Do heterogeneous countries respond differently to oil price shocks?

Hernández Vega Marco A., Hernández del Valle Gerardo and Guerrero Santiago
Authors registered in the RePEc Author Service: Gerardo Hernández-del-Valle and Marco Hernandez-Vega ()

No 2018-09, Working Papers from Banco de México

Abstract: The article studies the macroeconomic impact of oil price changes in 17 highly heterogeneous countries classified in six groups: advanced, emerging, oil producer, non-oil producers, with energy price controls and without energy price controls. The results show that despite analyzed countries differ in several dimensions, most differences regarding oil price shocks impacts can be captured comparing two groups: advanced vs. emerging. Moreover, most of the differences in the way countries react to oil price shocks come from the source of the shock rather than by the group which the countries belong to. Remarkably, there are no significant differences in the response of industrial production between oil and non-oil producer countries. We posit, as potential explanations of the later finding the decline in the energy intensity of the global economy and the degree of trade openness.

Keywords: Oil Price Shocks; Macroeconomic Impacts; Oil Market (search for similar items in EconPapers)
JEL-codes: E31 Q31 Q43 (search for similar items in EconPapers)
Date: 2018-06
New Economics Papers: this item is included in nep-ene and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Journal Article: Do heterogeneous countries respond differently to oil price shocks? (2019)
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