Abstract
AbstractThe primary interest in the present article lies in the contribution to the existing literature by investigating the impacts that three components of oil shocks—oil supply shocks, aggregate demand shocks and oil‐specific demand shocks—have on three measures of South Korea's trade balances—oil, non‐oil and total trade balances. We reveal that aggregate demand shocks have significant impacts, while oil supply and oil‐specific demand shocks have negligible impacts. Additionally, the overall impact of the three oil shocks on South Korea's trade balances appears to rely on the response of the non‐oil trade balance.
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