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Oil Prices and Economic Growth in Major Emerging Economies: Evidence From Asymmetric Frequency Domain Causality Tests
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Author(s): Emrah I. Cevik (Namik Kemal University, Turkey), Sel Dibooglu (University of Sharjah, UAE), Tugba Kantarci (Namik Kemal University, Turkey)and Hande Caliskan (Namik Kemal University, Turkey)
Copyright: 2020
Pages: 23
Source title:
Applied Econometric Analysis: Emerging Research and Opportunities
Source Author(s)/Editor(s): Brian W. Sloboda (University of Maryland Global Campus, USA)and Yaya Sissoko (Indiana University of Pennsylvania, USA)
DOI: 10.4018/978-1-7998-1093-3.ch001
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Abstract
There is a strong correlation between energy prices and economic activity. The relationship particularly holds true for crude oil as changes in oil prices are associated with changes in production costs, and economic activity also generates significant demand for energy and crude oil. This chapter examines the relationship between economic activity and crude oil prices using causality tests in the frequency domain and taking into account the difference between positive and negative changes in both oil prices and economic activity as the relationship can be asymmetric. The authors present empirical results for major emerging economies including Brazil, Russia, India, China, South Africa, and Turkey. Empirical results indicate that for most countries there is bidirectional causality between crude oil prices and economic activity whereas only negative oil price shocks seem to negatively affect economic activity.
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