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Oil Price Shocks in Major Emerging Economies

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  • Nahiyan Faisal Azad and Apostolos Serletis

Abstract

As the world economic power shifts from the advanced G7 countriesCanada, France, Germany, Italy, Japan, the United Kingdom, and the United Statesto the seven largest emerging market countries (EM7)Brazil, China, India, Indonesia, Mexico, Russia, and Turkeythe vulnerability of these emerging market countries to exogenous shocks is becoming of growing importance. This paper presents a comprehensive examination of the effects of oil price shocks on real economic activity in the EM7 economies in the context of two classes of empirical models. In general, we find that oil price uncertainty has statistically significant effects on the real output of the EM7 economies and that the relationship between oil prices and economic activity is in general symmetric. We also find that oil price uncertainty has in general a negative effect on world crude oil production.

Suggested Citation

  • Nahiyan Faisal Azad and Apostolos Serletis, 2022. "Oil Price Shocks in Major Emerging Economies," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4).
    • Handle: RePEc:aen:journl:ej43-4-serletis
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    Cited by:

    1. Elder, John & Payne, James E., 2024. "Oil price uncertainty shocks and the gender gap in U.S. unemployment," Energy Economics, Elsevier, vol. 131(C).
    2. Volkan Kahraman & Nukhet Dogan & Hakan Berument, 2024. "Benchmark Prices and Iraqi Oil Prices: The Asymmetric Effects of Benchmark Prices on Three Iraqi Oil Blends," International Journal of Energy Economics and Policy, Econjournals, vol. 14(2), pages 77-88, March.
    3. Antoine A. Djogbenou, 2024. "Identifying oil price shocks with global, developed, and emerging latent real economy activity factors," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 39(1), pages 128-149, January.

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    JEL classification:

    • F0 - International Economics - - General

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