摘要本文考察了石油供应冲击、对全球实体经济活动的冲击以及石油特定需求冲击对石油、非石油和总体贸易平衡的不对称影响。我们的实证策略在面板框架内考虑了内生性油价、异质参数和误差横截面依赖性。我们发现石油价格-贸易平衡关系的不对称模式取决于冲击的来源。对于石油出口国和进口国来说,石油供应的扩张比石油供应的中断更为重要;我们将讨论沙特阿拉伯在限制石油供应中断的全球影响方面所扮演的角色。尽管全球需求的增加会恶化石油进口国的贸易平衡,并改善石油出口国的贸易平衡,但全球需求的减少会产生类似的效果,而不是相反的效果。我们的研究结果证实了现有的证据,即油价上涨只有在需求侧冲击的情况下才会产生严重的全球失衡;我们提出的新证据表明,油价下跌只有在供应面的冲击下才会使石油进口国受益。
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