Abstract
The current article uses the SVAR and ARDL methodologies to study the dynamic responses of exchange rates for OPEC's 13-member countries to oil supply shocks, aggregate demand shocks, and oil-specific demand shocks. We discover that the timing and the direction of the responses of the OPEC currencies appear to differ with the cause of the oil price shocks. We also reveal that the effects of the three oil shocks could be viewed as a short-run phenomenon for the OPEC currencies.
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