Burger, John D. <br/><br/>
External Capital Structures and Oil Price Volatility / 
John D. Burger, Alessandro Rebucci, Francis E. Warnock, Veronica Cacdac Warnock. 
 - Cambridge, Mass.  National Bureau of Economic Research  2010. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w16052 .
 - Working Paper Series (National Bureau of Economic Research)  no. w16052. .
<br/><br/> June 2010. 
<br/><br/> We assess the extent to which a country's external capital structure can aid in mitigating the macroeconomic impact of oil price shocks. We study two Caribbean economies highly vulnerable to oil price shocks, an oil-importer (Jamaica) and an oil-exporter (Trinidad and Tobago). From a risk-sharing perspective, a desirable external capital structure is one that, through international capital gains and losses, helps offset responses of the current account balance to external shocks. We find that both countries could alter their international portfolio to provide a more effective buffer against such shocks. 
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