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The turning black tide: energy prices and the Canadian dollar

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Author Info
Ramzi Issa
Robert Lafrance
John Murray
Abstract

This paper revisits the relationship between energy prices and the Canadian dollar, using an equation first developed by Amano and van Norden (1995). They found evidence of a negative relationship between these two variables, such that higher real energy prices led to a depreciation of the Canadian dollar. Based on structural break tests, we find a break point in the sign of this relationship, which changes from negative to positive in the early 1990s. The timing of the break is consistent with major changes in Canada's energy policies and in energy-related cross-border trade and investment.

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File URL: http://economics.ca/cgi/xms?jab=v41n3/CJEv41n3p0737.pdf
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 41 (2008)
Issue (Month): 3 (August)
Pages: 737-759
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Handle: RePEc:cje:issued:v:41:y:2008:i:3:p:737-759

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Find related papers by JEL classification:
F31 - International Economics - - International Finance - - - Foreign Exchange
F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Danny Leung, 2008. "Markups in Canada: Have They Changed and Why?," Working Papers 08-8, Bank of Canada. [Downloadable!]
  2. Ian Keay, 2008. "Resource Intensive Production and Aggregate Economic Performance," Working Papers 1176, Queen's University, Department of Economics. [Downloadable!]
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This page was last updated on 2009-11-25.

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