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A comparative analysis of the impact of oil prices on oil-rich emerging economies in the Pacific Rim

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  • Kuboniwa, Masaaki

Abstract

This paper examines the relationship between raw materials prices and economic growth through two channels, the terms of trade (ToT) and energy efficiency (EF), in three emerging Pacific Rim economies, Russia, Indonesia and Malaysia. We demonstrate positive relationships between changes in output and oil prices and between changes in GDP and energy efficiency (EF). We examine the impact of oil prices on output growth through the ToT and EF channels. The effect of oil prices on ToT in Russia and Malaysia is positive but negative in Indonesia. Oil prices have a positive effect on EF in all three countries.

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  • Kuboniwa, Masaaki, 2014. "A comparative analysis of the impact of oil prices on oil-rich emerging economies in the Pacific Rim," Journal of Comparative Economics, Elsevier, vol. 42(2), pages 328-339.
    • Handle: RePEc:eee:jcecon:v:42:y:2014:i:2:p:328-339
    DOI: 10.1016/j.jce.2014.03.007
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    References listed on IDEAS

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    5. Kuboniwa, Masaaki & 久保庭, 眞彰 & クボニワ, マサアキ, 2011. "Russian Growth Path and TFP Changes in Light of the Estimation of Production Function using Quarterly Data," RRC Working Paper Series 30, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Growth; Oil price; Terms of trade; Energy efficiency; Pacific Rim;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • P24 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment
    • P59 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Other

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