Detail The New Grease?; Oil and the World Economy   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 402 no. 8775 (Mar. 2012), page 16-17. Topik: Global Economy; Crude Oil Prices; Central Banks; International Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.70 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel With the euro crisis in abeyance, high oil prices have become the latest source of worry for the world economy. "Oil is the new Greece" is a typical headline on a recent report by HSBC analysts. The fear is understandable. Oil markets are edgy; tensions with Iran are high. The price of Brent crude shot up by more than $5 a barrel on March 1st, to $128, after an Iranian press report that explosions had destroyed a vital Saudi Arabian oil pipeline. It fell back after the Saudis denied the claim, but at $125, crude is still 16% costlier than at the start of the year. The origins of higher prices matter. Supply shocks, for instance, do more damage to global growth than higher prices that are the consequence of stronger demand. One frequent explanation of the current rise is that central-bank largess has sent oil prices higher. In recent months the world's big central banks have all either injected liquidity, expanded quantitative easing (printing money to buy bonds) or promised to keep rates low for longer. This flood of cheap money, so the argument goes, has sent investors into hard assets, especially oil. Central banks may have affected oil indirectly, by raising global growth prospects, which in turn buoy expectations for oil demand. Circumstantial evidence supports this thesis. The recent rise in oil prices has coincided with greater optimism about the world economy: a euro-zone catastrophe and a hard landing in China both appear less likely and America's recovery seems on stronger ground. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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