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Oil Price Shock and Structural Changes in CMEA Trade

  • Beckmann, Elisabeth
  • Fidrmuc, Jarko

We analyse trade between countries of the Council of Mutual Economic Assistance in Eastern Europe between 1950 and 1990. Despite central planning and political motivation of the CMEA, we show that trade could be explained by standard demand factors surprisingly well. Moreover, we document that the oil price crisis had several repercussions on Eastern Europe. The Soviet Union as a supplier of crude oil benefited from the energy crisis in the 1970s. In particular, it used energy exports as an instrument of foreign policy. In turn, the responses of the individual CMEA countries in Central Europe were largely different.

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File URL: http://epub.ub.uni-muenchen.de/10963/1/CMEAOilShocks.pdf
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Paper provided by University of Munich, Department of Economics in its series Discussion Papers in Economics with number 10963.

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Date of creation: 01 Aug 2009
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Handle: RePEc:lmu:muenec:10963
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  1. James E. Anderson & Eric van Wincoop, 2000. "Gravity with Gravitas: A Solution to the Border Puzzle," Boston College Working Papers in Economics 485, Boston College Department of Economics.
  2. Baldwin, Richard & Taglioni, Daria, 2006. "Gravity for Dummies and Dummies for Gravity Equations," CEPR Discussion Papers 5850, C.E.P.R. Discussion Papers.
  3. Ben-David, Dan & Papell, David, 1997. "Structural Change and International Trade," CEPR Discussion Papers 1568, C.E.P.R. Discussion Papers.
  4. Jean-Philippe Stijns, 2003. "An Empirical Test of the Dutch Disease Hypothesis using a Gravity Model of Trade," International Trade 0305001, EconWPA.
  5. Jarko Fidrmuc & Sylvia Kaufmann & Andreas Resch, 2008. "Structural breaks in Austrian foreign trade with Eastern Europe during the early 1970s," Empirica, Springer, vol. 35(5), pages 465-479, December.
  6. Korhonen, Iikka & Ledyaeva, Svetlana, 2010. "Trade linkages and macroeconomic effects of the price of oil," Energy Economics, Elsevier, vol. 32(4), pages 848-856, July.
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