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

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

5 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 languageEnglish
Pages (from-to)1599-1602
Number of pages4
JournalApplied Economics Letters
Volume19
Issue number16
DOIs
Publication statusPublished - 1 Jan 2012

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Singapore
Hong Kong
South Korea
Taiwan
Oil price shocks
Small open economy
Time lag
Asia
Panel regression
Gross domestic product
Unemployment
Model specification

Keywords

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

Cite this

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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.",
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Does oil price shock affect small open economies? Evidence from Hong Kong, Singapore, South Korea and Taiwan. / RAN, Jimmy; VOON, Jan Piaw, Thomas.

In: Applied Economics Letters, Vol. 19, No. 16, 01.01.2012, p. 1599-1602.

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

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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.

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KW - Singapore

KW - South Korea

KW - Taiwan

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KW - oil price shocks

KW - panel data model

KW - unemployment

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