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The Triffin Dilemma on a Russian Perspective. The Fixing of Oil Price: Dollar, Euro, Ruble or SDR

Author

Listed:
  • Valentina Tosolini

    (Eni Deutschland GmbH)

Abstract

Commodities are currently quoted in US dollars. Their prices move accordingly to a wide range of variables linked to the real economy (demand and supply). The existence of big and liquid future commodity markets also plays an important role in the formation of commodity prices, driven by general macroeconomic outlook rather than commodity-specific factors. On top of this, the fact that commodities are priced in US dollars makes the exchange rate of the US currency a variable that affects the price of commodities itself. In this paper we analyse the evolution of oil prices, in the period 2000-2017, if they were to be priced in different currencies, namely the US dollar, the euro and the SDR (Special Drawing Rights). Considering that Russia is one of the biggest oil exporter in the world, what happens when the oil price goes down? What kind of consequences have a dollar depreciation on the Russian’s economy?

Suggested Citation

  • Valentina Tosolini, 2017. "The Triffin Dilemma on a Russian Perspective. The Fixing of Oil Price: Dollar, Euro, Ruble or SDR," Working Papers 1277, Robert Triffin International.
    • Handle: RePEc:afh:wpaper:1277
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    File URL: https://www.triffininternational.eu/images/RTI/articles_papers/RTI-CSF_Russia-OilPrice_November2017.pdf
    File Function: First version, 2017
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