Wpływ cen ropy naftowej na kurs korony norweskiej
The impact of oil prices on the exchange rate of Norwegian krone

Summary/Abstract: Crude oil exploitation forms the basis for the Norwegian economy and the main source of its high level of economic development. Such dependence, however, could be the reason for the emergence of a set of harmful economic phenomena known as the ‘Dutch disease’. Norway avoided most of the negative effects of the ‘Dutch disease’ as a result of conducting effective economic policy in this regard. The subject of the paper is the verification of the hypotheses that Norway has not fully been able to avoid the impact of the exchange rate channel of the ‘Dutch disease’, which consists of appreciation of the national currency and thus weakening competitiveness in international markets. Verification of this hypothesis was based on an examination of the interrelationship between the time series course NOK/EUR and the price of Brent crude oil, over a time interval from May 2003 to January 2015. This analysis used an ec- onometric macro-model built in accordance with the Engel-Grainger methodology. The results of this analysis showed that the exchange rate channel was active in the Norwegian economy, albeit with different intensities in different periods of the sample interval.

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