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Original Articles

International diversification and oil price risk

Pages 587-590 | Published online: 05 Oct 2010
 

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.

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