 Visiting effects of crude oil price on economic growth in BRICS countries: Fresh evidence from wavelet-based quantile-on-quantile testsBin Mo, Cuiqiong Chen, He Nie and Yonghong Jiang Energy, 2019, vol. 178, issue C, 234-251 Abstract: We try to empirically document the effects of crude oil price on the economic growth in BRICS countries using wavelet-based quantile-on-quantile method which is used to decompose the raw information into different investor horizons and address the comprehensive effects across different quantiles. We find evidence that the heterogeneous effects exist in different countries, periods and quantiles due to diverse oil policies and economic development. Moreover, we find a positive effect in the BRICS countries, which weakens when oil price is at a high level in Brazil and Russia, and weakens over time in India. Regarding China, the positive effect is shown in the short and medium term, then a negative impact occurs, however, oil price stimulates economic growth in the long run. For South Africa, a negative effect is only observed in the short run, yet the positive effect reemerges although diminishes over time. Our empirical results are of great significance for policy implications in BRICS countries to maintain a safe and stable economic system. Keywords: Crude oil; Economic growth; BRICS; Wavelet; Quantile-on-quantile (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:178:y:2019:i:c:p:234-251 DOI: 10.1016/j.energy.2019.04.162 Access Statistics for this article Energy is currently edited by Henrik Lund and Mark J. Kaiser More articles in Energy from Elsevier |
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