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Total factor productivity growth and oil price volatility

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  • Svetlana Balashova

Abstract

This paper investigates the links between oil price volatility and total factor productivity (TFP) growth using various econometric techniques. Our main result is that the volatility of oil prices has a negative and significant effect on TFP growth for the global economy and for mature economies. We assume that uncertainty in commodity markets reduces risky investments and inhibits innovation and technological progress. Nowadays, COVID19 and the oil price war between the top crude-oil producers have caused volatility in the oil market. Our results suggest that this will affect TFP during the next few years, even if the global economy is able to recover soon.

Suggested Citation

  • Svetlana Balashova, 2021. "Total factor productivity growth and oil price volatility," International Journal of Trade and Global Markets, Inderscience Enterprises Ltd, vol. 14(6), pages 548-558.
    • Handle: RePEc:ids:ijtrgm:v:14:y:2021:i:6:p:548-558
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