Oil price volatility and economic growth: Evidence from advanced economies using more than a century’s data
By R. V. Eyden, Mamothoana Difeto, Rangan Gupta, M. Wohar. Applied Energy, 2019
214 citations recorded by the source corpus.
This paper uses a number of different panel data estimators, including fixed effects, bias-corrected least squares dummy variables (LSDVC), generalised methods of moments (GMM), feasible generalised least squares (FGLS), and random coefficients (RC) to analyse the impact of real oil price volatility on the growth in real GDP for 17 member countries of the Organisation for Economic Co-operation and Development (OECD), over a 144-year time period from 1870 to 2013. The main finding of the study is that oil price volatility has a negative and statistically significant impact on economic growth of the OECD countries in the sample. In addition, when allowing for slope heterogeneity, oil-producing countries are significantly negatively impacted by oil price uncertainty, most notably Norway and Canada.
Subfields: Economics and Econometrics, Renewable Energy, Sustainability and the Environment
View Paper: https://www.semanticscholar.org/paper/8ac633149b218a53a38c8e3971a2638aa985f103
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In Economics and Econometrics
Citations in the corpus
- Oil price volatility in the context of Covid-19 (2021, background): “Nevertheless, oil demand appears to have reached its peak, with the major economies already showing signs of a need to diversify (Elder and Serletis, 2010; Dai and Serletis, 2018; Aye et al., 2014; Van Eyden et al., 2019).”