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We show that US natural gas prices have decoupled from oil prices following substantial institutional and technological changes. We then examine how this interrelationship has evolved in Europe using data for Algeria, one of Europe’s key gas suppliers. Taking into account total gas exports and cyclical conditions in partner countries, we find that gas prices remain linked to oil prices, though the nexus has loosened. Both high oil prices and a modest industrial recovery in partner countries have kept gas exports at low levels in recent years, suggesting changing market forces. The paper then shows how such shifts can have important macroeconomic implications for a big gas exporter such as Algeria.

Natural gas --- Petroleum products --- Prices --- Exports and Imports --- Macroeconomics --- Industries: Energy --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Price Level --- Inflation --- Deflation --- International Finance Forecasting and Simulation --- Open Economy Macroeconomics --- Energy and the Macroeconomy --- Energy: Demand and Supply --- Hydrocarbon Resources --- Trade: General --- Petroleum, oil & gas industries --- International economics --- Fuel prices --- Oil prices --- Natural gas sector --- Exports --- Export prices --- Economic sectors --- International trade --- Gas industry --- Algeria

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The Second Review under the policy support instrument (PSI) highlights that Senegal’s economy has remained resilient to the global economic turmoil. In line with the authorities’ new Document of Economic and Social Policies for 2011–15, the 2012 economic program supported under the PSI will target critical bottlenecks in energy and infrastructure, which hinder growth and poverty reduction. The fiscal program will allow the authorities to scale up infrastructure investment, but requires keeping a prudent stance on the rest of the budget.

Economic indicators -- Senegal. --- International monetary fund -- Senegal. --- Senegal -- Economic conditions. --- Senegal -- Economic policy. --- Macroeconomics --- Public Finance --- Statistics --- Industries: Energy --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Energy and the Macroeconomy --- General Aggregative Models: General --- Public finance & taxation --- Econometrics & economic statistics --- Petroleum, oil & gas industries --- Public financial management (PFM) --- Government debt management --- Public debt --- Government finance statistics --- Expenditure --- Economic and financial statistics --- National accounts --- Finance, Public --- Debts, Public --- Finance --- Expenditures, Public --- Energy industries --- National income --- Senegal

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Senegal's economic recovery is continuing and has been largely unaffected by the political crisis in Côte d’Ivoire. Policy discussions focused on the economic implications of two new developments since the program was approved in December 2010. Fiscal policy faces a difficult trade-off between additional priority expenditure and the need to preserve debt sustainability. The sustainability of Senegal’s external public and publicly guaranteed (PPG) debt appears vulnerable to rollover risks. This highlights the need for prudent debt management by Senegal, as it seeks to gain greater access to external resources.

Economic indicators --- Debts, Public --- Debts, External --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Bonds --- Deficit financing --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- Senegal --- Economic conditions. --- Economic policy. --- Exports and Imports --- Macroeconomics --- Public Finance --- Statistics --- Industries: Energy --- Debt Management --- Sovereign Debt --- International Lending and Debt Problems --- National Government Expenditures and Related Policies: General --- Energy and the Macroeconomy --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Public finance & taxation --- International economics --- Petroleum, oil & gas industries --- Econometrics & economic statistics --- Government debt management --- Energy sector --- Public financial management (PFM) --- External debt --- Economic sectors --- Energy industries --- Finance, Public --- Finance