Oil prices and competitiveness: time series evidence from six oil-producing countries
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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Volume (Year): 36 (2009)
Issue (Month): 1 (January)
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