EconPapers    
Economics at your fingertips  
 

Does the euro area macroeconomy affect global commodity prices? Evidence from a SVAR approach

Sławomir Śmiech (), Monika Papież () and Marek Dąbrowski ()

International Review of Economics & Finance, 2015, vol. 39, issue C, 485-503

Abstract: This paper investigates the effects of real and financial processes in the euro area macroeconomy on energy and non-energy commodity prices. The relations implied by the proposed theoretical model are examined within the structural VAR framework for three sub-periods. Our main finding is that, although global commodity prices are indeed related to real and financial processes in the euro area macroeconomy, the relations among them are not stable over time. Energy prices and interest rates depart from real processes in the pre-crisis period, whereas the relative importance of real and financial factors changes for non-energy commodity price index.

Keywords: Commodity prices; Real economy; Financial market; Euro area; SVAR (search for similar items in EconPapers)
JEL-codes: E44 C3 E37 E47 Q17 Q43 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1059056015001197
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:39:y:2015:i:c:p:485-503

Access Statistics for this article

International Review of Economics & Finance is currently edited by H. Beladi and C. Chen

More articles in International Review of Economics & Finance from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

 
Page updated 2019-04-20
Handle: RePEc:eee:reveco:v:39:y:2015:i:c:p:485-503