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Oil Price Shocks-Macro Economy Relationship in Turkey

Author

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  • Feride Ozturk

Abstract

This paper analyzes the impact of oil price shocks on the selected macroeconomic variables in Turkey for the period of 1990Q1-2011Q4. Vector Autoregression (VAR) models and bivariate Granger causality tests are applied to determine the oil price shocks - macro economy relationship. The empirical findings show that both symmetric and positive oil price shocks decrease industrial production, money supply, and imports while the negative oil price shocks increase imports. Granger causality analysis demonstrate that symmetric and positive oil price shocks Granger-cause industrial production and imports in Turkey.

Suggested Citation

  • Feride Ozturk, 2015. "Oil Price Shocks-Macro Economy Relationship in Turkey," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(5), pages 846-857.
    • Handle: RePEc:asi:aeafrj:v:5:y:2015:i:5:p:846-857:id:1401
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    File URL: https://archive.aessweb.com/index.php/5002/article/view/1401/2021
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    Cited by:

    1. Aissa Djedaiet & Hicham Ayad, "undated". "The double whammy of COVID-19 and oil price collapse: Spillover effects on inflation and exchange rates," Review of Socio - Economic Perspectives 202206, Reviewsep.
    2. T.P. Ghosh, 2019. "Economic Diversification and the State of Oil Dependency of UAE Stock Returns-An Analysis of ADX Indices 2014-2019," Accounting and Finance Research, Sciedu Press, vol. 8(4), pages 199-199, November.

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