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  • Long-term effects of global oil price changes on the macroeconomy and financial markets: a comparative panel co-integration approach

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    SotoudehPUB1165.pdf (426.4Kb)
    Author(s)
    Sotoudeh, M Ali
    Worthington, Andrew C
    Griffith University Author(s)
    Worthington, Andrew C.
    Sotoudeh Mollashahi, Ali
    Year published
    2015
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    Abstract
    In this article, we evaluate the long-term co-integrating relationships between global oil prices (OP) and selected macroeconomic and financial market variables between large net oil-consuming (NOC) and net oil-producing (NOP) countries. Our findings indicate that as opposed to NOP countries, the macroeconomies of NOC countries have long-term co-integrating relationships with OP. However, the financial markets of both country panels exhibit long-term co-integrating relationships with OP. Finally, excluding the case of the consumer price index, the sample economies, whether NOC or NOP, respond to global OP shocks very similarly.In this article, we evaluate the long-term co-integrating relationships between global oil prices (OP) and selected macroeconomic and financial market variables between large net oil-consuming (NOC) and net oil-producing (NOP) countries. Our findings indicate that as opposed to NOP countries, the macroeconomies of NOC countries have long-term co-integrating relationships with OP. However, the financial markets of both country panels exhibit long-term co-integrating relationships with OP. Finally, excluding the case of the consumer price index, the sample economies, whether NOC or NOP, respond to global OP shocks very similarly.
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    Journal Title
    Applied Economics Letters
    Volume
    22
    Issue
    12
    DOI
    https://doi.org/10.1080/13504851.2014.990617
    Copyright Statement
    © 2014 Taylor & Francis (Routledge). This is an Accepted Manuscript of an article published by Taylor & Francis in Applied Economics Letters on 15 Dec 2014, available online: http://www.tandfonline.com/doi/full/10.1080/13504851.2014.990617
    Subject
    Financial Economics
    Public Health and Health Services
    Applied Economics
    Banking, Finance and Investment
    Publication URI
    http://hdl.handle.net/10072/99137
    Collection
    • Journal articles

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