Does oil price shock affect small open economies? Evidence from Hong Kong, Singapore, South Korea and Taiwan

Research output: Journal PublicationsJournal Article (refereed)peer-review

14 Citations (Scopus)


We apply recursive VAR/VECM as well as panel data models to examine whether oil price shocks have any significant impacts upon the Asian small open economies. We found no significant impacts on Real Gross Domestic Product (RGDP), regardless of model specifications. However, we detected positive significant effects on unemployment after three time lags and significant contemporaneous effects on CPI in panel regressions contrary to previous studies.
Original languageEnglish
Pages (from-to)1599-1602
Number of pages4
JournalApplied Economics Letters
Issue number16
Publication statusPublished - 1 Jan 2012


  • Hong Kong
  • Real GDP
  • Singapore
  • South Korea
  • Taiwan
  • VAR
  • VECM
  • oil price shocks
  • panel data model
  • unemployment

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