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

Jimmy RAN; Jan Piaw, Thomas VOON

doi:10.1080/13504851.2011.641924

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

Jimmy RAN, Jan Piaw, Thomas VOON

Department of Economics

Research output: Journal Publications › Journal Article (refereed) › peer-review

14 Citations (Scopus)

Abstract

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 language	English
Pages (from-to)	1599-1602
Number of pages	4
Journal	Applied Economics Letters
Volume	19
Issue number	16
DOIs	https://doi.org/10.1080/13504851.2011.641924
Publication status	Published - 1 Jan 2012

Keywords

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

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1080/13504851.2011.641924

Cite this

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AB - 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.

KW - Hong Kong

KW - Real GDP

KW - Singapore

KW - South Korea

KW - Taiwan

KW - VAR

KW - VECM

KW - oil price shocks

KW - panel data model

KW - unemployment

UR - http://commons.ln.edu.hk/sw_master/4170

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DO - 10.1080/13504851.2011.641924

M3 - Journal Article (refereed)

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VL - 19

SP - 1599

EP - 1602

JO - Applied Economics Letters

JF - Applied Economics Letters

IS - 16

ER -

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

Abstract

Keywords

UN SDGs

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