TY - BOOK ID - 137593731 TI - Market Size and Supply Disruptions: Sharing the Pain of a Potential Russian Gas Shut-off to the European Union AU - Albrizio, Silvia. AU - Bluedorn, John. AU - Koch, Christoffer. AU - Pescatori, Andrea. AU - Stuermer, Martin. PY - 2022 SN - 9798400215605 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Russian Federation KW - Macroeconomics KW - Economics: General KW - Industries: Energy KW - Economic Theory KW - Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) KW - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) KW - Energy: General KW - Hydrocarbon Resources KW - Agriculture: Aggregate Supply and Demand Analysis KW - Prices KW - Energy: Demand and Supply KW - Macroeconomics: Consumption KW - Saving KW - Wealth KW - Economic & financial crises & disasters KW - Economics of specific sectors KW - Petroleum, oil & gas industries KW - Economic theory & philosophy KW - Natural gas sector KW - Economic sectors KW - Supply shocks KW - Economic theory KW - Demand elasticity KW - Fuel prices KW - Consumption KW - National accounts KW - Currency crises KW - Informal sector KW - Economics KW - Gas industry KW - Supply and demand KW - Elasticity UR - https://www.unicat.be/uniCat?func=search&query=sysid:137593731 AB - We assess the supply-side effects on European Union (EU) economic activity if Russian gas imports were to suddenly cease. Unlike other studies, we account for the global scope of the liquefied natural gas (LNG) market. In the absence of frictions, an open-economy, multi-sector general equilibrium model suggests that the adverse economic impact on the EU shrinks five-fold if integration with the global LNG market is considered. While greater integration provides a buffer for the EU through trade, the flip side is that other LNG importers (such as Japan, South Korea, and Pakistan) see adverse effects from higher prices. ER -