Macroeconomic impacts of oil price shocks in Asian economies
This paper analyzes the macroeconomic impact of structural oil shocks in four of the top oil-consuming Asian economies, using a VAR model. We identify three different structural oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-s...
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| Veröffentlicht in: | Energy policy 2015-11, Vol.86, p.867-867 |
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| creator | Cunado, Juncal Jo, Soojin de Gracia, Fernando Perez |
| description | This paper analyzes the macroeconomic impact of structural oil shocks in four of the top oil-consuming Asian economies, using a VAR model. We identify three different structural oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock. The main results suggest that economic activity and prices respond very differently to oil price shocks depending on their types. In particular, an oil supply shock has a limited impact, while a demand shock driven by global economic activity has a significant positive effect in all four Asian countries examined. Our finding also includes that policy tools such as interest rates and exchange rates help mitigating the effects of supply shocks in Japan and Korea; however, they can be more actively used in response to demands shocks. |
| doi_str_mv | 10.1016/j.enpol.2015.05.004 |
| format | Article |
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We identify three different structural oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock. The main results suggest that economic activity and prices respond very differently to oil price shocks depending on their types. In particular, an oil supply shock has a limited impact, while a demand shock driven by global economic activity has a significant positive effect in all four Asian countries examined. Our finding also includes that policy tools such as interest rates and exchange rates help mitigating the effects of supply shocks in Japan and Korea; however, they can be more actively used in response to demands shocks.</description><identifier>ISSN: 0301-4215</identifier><identifier>EISSN: 1873-6777</identifier><identifier>DOI: 10.1016/j.enpol.2015.05.004</identifier><identifier>CODEN: ENPYAC</identifier><language>eng</language><publisher>Kidlington: Elsevier Science Ltd</publisher><subject>Asia ; Asian ; Asians ; Crude oil ; Crude oil prices ; Demand ; Demand (economics) ; Economic activity ; Economic conditions ; Economics ; Energy policy ; Exchange ; Exchange rates ; Foreign exchange rates ; Impact analysis ; Interest rates ; Japan ; Korea ; Macroeconomics ; Oil ; Petroleum ; Prices ; Shock ; Studies ; VAR</subject><ispartof>Energy policy, 2015-11, Vol.86, p.867-867</ispartof><rights>Copyright Elsevier Science Ltd. 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We identify three different structural oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock. The main results suggest that economic activity and prices respond very differently to oil price shocks depending on their types. In particular, an oil supply shock has a limited impact, while a demand shock driven by global economic activity has a significant positive effect in all four Asian countries examined. Our finding also includes that policy tools such as interest rates and exchange rates help mitigating the effects of supply shocks in Japan and Korea; however, they can be more actively used in response to demands shocks.</description><subject>Asia</subject><subject>Asian</subject><subject>Asians</subject><subject>Crude oil</subject><subject>Crude oil prices</subject><subject>Demand</subject><subject>Demand (economics)</subject><subject>Economic activity</subject><subject>Economic conditions</subject><subject>Economics</subject><subject>Energy policy</subject><subject>Exchange</subject><subject>Exchange rates</subject><subject>Foreign exchange rates</subject><subject>Impact analysis</subject><subject>Interest rates</subject><subject>Japan</subject><subject>Korea</subject><subject>Macroeconomics</subject><subject>Oil</subject><subject>Petroleum</subject><subject>Prices</subject><subject>Shock</subject><subject>Studies</subject><subject>VAR</subject><issn>0301-4215</issn><issn>1873-6777</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2015</creationdate><recordtype>article</recordtype><sourceid>7TQ</sourceid><recordid>eNqN0T1PwzAQBmALgUQp_AIWSywsCXe2YycSS1XxJRWxwGy5ji0SkjjE7cC_x6WdmCqd5OXRyfe-hFwj5Ago79rcDWPocgZY5JAGxAmZYal4JpVSp2QGHDATDItzchFjC0mUlZiR-1djp-BsGELfWNr0o7GbSIOnoenoODXW0fgZ7FekzUAXsTEDPWgXL8mZN110V4d3Tj4eH96Xz9nq7elluVhltiiKTVbVpuYlE0aJtUc0fO1qIRj3ninPnOCWo3OAWFpUHID7WqBfy9KBrUUp-Jzc7veOU_jeurjRfROt6zozuLCNGpVK9zGu1BFUopSKF3gELVJEIJk8ggpZKgmiSvTmH23DdhpSPEmx9EtWid1FfK9S-DFOzusUdW-mH42gd5XqVv9VqneVakgDgv8CGSWTGg</recordid><startdate>20151101</startdate><enddate>20151101</enddate><creator>Cunado, Juncal</creator><creator>Jo, Soojin</creator><creator>de Gracia, Fernando Perez</creator><general>Elsevier Science Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7SP</scope><scope>7TA</scope><scope>7TB</scope><scope>7TQ</scope><scope>8BJ</scope><scope>8FD</scope><scope>DHY</scope><scope>DON</scope><scope>F28</scope><scope>FQK</scope><scope>FR3</scope><scope>H8D</scope><scope>JBE</scope><scope>JG9</scope><scope>KR7</scope><scope>L7M</scope><scope>7ST</scope><scope>C1K</scope><scope>SOI</scope><scope>7SU</scope></search><sort><creationdate>20151101</creationdate><title>Macroeconomic impacts of oil price shocks in Asian economies</title><author>Cunado, Juncal ; 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| ispartof | Energy policy, 2015-11, Vol.86, p.867-867 |
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| source | PAIS Index; Access via ScienceDirect (Elsevier) |
| subjects | Asia Asian Asians Crude oil Crude oil prices Demand Demand (economics) Economic activity Economic conditions Economics Energy policy Exchange Exchange rates Foreign exchange rates Impact analysis Interest rates Japan Korea Macroeconomics Oil Petroleum Prices Shock Studies VAR |
| title | Macroeconomic impacts of oil price shocks in Asian economies |
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