Quantitative effects of the shale oil revolution

El objetivo de este trabajo es analizar el impacto de la llamada «revolución del petróleo no convencional» sobre los precios del petróleo y el crecimiento económico. Para ello se utiliza un modelo de equilibrio general del mercado internacional de crudo en el que Arabia Saudita es el productor dominante, actuando los restantes productores como precio-aceptantes. Nuestros resultados sugieren que los precios del crudo ya han incorporado la mayor parte del incremento esperado en la producción de crudo no convencional norteamericana, y que esto producirá un aumento del 0,2 % del PIB de las economías importadoras de petróleo durante el período 2010-2018. También empleamos el modelo para analizar el colapso en los precios del crudo ocurrido en la segunda mitad de 2014 y concluimos que fue debido principalmente a perturbaciones no anticipadas de la oferta de crudoThe aim of this paper is to analyse the impact of the so-called «shale oil revolution» on oil prices and economic growth. We employ a general equilibrium model of the world oil market in which Saudi Arabia is the dominant fi rm, with the rest of the producers as a competitive fringe. Our results suggest that most of the expected increase in US oil supply due to the shale oil revolution has already been incorporated into prices and that it will produce an additional increase of 0.2 percent in the GDP of oil importers in the period 2010-2018. We also employ the model to analyse the collapse in oil prices in the second half of 2014 and conclude that it was mainly due to positive unanticipated supply shock

Strategic Corporate Social Responsibility and Economic Performance

This paper studies the link between Corporate Social Responsibility (CSR) and economic performance of companies. Acknowledging the argument that companies might behave socially responsible strategically, i.e. favoring the CSR dimensions that provide competitive advantages, we construct a novel CSR index based on a Data Envelopment Analysis (DEA) model. We argue that this index accounts for CSR achievements from a strategic perspective, and use it to analyze the link between CSR and economic performance expressed by Return on Assets (ROA). When explicitly accounting for strategic behavior of companies, our findings reveal a significant positive relationship between CSR and economic performance

Strategic Corporate Social Responsibility and Economic Performance

This paper studies the link between Corporate Social Responsibility (CSR) and economic performance of companies. Acknowledging the argument that companies might behave socially responsible strategically, i.e. favoring the CSR dimensions that provide competitive advantages, we construct a novel CSR index based on a Data Envelopment Analysis (DEA) model. We argue that this index accounts for CSR achievements from a strategic perspective, and use it to analyze the link between CSR and economic performance expressed by Return on Assets (ROA). When explicitly accounting for strategic behavior of companies, our findings reveal a significant positive relationship between CSR and economic performance.Corporate Social Responsibility; Data Envelopment Analysis; Strategic CSR; System-GMM