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The U.S. Dollar Exchange Rate and the Demand for Oil

Selien De Schryder and Gert Peersman

Year: 2015
Volume: Volume 36
Number: Number 3
DOI: 10.5547/01956574.36.3.ssch
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Abstract:
Using recent advances in panel data estimation techniques, we find that an appreciation of the U.S. dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be considerably larger than the impact of a shift in the global crude oil price expressed in U.S. dollar. This finding appears to be the consequence of a stronger pass-through of changes in the U.S. dollar exchange rate to domestic end-user oil products prices relative to changes in the global crude oil price. Furthermore, we demonstrate the relevance of U.S. dollar fluctuations for global oil price dynamics.





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