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Does Oil Price Asymmetrically Impact Remittance Outflows? The Case of Oman

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  • Akçay Selçuk

    (Afyon Kocatepe Universitesi, Afyonkarahisar03200, Turkey)

Abstract

The mechanism by which oil price affects remittance outflows is not well understood and investigated. Using non-linear autoregressive distributed lag model (Shin, Yu, and. Greenwood-Nimmo. 2014. “Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework.” In Festschrift in Honor of Peter Schmidt, vol. 44, edited by R. C. Sickles, and W. C. Horrace, 281–314. New York: Springer New York. https://doi.org/10.1007/978-1-4899-8008-3_9), this study mainly seeks to investigate the asymmetric impact of oil prices on remittance outflows over the period from 1975 to 2015, for an oil-based economy, Oman. The results of the study reveal that changes in oil price are asymmetrically associated with remittance outflows in both short and long run. Furthermore, the response of remittance outflows to developments in oil prices is different in a way that positive shocks in oil prices promote remittance outflows, while negative shocks have no significant impact.

Suggested Citation

  • Akçay Selçuk, 2019. "Does Oil Price Asymmetrically Impact Remittance Outflows? The Case of Oman," Review of Middle East Economics and Finance, De Gruyter, vol. 15(2), pages 1-9, August.
    • Handle: RePEc:bpj:rmeecf:v:15:y:2019:i:2:p:9:n:3
    DOI: 10.1515/rmeef-2019-0012
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    Cited by:

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    2. Arvian Triantoro & Muhammad Zaheer Akhtar & Shiraz Khan & Khalid Zaman & Haroon ur Rashid Khan & Abdul Wahab Pathath & Muhamad Amar Mahmad & Kamil Sertoglu, 2023. "Riding the Waves of Fluctuating Oil Prices: Decoding the Impact on Economic Growth," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 34-50, March.
    3. Pat Obi & Godwin-Charles Ogbeide, 2022. "The Mediating Effects of Implied Volatility and Exchange Rate on the U.S. Tourism-Growth Nexus," JRFM, MDPI, vol. 15(3), pages 1-16, February.
    4. Selçuk Akçay, 2021. "Are Oil Prices and Remittance Outflows Asymmetric? Evidence From Saudi Arabia," Energy RESEARCH LETTERS, Asia-Pacific Applied Economics Association, vol. 1(1), pages 1-1.
    5. Abbas, Shujaat, 2020. "Impact of oil prices on remittances to Pakistan from GCC countries: evidence from panel asymmetric analysis," MPRA Paper 107246, University Library of Munich, Germany.
    6. Hao Xiong & Wen Shi & Shilin Xu & Huayu Shen, 2021. "Impact of COVID-19 on Corporate Liabilities in the Energy & Power Industry," Energy RESEARCH LETTERS, Asia-Pacific Applied Economics Association, vol. 2(1), pages 1-4.

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    More about this item

    Keywords

    oil price; remittances; NARDL; Oman;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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