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The Impact of Real Oil Price on Real Exchange Rate in Oil Dependent Countries

Author

Listed:
  • Kaplan, Fatih

    (Mersin University)

  • Aktaş, Ali Rıza

    (Alanya Alaaddin Keykubat University)

Abstract

The paper aims to research the effects of real oil prices on real exchanges rates in oil dependent countries. Panel data for 1995-2014 of 5 oil dependent countries is taken into consideration for this purpose. The originality of the paper is its use of new approach with cross-sectional dependency and cross-country heterogeneity both taken into account. Panel data analysis suggest that, increase in the real oil prices has a positively effect on real exchange rates. Moreover, when countries are taken into account separately, increase in the real oil prices has no effect on USA and China, positively effects in Canada and Mexico, but negatively effects real exchange rates in Russia.

Suggested Citation

  • Kaplan, Fatih & Aktaş, Ali Rıza, 2016. "The Impact of Real Oil Price on Real Exchange Rate in Oil Dependent Countries," Business and Economics Research Journal, Uludag University, Faculty of Economics and Administrative Sciences, vol. 7(2), pages 103-113, April.
    • Handle: RePEc:ris:buecrj:0226
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    Citations

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    Cited by:

    1. Mensah, Lord & Obi, Pat & Bokpin, Godfred, 2017. "Cointegration test of oil price and us dollar exchange rates for some oil dependent economies," Research in International Business and Finance, Elsevier, vol. 42(C), pages 304-311.
    2. Aziza Syzdykova & Gulmira Azretbergenova, 2024. "Asymmetric Effect of Oil Prices on Kazakhstan’s Stock Market Index and Exchange Rate," International Journal of Energy Economics and Policy, Econjournals, vol. 14(6), pages 15-23, November.
    3. Fakhri Hasanov & Jeyhun Mikayilov & Cihan Bulut & Elchin Suleymanov & Fuzuli Aliyev, 2017. "The Role of Oil Prices in Exchange Rate Movements: The CIS Oil Exporters," Economies, MDPI, vol. 5(2), pages 1-18, April.
    4. Fatih Kaplan & Ayşe E. Ünal, 2020. "Industrial Production Index - Crude Oil Price Nexus: Russia, Kazakhstan And Azerbaijan," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(227), pages 119-142, October –.

    More about this item

    Keywords

    Oil Price; Exchange Rate; Oil Dependent Countries; Panel Data Analysis;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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