Does Oil Price Asymmetrically Impact Remittance Outflows? The Case of Oman

Selçuk Akçay

Review of Middle East Economics and Finance, 2019, vol. 15, issue 2, 9

Abstract: The mechanism by which oil price affects remittance outflows is not well understood and investigated. Using non-linear autoregressive distributed lag model (Shin, Yu, and. Greenwood-Nimmo. 2014. “Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework.” In Festschrift in Honor of Peter Schmidt, vol. 44, edited by R. C. Sickles, and W. C. Horrace, 281–314. New York: Springer New York. https://doi.org/10.1007/978-1-4899-8008-3_9), this study mainly seeks to investigate the asymmetric impact of oil prices on remittance outflows over the period from 1975 to 2015, for an oil-based economy, Oman. The results of the study reveal that changes in oil price are asymmetrically associated with remittance outflows in both short and long run. Furthermore, the response of remittance outflows to developments in oil prices is different in a way that positive shocks in oil prices promote remittance outflows, while negative shocks have no significant impact.

Keywords: oil price; remittances; NARDL; Oman (search for similar items in EconPapers)
JEL-codes: C32 F22 O53 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (6)

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DOI: 10.1515/rmeef-2019-0012

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