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Oil prices and competitiveness: time series evidence from six oil-producing countries

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Author Info

  • Mohammad R. Jahan-Parvar
  • Hassan Mohammadi

Abstract

Purpose – The purpose of this paper is to study the potential loss of competitiveness due to higher oil prices through the monetary channel in a group of six oil producing countries. Design/methodology/approach – A dynamic time series methodology, Dynamic Simultaneous Equations, is applied to Vector Autoregressive Moving Average model with exogenous variables. Findings – Mixed evidence was found of loss of competitiveness due to high oil prices in the sample. Practical implications – Findings are useful both for academic researchers in international finance or development economics. Policy makers will find the results useful for implementing stabilization or neutralization policies. Originality/value – The empirical work extends earlier research in several directions including extension to six oil-producing countries, use of data over the flexible exchange rate period, and a more suitable technique, which estimates the model in a dynamic setting.

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Bibliographic Info

Article provided by Emerald Group Publishing in its journal Journal of Economic Studies.

Volume (Year): 36 (2009)
Issue (Month): 1 (January)
Pages: 98-118

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Handle: RePEc:eme:jespps:v:36:y:2009:i:1:p:98-118

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Related research

Keywords: Competitive strategy; Monetary policy; Oil industry;

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Cited by:
  1. Mohammadi, Hassan & Su, Lixian, 2010. "International evidence on crude oil price dynamics: Applications of ARIMA-GARCH models," Energy Economics, Elsevier, vol. 32(5), pages 1001-1008, September.
  2. Jahan-Parvar, Mohammad R. & Mohammadi, Hassan, 2008. "Oil Prices and Real Exchange Rates in Oil-Exporting Countries: A Bounds Testing Approach," MPRA Paper 13435, University Library of Munich, Germany.
  3. Marcus Böhme & Clemens Breisinger & Rainer Schweickert & Manfred Wiebelt, 2010. "Oil revenues for public investment in Africa: targeting urban or rural areas?," Kiel Working Papers 1623, Kiel Institute for the World Economy.
  4. Khiabani, Nasser, 2010. "How Important are Oil and Money Shocks in Explaining Housing Market Fluctuations in an Oil-exporting Country?: Evidence from Iran," MPRA Paper 34041, University Library of Munich, Germany, revised 01 Mar 2011.
  5. Hassan Mohammadi & Mohammad Jahan-Parvar, 2012. "Oil prices and exchange rates in oil-exporting countries: evidence from TAR and M-TAR models," Journal of Economics and Finance, Springer, vol. 36(3), pages 766-779, July.

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