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Crude Oil Prices and Economic Development in Libya

Author

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  • Nagmi M. Moftah Aimer

    (Social sciences institute, department of business administration, Kastamonu University, Turkey)

Abstract

This paper aims to examine the effects of oil price shocks on the economical development in Libya? during the period 1968-2016, using annual data. A unit root test was conducted, in which the series was shown to be non-stationary in the level, and all variables became stationary in the first difference.. The co-integration model was applied, and the results indicated that there is a long-term relationship of oil prices on the economical development. Finally, this study concludes that increases in oil price did not significantly affect the manufacturing sector in aggregate terms. Moreover, the negative impact on the sector of agriculture Thus, this study has a significant impact in the Libyan economy in policy development on oil prices. The Libyan government needs to control the price to make sure that price volatility will not harm the manufacturing, agriculture and construction sectors.

Suggested Citation

  • Nagmi M. Moftah Aimer, 2016. "Crude Oil Prices and Economic Development in Libya," Energy Economics Letters, Asian Economic and Social Society, vol. 3(3), pages 30-41, September.
  • Handle: RePEc:asi:eneclt:2016:p:30-41
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    References listed on IDEAS

    as
    1. James D. Hamilton, 2009. "Understanding Crude Oil Prices," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 179-206.
    2. Torul Orhan & Alper C. Emre, 2010. "Asymmetric Effects of Oil Prices on the Manufacturing Sector in Turkey," Review of Middle East Economics and Finance, De Gruyter, vol. 6(1), pages 90-105, July.
    3. Ichiro Fukunaga & Naohisa Hirakata & Nao Sudo, 2009. "The Effects of Oil Price Changes on the Industry-Level Production and Prices in the U.S. and Japan," IMES Discussion Paper Series 09-E-24, Institute for Monetary and Economic Studies, Bank of Japan.
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