISTRATION ENERGY INTENSIVE ENERGY OUTLOOK ENERGY POLICY ENERGY PRICES ETHANOL FEEDSTOCK FOSSIL FOSSIL FUELS GAS INDUSTRY GLOBAL LEVEL GROSS DOMESTIC PRODUCT HIGHER OIL PRICES INCOME INCREASED OIL PRICES NATURAL GAS NATURAL GAS INDUSTRY NET OIL OIL OIL EXPORTING OIL EXPORTING COUNTRIES OIL EXPORTS OIL IMPORTERS OIL IMPORTING OIL IMPORTING COUNTRIES OIL PRICE OIL PRICE CHANGES OIL PRICES OIL SUPPLY PETROLEUM PETROLEUM PRODUCTS PETROLEUM SECTOR PRICE OF OIL REFINED PETROLEUM PRODUCTS REFINERY REFINERY SECTOR WORLD OIL WORLD OIL PRICE WORLD OIL PRICES international trade global economy |
| spellingShingle |
ANNUAL ENERGY OUTLOOK AVAILABILITY BALANCE BARREL CARBON CARBON TAX COAL COMPUTABLE GENERAL EQUILIBRIUM MODEL CRUDE OIL DEMAND FOR OIL DEMAND FOR PETROLEUM DEMAND FOR PETROLEUM PRODUCTS ECOLOGICAL ECONOMICS ELASTICITY OF SUBSTITUTION ELECTRICITY ENERGY INFORMATION ADMINISTRATION ENERGY INTENSIVE ENERGY OUTLOOK ENERGY POLICY ENERGY PRICES ETHANOL FEEDSTOCK FOSSIL FOSSIL FUELS GAS INDUSTRY GLOBAL LEVEL GROSS DOMESTIC PRODUCT HIGHER OIL PRICES INCOME INCREASED OIL PRICES NATURAL GAS NATURAL GAS INDUSTRY NET OIL OIL OIL EXPORTING OIL EXPORTING COUNTRIES OIL EXPORTS OIL IMPORTERS OIL IMPORTING OIL IMPORTING COUNTRIES OIL PRICE OIL PRICE CHANGES OIL PRICES OIL SUPPLY PETROLEUM PETROLEUM PRODUCTS PETROLEUM SECTOR PRICE OF OIL REFINED PETROLEUM PRODUCTS REFINERY REFINERY SECTOR WORLD OIL WORLD OIL PRICE WORLD OIL PRICES international trade global economy Timilsina, Govinda R. How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis |
| relation |
Policy Research Working Paper;No. 6515 |
| 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 rising oil prices than
would those 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. Although the availability of biofuels does
mitigate some of the negative impacts of rising oil prices,
the benefit is small because the capacity of biofuels to
economically substitute for fossil fuels on a large scale
remains limited. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Timilsina, Govinda R. |
| author_facet |
Timilsina, Govinda R. |
| author_sort |
Timilsina, Govinda R. |
| title |
How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis |
| title_short |
How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis |
| title_full |
How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis |
| title_fullStr |
How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis |
| title_full_unstemmed |
How Much Does an Increase in Oil Prices Affect the Global Economy? Some Insights from a General Equilibrium Analysis |
| title_sort |
how much does an increase in oil prices affect the global economy? some insights from a general equilibrium analysis |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2013/06/17935117/much-increase-oil-prices-affect-global-economy-some-insights-general-equilibrium-analysis http://hdl.handle.net/10986/15874 |
| _version_ |
1764431825890967552 |