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dc.contributor.authorHarding, Torfinn
dc.contributor.authorStefanski, Radoslaw (Radek)
dc.contributor.authorToews, Gerhard
dc.date.accessioned2016-05-25T10:30:08Z
dc.date.available2016-05-25T10:30:08Z
dc.date.issued2020-02-08
dc.identifier.citationHarding , T , Stefanski , R R & Toews , G 2020 ' Boom goes the price : giant resource discoveries and real exchange rate appreciation ' School of Economics and Finance Discussion Paper , no. 1608 , University of St Andrews , St Andrews , pp. 1-28 .en
dc.identifier.issn0962-4031
dc.identifier.otherPURE: 242916778
dc.identifier.otherPURE UUID: 16a32e77-cfa3-4462-8a1b-5e9ec513b9be
dc.identifier.urihttp://hdl.handle.net/10023/8864
dc.description.abstractWe estimate the effect of giant oil and gas discoveries on bilateral real exchange rates. The size and plausibly exogenous timing of such discoveries make them ideal for identifying the effects of an anticipated resource boom on prices. We find that a giant discovery with the value of a country's GDP increases the real exchange rate by 14% within 10 years following the discovery. The appreciation is nearly exclusively driven by an appreciation of the prices of non-tradable goods. We show that these empirical results are qualitatively and quantitatively in line with a calibrated model with forward looking behaviour and Dutch disease dynamics.
dc.format.extent28
dc.language.isoeng
dc.publisherUniversity of St Andrews
dc.relation.ispartofen
dc.relation.ispartofseriesSchool of Economics and Finance Discussion Paperen
dc.rightsCopyright © The Author(s).en
dc.subjectCarbon subsidiesen
dc.subjectSubsidiesen
dc.subjectFossil fuelsen
dc.subjectPollutionen
dc.subjectEnergyen
dc.subjectCarbonen
dc.subjectHB Economic Theoryen
dc.subjectBDCen
dc.subject.lccHBen
dc.titleBoom goes the price : giant resource discoveries and real exchange rate appreciationen
dc.typeWorking or discussion paperen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews.School of Economics and Financeen
dc.identifier.urlhttps://ideas.repec.org/p/san/wpecon/1608.htmlen


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