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- W1844220245 abstract "A large empirical literature has looked into the connectionbetween oil prices and real economic growth and many studieshave found a significant negative correlation[2, 10]. Hamiltonshows that an oil price increase takes some time to show upin real GDP but the size of the effect is quite large. For in-stance, a 10 % increase in the price of oil would make GDPgrowth 0:42 % slower [10]. This is somewhat puzzling giventhat energy expenditure represents a small percentage of GDP.So the significant observed response to oil price increases can-not be attributed to the direct effects of decreased energy useon productivity. The aim of the present study is to investigatethe probability of money traded between countries to be recy-cled along a certain path, like matter in a metabolic process.Our results show that oil price has a remarkably high negativecorrelation with the cyclic paths of money in the World TradeWeb (WTW), ranging from 0:85 to 0:62 between 1960and 2010. The analysis suggests that the correlation with oilprices, in the long run, depends on the development of the in-ternational chain of production. An important reason that oilis deemed special is because of its intimate and dominant rolein the transportation sector. The potential difficulties of sub-stituting away from oil in the transport sector is seen as a keychallenge to a transition to a low carbon economy. There isalso growing evidence that the transport sector links oil pricesto the economy in a deeper way by enabling the vertical spe-cialization in production and fostering Global Value Chain(GVC) development [3, 4, 7]. Understanding the structuralrole of oil in the present economy is crucial for achieving thegoals of energy conservation and emissions mitigating policy,while preserving economic growth and wealth." @default.
- W1844220245 created "2016-06-24" @default.
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- W1844220245 date "2015-02-28" @default.
- W1844220245 modified "2023-09-27" @default.
- W1844220245 title "Metabolic paths in world economy and crude oil price" @default.
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