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Autor:innen: 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Working Paper No. 15/2019
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
Empirical relationships between crude oil prices and exchange rates of oil exporting countries tend to vary over time. I use econometric models of the norwegian and canadian nominal exchange rates to investigate whether such time-variation could reflect shifts in the key oil price drivers over time. Results suggest that demand- and supply-driven oil price increases strengthen these currencies to different extents. In contrast, heightened geopolitical uncertainty and associated oil price increases go together with a weakening of oil exporters' currencies. The latter result may explain coincidences of higher oil prices and a weakening of oil exporters' currencies.
Schlagwörter: 
Exchange rates
commodity currencies
oil prices
uncertainty
JEL: 
F31
F32
Q41
C22
C51
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-8379-112-9
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper
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