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The Economic Impact of the US Unconventional Monetary Policy, Global Commodity Shocks, and Oil Price Shocks on ASEAN 3

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  • Khamdan Rifa'i

    (Universitas Islam Negeri Kiai Haji Achmad Siddiq Jember, Indonesia.)

Abstract

This study examines the implications of the United States unconventional monetary policy, global commodity prices, and the oil price shock on monetary policy responses and economic growth in the ASEAN 3 countries of Indonesia, Malaysia, and the Philippines. The empirical evidence suggests that the shock from the United States unconventional monetary policy led to the change in ASEAN's monetary policy. The fluctuation of crude oil and global commodity prices considerably impacts ASEAN's monetary policy response 3. The Central Bank can use such evidence as a reference to alter monetary policy in reaction to the global oil price and the unconventional monetary policy of the United States. The government will also be able to foresee the impact of global oil and commodities prices and preserve ASEAN 3's economic growth.

Suggested Citation

  • Khamdan Rifa'i, 2023. "The Economic Impact of the US Unconventional Monetary Policy, Global Commodity Shocks, and Oil Price Shocks on ASEAN 3," International Journal of Energy Economics and Policy, Econjournals, vol. 13(5), pages 616-624, September.
    • Handle: RePEc:eco:journ2:2023-05-65
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    More about this item

    Keywords

    GDP Growth; Interest Rates; VECM; Spillover Effect; Global Commodity Price; World’s Oil Price;
    All these keywords.

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • C39 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Other
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market

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