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International diversification and oil price risk

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  • Oystein Thogersen

Abstract

The effects of oil price risk on international risk sharing are studied. Both petroleum importing and exporting countries within OECD-Europe are considered. The empirical analysis indicates that uninsured idiosyncratic oil price risk accounts for parts of the observed low consumption correlations between these countries. This suggests that both petroleum exporters and importers could benefit from innovations in the markets for claims to unextracted oil and natural gas.

Suggested Citation

  • Oystein Thogersen, 1997. "International diversification and oil price risk," Applied Economics Letters, Taylor & Francis Journals, vol. 4(9), pages 587-590.
    • Handle: RePEc:taf:apeclt:v:4:y:1997:i:9:p:587-590
    DOI: 10.1080/135048597355096
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    References listed on IDEAS

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    1. Steigum, E.Jr., 1992. "Financial Deregulation, Credit Boom and Banking Crisis: The Case of Norway," Papers 15-92, Norwegian School of Economics and Business Administration-.
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    Cited by:

    1. Egil Matsen & Øystein Thøgersen, 2000. "Financial Integration and Consumption Comovements in the Nordic Countries," Working Paper Series 1502, Department of Economics, Norwegian University of Science and Technology.

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