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Great Crash of 2008 and Oil Price Rise

Mehdi S. Monadjemi
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Mehdi S. Monadjemi: University of New South Wales, Australia

Expert Journal of Economics, 2017, vol. 5, issue 1, 14-19

Abstract: The financial crises of 2007-2008, caused wide-spread falling output and unemployment, in the affected countries and also globally. The severity of the recession was such that it was called the “Great Recession”. As a result of an increase in demand from China and India, at the same time, oil prices rose significantly. The empirical results from this study show that oil price changes negatively affected global growth rate in the 1970s but not in the 1990s and 2000s. These results suggest that the Great Recession in 2008 that initiated by the financial crises, was independent of a significant rise in oil prices.

Keywords: financial crises; oil price; global recession; impulse response function; demand and supply for oil; oil price shock (search for similar items in EconPapers)
JEL-codes: E32 E44 F41 G01 (search for similar items in EconPapers)
Date: 2017
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