Relationship Between Crude Oil prices and Macro-economic Variables: Evidence from BRICS Countries

Guntur Anjana Raju and Shripad Ramchandra Marathe
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Guntur Anjana Raju: Professor and Programme Director for Doctor of Philosophy (Commerce), Goa Business School, Goa University, Goa, India,
Shripad Ramchandra Marathe: Research Scholar (Goa Business School) and Assistant Professor, Swami Vivekanand Vidyaprasarak Mandal s College of Commerce, Bori-Ponda, Goa, India.

International Journal of Energy Economics and Policy, 2020, vol. 10, issue 5, 264-271

Abstract: The article analyses the relationship between Crude oil Prices and Macro-economic variables in BRICS countries using Quarterly data from March 31, 1999 to December 31, 2019 and an Autoregressive Distributed lag model has been developed to study the long term relationship between Crude oil and Macro-economic variable. The study found out that the long term relationship exists between the variables. We have also identified that all the countries react differently to the fluctuations in Oil prices. But interestingly China and India share some commonalities in terms of reacting to the changes in Crude Oil prices. Additionaly we have also found that fluctuations in the Oil price effect Trade Openness in every country under study except Russia.

Keywords: Crude Oil prices; Macro-economic variables; ARDL; Bound test (search for similar items in EconPapers)
JEL-codes: C22 E31 E40 E50 Q43 (search for similar items in EconPapers)
Date: 2020
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