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Oil Price Shock And Economic Growth: Experience Of Cemac Countries

Author

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  • Christophe BESSO

    (University de Yaoundé II, Cameroon)

  • Erick FEUBI PAMEN

    (University de Yaoundé II, Cameroon)

Abstract

The objective of this paper is to evaluate the impact of oil shocks on the growth rate of Growth Domestic Product (GDP) in CEMAC countries. We use a panel VAR model approach to the variation of the real GDP growth rate, oil price inflation rate and money supply between 2000 and 2015. Our main results show that CEMAC countries mostly depend on oil pension. Consequently, the analysis of impulsion response functions and the decomposition of variance show that, the shock on oil price negatively affects the growth rate of the GDP. We then suggest CEMAC countries to diversify their production, the destination of their exports and the sources of budgetary income or takings.

Suggested Citation

  • Christophe BESSO & Erick FEUBI PAMEN, 2017. "Oil Price Shock And Economic Growth: Experience Of Cemac Countries," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 8(1), pages 5-18.
    • Handle: RePEc:srs:jtpref:v:8:y:2017:i:1:p:5-18
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    Cited by:

    1. Clovis Wendji Miamo & Elvis Dze Achuo, 2022. "Can the resource curse be avoided? An empirical examination of the nexus between crude oil price and economic growth," SN Business & Economics, Springer, vol. 2(1), pages 1-23, January.

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