Oil Price Shocks in Major Emerging Economies

Nahiyan Faisal Azad and Apostolos Serletis

The Energy Journal, 2022, vol. Volume 43, issue Number 4

Abstract: As the world economic power shifts from the advanced G7 countriesCanada, France, Germany, Italy, Japan, the United Kingdom, and the United Statesto the seven largest emerging market countries (EM7)Brazil, China, India, Indonesia, Mexico, Russia, and Turkeythe vulnerability of these emerging market countries to exogenous shocks is becoming of growing importance. This paper presents a comprehensive examination of the effects of oil price shocks on real economic activity in the EM7 economies in the context of two classes of empirical models. In general, we find that oil price uncertainty has statistically significant effects on the real output of the EM7 economies and that the relationship between oil prices and economic activity is in general symmetric. We also find that oil price uncertainty has in general a negative effect on world crude oil production.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aen:journl:ej43-4-serletis

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