Can Oil Prices Volatility Explain Economic Growth?

Ahmad Al-Harbi and Moid U. Ahmad
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Ahmad Al-Harbi: Alasala Colleges, Saudi Arabia
Moid U. Ahmad: Lead Researcher, Scholeio Consultants, India; & E-learning Producer, Dubai Knowledge Park, Dubai, UAE

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 6, 614-620

Abstract: The research focuses on the relationship between oil price volatility and economic activity in the context of a sample of six GCC countries. The study derives the results from an annual data set (1998-2021) and involves correlations, linear regression, curvilinear regression, panel data regression and causality tests to draw conclusions. It was observed that panel data analysis with random effects was best able to explain the positive relationship between oil price volatility and economic activity. Kuwait was observed as an exception country in the study as it demonstrated insignificant relationships and differentiating behavior. The global financial crisis was observed as a significant event on global oil volatility.

Keywords: Oil Price; Economic Growth; Regressions; Gulf Cooperation Council (search for similar items in EconPapers)
JEL-codes: C13 F43 Q31 Q32 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2024-06-60

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