{
  "title": "Taking Stock: Who Benefited from the Oil Price Shocks?",
  "publication": "IMF Working Papers, May 4, 2017",
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  "summary": "The effect that the recent decline in the price of oil has had on growth is far from clear, with many observers at odds to explain why it does not seem to have provided a significant boost to the world economy.",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Sample covers 72 countries comprising 92.8% of world GDP.  \n- On net, shocks driving the oil price in 2015 shaved off 0.2 percentage points of growth for the median country in the sample.  \n- Net effect in GDP-weighted terms was a reduction of 0.17 percentage points of growth.  \n- Components of the 2015 effect:  \n  - Increases in oil supply boosted growth by about 0.2 percentage points.  \n  - Shocks to oil-specific demand boosted growth by about 0.4 percentage points.  \n  - Weak global demand reduced growth by 0.8 percentage points, more than offsetting the positive components."
    },
    {
      "heading": "Method and sample",
      "content": "- Systematic analysis of the effect of oil price shocks on growth for 72 countries.  \n- Coverage: 92.8% of world GDP."
    },
    {
      "heading": "Counterfactual simulations and policy implications",
      "content": "- Counterfactual simulations for the 72 countries underscore the importance of diversification in shielding against negative shocks to the world economy.  \n- Diversification is emphasized as more important than low levels of openness for protection against adverse global shocks."
    },
    {
      "heading": "Subject keywords (as provided)",
      "content": "- Commodities; Economic theory; Export diversification; International trade; Oil; Oil prices; Oil production; Prices; Production; Supply shocks.  \n- Keywords: aggregate demand demand shock; economic activity; Export diversification; Global; growth terms; Oil; oil demand; oil demand shock; oil exporter; oil price; oil price decline; oil price shock; oil price slump; Oil prices; Oil production; oil supply; output; price; price of oil; Supply shocks; world demand; world demand shocks; WP.\n\nIMF Working Paper by Diego A. Cerdeiro and Dmitry Plotnikov, May 4, 2017.\n\n---\n\n Content in this bundle\n\n- Taking Stock: Who Benefited from the Oil Price Shocks?, WP/17/104, May 2017\n  - Taking Stock: Who Benefited from the Oil Price Shocks?, WP/17/104, May 2017 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Taking Stock: Who Benefited from the Oil Price Shocks?, WP/17/104, May 2017 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2017/05/04/taking-stock-who-benefited-from-the-oil-price-shocks-44864"
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    "Authors: Diego A. Cerdeiro, Dmitry Plotnikov",
    "Published: May 4, 2017",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475595918.001",
    "Sample covers 72 countries comprising 92.8% of world GDP.",
    "On net, shocks driving the oil price in 2015 shaved off 0.2 percentage points of growth for the median country in the sample.",
    "Net effect in GDP-weighted terms was a reduction of 0.17 percentage points of growth.",
    "Components of the 2015 effect:",
    "Systematic analysis of the effect of oil price shocks on growth for 72 countries.",
    "Coverage: 92.8% of world GDP.",
    "Counterfactual simulations for the 72 countries underscore the importance of diversification in shielding against negative shocks to the world economy.",
    "Diversification is emphasized as more important than low levels of openness for protection against adverse global shocks.",
    "Commodities; Economic theory; Export diversification; International trade; Oil; Oil prices; Oil production; Prices; Production; Supply shocks.",
    "Keywords: aggregate demand demand shock; economic activity; Export diversification; Global; growth terms; Oil; oil demand; oil demand shock; oil exporter; oil price; oil price decline; oil price shock; oil price slump; Oil prices; Oil production; oil supply; output; price; price of oil; Supply shocks; world demand; world demand shocks; WP.",
    "**Taking Stock: Who Benefited from the Oil Price Shocks?, WP/17/104, May 2017**"
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