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Effects of Oil and Natural Gas Prices on Industrial Production in the Eurozone Member Countries

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Author Info

  • Yýlmaz BAYAR

    (Department of Business Administration, Faculty of Business Administration, Karabuk University, Turkey.)

  • Cuneyt KILIC

    (Department of Economics, Biga Faculty of Economics and Administrative Sciences, Canakkale Onsekiz Mart University, Turkey.)

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    Abstract

    Industrial production is one of the leading indicators of gross domestic product which reflects the overall economic performance of a country. In other words decreases or increases in industrial production point out a contracting or expanding economy. Therefore, changes in prices of oil and natural gas which are the crucial inputs to the industrial production are also important for the overall economy. This study examines the effects of changes in oil and natural gas prices on the industrial production in the 18 Eurozone member countries during the period January 2001-September 2013 by using panel regression. We found that oil prices and natural gas prices had negative effect on industrial production in the Eurozone member countries.

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    Bibliographic Info

    Article provided by Econjournals in its journal International Journal of Energy Economics and Policy.

    Volume (Year): 4 (2014)
    Issue (Month): 2 ()
    Pages: 238-247

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    Handle: RePEc:eco:journ2:2014-02-14

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    Web page: http://www.econjournals.com

    Related research

    Keywords: Oil Prices; Natural Gas Prices; Industrial Production; Eurozone Member Countries; Panel Data Analysis.;

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    1. Tang, Weiqi & Wu, Libo & Zhang, ZhongXiang, 2009. "Oil price shocks and their short- and long-term effects on the Chinese economy," MPRA Paper 14703, University Library of Munich, Germany.
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    8. Ali Ahmed, Huson Joher & Bashar, Omar H.M.N. & Wadud, I.K.M. Mokhtarul, 2012. "The transitory and permanent volatility of oil prices: What implications are there for the US industrial production?," Applied Energy, Elsevier, vol. 92(C), pages 447-455.
    9. Surender Kumar, 2009. "The Macroeconomic Effects of Oil Price Shocks: Empirical Evidence for India," Economics Bulletin, AccessEcon, vol. 29(1), pages 15-37.
    10. Lee, Kiseok & Ni, Shawn, 2002. "On the dynamic effects of oil price shocks: a study using industry level data," Journal of Monetary Economics, Elsevier, vol. 49(4), pages 823-852, May.
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    12. Mohsen Mehrara & Mehdi Sarem, 2009. "Effects of oil price shocks on industrial production: evidence from some oil-exporting countries," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 33(3-4), pages 170-183, 09.
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