A popular view is that the surge in real price of oil during 2003-08 cannot be explained by economic fundamentals, but was caused increased financialization futures markets, which turn allowed speculation to become a major determinant spot oil. This interpretation has been driving policy efforts tighten regulation derivatives markets. survey reviews evidence supporting this view. We identify six strands literature and discuss what extent each sheds light on role speculation. find existing...

Abstract The energy landscape is changing rapidly with far-reaching implications for the global industry and actors, including oil companies oil-exporting countries. These rapid changes introduce multidimensional uncertainty, most important of which speed transition. While transformation system in certain regions world, such as Europe, transition remains highly uncertain. It also difficult to define end game (which technology will win what final mix be), outcome likely vary across regions....

The main purpose of this paper is to review the evolution OPEC models and link some key events in oil market. Our conclusion that OPEC’s pricing power varies over time. In many instances, can lose limit price movements either direction. Such changes are induced by market conditions occur both weak tight conditions. Because varying conduct, there not a single model fits behavior. Hence analysts have been forced choose from wide range explain certain episodes. empirical literature has...

Energy subsidies are among the most pervasive and controversial fiscal policy tools used in Middle East North Africa (MENA). In a region with few functioning social welfare systems, subsidised energy prices continue to form an important safety net, albeit highly costly inefficient one. MENA region's oil gas producing countries, low have also historically formed element of unwritten contract, where governments extracted their countries' hydrocarbon riches return for citizens' participation...

Abstract We collect data on a number of financial restraints, including restrictions deposit and lending interest rates reserve liquidity requirements, from central banks six developing countries. estimate the effects these policies development, controlling for effect economic development using standard econometric techniques. find that vary considerably across our sample Our findings demonstrate liberalisation is much more complex process than has been assumed by earlier literature its are...

We contribute to the debate on whether U.S. large federal budget deficits are sustainable in long run. model government deficit per capita as a threshold autoregressive process. find evidence that is run and economic policy makers will only intervene reduce when it reaches certain threshold. (JEL C32 , E62 )