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Les liens entre les fluctuations du prix du pétrole et du taux de change du dollar

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  • Valérie Mignon

Abstract

[fre] La devise américaine étant la monnaie de référence sur le marché pétrolier, la question des liens éventuels entre prix du pétrole et cours du dollar semble particulièrement cruciale. Cet article se propose ainsi de faire le point sur les co-mouvements du prix du brut et du taux de change du dollar. Les divers mécanismes théoriques de transmission entre les deux variables sont d'abord passés en revue. Sont ensuite présentés les résultats d'études empiriques conduisant à mettre en évidence une relation positive entre les deux séries, avec une causalité allant du prix du pétrole vers le dollar. . Classification JEL : F31, Q43 [eng] Oil Prices and the US Dollar Exchange Rate . The US dollar being the key currency on the oil market, the question of the potential links between oil prices and the US dollar exchange rate seems crucial. This paper proposes to survey the co-movements between oil prices and the US dollar exchange rate. The various transmission channels through which both variables interact are first exposed. Then, we review empirical studies that generally put forward a positive link between the two series, with a causality running from oil prices to the US currency. . Classification JEL : F31, Q43

Suggested Citation

  • Valérie Mignon, 2009. "Les liens entre les fluctuations du prix du pétrole et du taux de change du dollar," Revue d'Économie Financière, Programme National Persée, vol. 94(1), pages 187-195.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2009_num_94_1_5299
    DOI: 10.3406/ecofi.2009.5299
    Note: DOI:10.3406/ecofi.2009.5299
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    References listed on IDEAS

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    1. Agnès Bénassy-Quéré & Valérie Mignon, 2005. "Pétrole et dollar : un jeu à double sens," La Lettre du CEPII, CEPII research center, issue 250.
    2. Golub, Stephen S, 1983. "Oil Prices and Exchange Rates," Economic Journal, Royal Economic Society, vol. 93(371), pages 576-593, September.
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    8. van Amano, Robert A & Norden, Simon, 1998. "Exchange Rates and Oil Prices," Review of International Economics, Wiley Blackwell, vol. 6(4), pages 683-694, November.
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    Cited by:

    1. Emmanuel Hache & Frédéric Lantz, 2011. "Oil price volatility: An Econometric Analysis of the WTI Market," Working Papers hal-02472326, HAL.
    2. Hache, Emmanuel & Lantz, Frédéric, 2013. "Speculative trading and oil price dynamic: A study of the WTI market," Energy Economics, Elsevier, vol. 36(C), pages 334-340.

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    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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