Oil Price Volatility and Latin American Growth

Carlos Giraldo (), Iader Giraldo and Philip Turner
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Philip Turner: University of Basel

No 21125, Documentos de trabajo from FLAR

Abstract: Understanding the intricate relationship between oil price volatility and economic growth is essential for policymakers and investors seeking to develop effective policies to promote sustainable development and reduce vulnerabilities in the Latin American region. Our aim of this research paper was to analyze this relationship by accounting for the unique characteristics of the region, including both oil-producing countries and net oil importers, and comparing it with other regions worldwide. Our results revealed that the surge in oil prices following the pandemic has directly impacted the economic growth of Latin America. However, the economic growth of advanced economies has a more significant influence on Latin America's growth compared to that of other regions. Furthermore, we examined the potential implications of oil price volatility for inflation levels within countries, and we analyze the relationship between oil prices and the profitability of oil-producing firms based on microeconomic data, which elucidates the overall impact of oil price volatility on the region's economic growth.

Keywords: Economic Growth; Commodities Market; Oil Prices; Latin America (search for similar items in EconPapers)
JEL-codes: F43 N16 Q02 Q11 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2024-04-11
New Economics Papers: this item is included in nep-ene and nep-ifn
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Persistent link: https://EconPapers.repec.org/RePEc:col:000566:021125

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