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Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models

This study, by employing structural vector auto regression models, investigates the macroeconomic effects of world oil and food price shocks in the context of selected Asia and Pacific countries. The study reveals that the economic activities of resource-poor countries that specialise in heavy man...

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Main Authors: Alom, Md. Fardous, Ward, Bert D., Hu, Baiding
Format: Article
Language:English
Published: Wiley Blackwell 2013
Subjects:
HB131 Methodology.Mathematical economics. Quantitative methods
Online Access:http://irep.iium.edu.my/32232/1/Published_articles.pdf
http://irep.iium.edu.my/32232/
http://onlinelibrary.wiley.com/doi/10.1111/opec.12015/abstract
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spelling my.iium.irep.322322013-10-11T04:13:57Z http://irep.iium.edu.my/32232/ Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models Alom, Md. Fardous Ward, Bert D. Hu, Baiding HB131 Methodology.Mathematical economics. Quantitative methods This study, by employing structural vector auto regression models, investigates the macroeconomic effects of world oil and food price shocks in the context of selected Asia and Pacific countries. The study reveals that the economic activities of resource-poor countries that specialise in heavy manufacturing industries, like Korea and Taiwan, are highly affected by world oil price shocks. On the other hand, the economic activities of oil-poor nations such as Australia and New Zealand, with diverse mineral resources other than oil, are not affected by oil price shocks. Furthermore, countries that are oil poor but specialise in international financial services, such as Singapore and Hong Kong, are also not affected by oil price increases. Moreover, some developing countries, in this case, India, with limited reserves of oil are not affected by oil price shocks, whereas other such countries, like Thailand, possessing a number of natural resources other than oil are more strongly affected by oil price shocks. With regard to food price shocks, limited impacts from food price increases can be recorded for India, Korea and Thailand. Overall, the effects of external oil and food prices depend on the economic characteristics of the countries. Wiley Blackwell 2013-09 Article REM application/pdf en http://irep.iium.edu.my/32232/1/Published_articles.pdf Alom, Md. Fardous and Ward, Bert D. and Hu, Baiding (2013) Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models. OPEC Energy Review, 37 (3). pp. 327-372. ISSN 1753-0237 http://onlinelibrary.wiley.com/doi/10.1111/opec.12015/abstract 10.1111/opec.12015
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HB131 Methodology.Mathematical economics. Quantitative methods
spellingShingle HB131 Methodology.Mathematical economics. Quantitative methods
Alom, Md. Fardous
Ward, Bert D.
Hu, Baiding
Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
description This study, by employing structural vector auto regression models, investigates the macroeconomic effects of world oil and food price shocks in the context of selected Asia and Pacific countries. The study reveals that the economic activities of resource-poor countries that specialise in heavy manufacturing industries, like Korea and Taiwan, are highly affected by world oil price shocks. On the other hand, the economic activities of oil-poor nations such as Australia and New Zealand, with diverse mineral resources other than oil, are not affected by oil price shocks. Furthermore, countries that are oil poor but specialise in international financial services, such as Singapore and Hong Kong, are also not affected by oil price increases. Moreover, some developing countries, in this case, India, with limited reserves of oil are not affected by oil price shocks, whereas other such countries, like Thailand, possessing a number of natural resources other than oil are more strongly affected by oil price shocks. With regard to food price shocks, limited impacts from food price increases can be recorded for India, Korea and Thailand. Overall, the effects of external oil and food prices depend on the economic characteristics of the countries.
format Article
author Alom, Md. Fardous
Ward, Bert D.
Hu, Baiding
author_facet Alom, Md. Fardous
Ward, Bert D.
Hu, Baiding
author_sort Alom, Md. Fardous
title Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_short Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_full Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_fullStr Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_full_unstemmed Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_sort macroeconomic effects of world oil and food price shocks in asia and pacific economies: application of svar models
publisher Wiley Blackwell
publishDate 2013
url http://irep.iium.edu.my/32232/1/Published_articles.pdf
http://irep.iium.edu.my/32232/
http://onlinelibrary.wiley.com/doi/10.1111/opec.12015/abstract
_version_ 1643610181207064576
score 13.211869

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