Oil Price-Macroeconomy Causality: Evidence from Emerging Economies
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Author: Mushtaq Ahmad Malik and Tasneem Khan
Author Address: Research Scholar, Department of West Asian and North African Studies, and Research Scholar, Department of Commerce, Aligarh Muslim University, Aligarh-202002 (Uttar Pradesh)
Keywords: Economic growth, oil exporters, oil importers
JEL Codes: Q02, O40, O53
Abstract
This paper investigates whether changes in oil prices could explain cross-country variations in economic growth. The sample included WANA countries, China and India. The findings indicated bidirectional oil price-economy causality in the WANA region's oil-exporting countries. In addition, a unidirectional causality running from changing oil prices to growth was found in the WANA region. However, there was no clear oil price-economy causal relationship for non-oil WANA countries, China and India. The study recommended diversification and fuel pricing reforms to create a robust fiscal balanced and sustained economic growth.
Description
Indian Journal of Economics and Development
Volume 17 No. 3, 2021, 608-615
DOI: https://doi.org/10.35716/IJED/21010
Indexed in Clarivate Analytics (ESCI) of WoS
Scopus: Title Accepted
NAAS Score: 5.15