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Political influence in commercial and financial oil trading : the evidence from US firms
https://doi.org/10.20561/00037680
https://doi.org/10.20561/00037680edca4c1b-ee2a-4682-b47c-e58d8747e2b2
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
本文 (486.4 kB)
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| Item type | アジ研テクニカルレポート / IDE Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2015-03-02 | |||||
| タイトル | ||||||
| タイトル | Political influence in commercial and financial oil trading : the evidence from US firms | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| 資源タイプ | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| ID登録 | ||||||
| ID登録 | 10.20561/00037680 | |||||
| ID登録タイプ | JaLC | |||||
| 著者 |
Kashcheeva, Mila
× Kashcheeva, Mila× Tsui, Kevin K. |
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| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | International politics affects oil trade. But do financial and commercial traders who participate in spot oil trading also respond to changes in international politics? We construct a firm-level dataset for all U.S. oil-importing companies over 1986-2008 to examine how these firms respond to increases in "political distance" between the U.S. and her trading partners, measured by divergence in their UN General Assembly voting patterns. Consistent with previous macro evidence, we first show that individual firms diversify their oil imports politically, even after controlling for unobserved firm heterogeneity. However, the political pattern of oil imports is not entirely driven by the concerns of hold-up risks, which exist when oil transactions via term contracts are associated with backward vertical FDI that is subject to expropriation. In particular, our results indicate that even financial and commercial traders significantly reduce their oil imports from U.S. political enemies. Interestingly, while these traders diversify their oil imports politically immediately after changes in international politics, other oil companies reduce their oil imports with a significant time lag. Our findings suggest that in designing regulations to avoid harmful repercussions on commodity and financial assets, policymakers need to understand the nature of political risk. | |||||
| 権利 | ||||||
| 権利情報 | Copyrights 日本貿易振興機構（ジェトロ）アジア経済研究所 / Institute of Developing Economies, Japan External Trade Organization (IDE-JETRO) http://www.ide.go.jp | |||||
| 収録情報 |
IDE Discussion Paper en : IDE Discussion Paper 巻 491, 発行日 2015-02-01 |
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| 出版者 | ||||||
| 出版者 | Institute of Developing Economies (IDE-JETRO) | |||||
| 著者版フラグ | ||||||
| 出版タイプ | VoR | |||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||
| 日本十進分類法 | ||||||
| 主題Scheme | NDC | |||||
| 主題 | 678 | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:F13 - Trade Policy; International Trade Organizations | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:F51 - International Conflicts; Negotiations; Sanctions | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:F59 - International Relations and International Political Economy: Other | |||||
| JEL分類 | ||||||
| 主題Scheme | Other | |||||
| 主題 | JEL:Q34 - Natural Resources and Domestic and International Conflicts | |||||
| 地域/国名 | ||||||
| 位置情報（自由記述） | アメリカ合衆国 | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | United States | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Petroleum | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | International trade | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Foreign investments | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Energy policy | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | International politics | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | FDI-based imports | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Hold-up risk | |||||
| キーワード(LSH) | ||||||
| 主題Scheme | Other | |||||
| 主題 | Energy security | |||||
| フォーマット | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | application/pdf | |||||
| DIG_NO | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | IDP000491_001 | |||||
