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Long-term effects of global oil price changes on the macroeconomy and financial markets: a comparative panel co-integration approach

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  • M. Ali Sotoudeh
  • Andrew C. Worthington

Abstract

In this article, we evaluate the long-term co-integrating relationships between global oil prices (OP) and selected macroeconomic and financial market variables between large net oil-consuming (NOC) and net oil-producing (NOP) countries. Our findings indicate that as opposed to NOP countries, the macroeconomies of NOC countries have long-term co-integrating relationships with OP. However, the financial markets of both country panels exhibit long-term co-integrating relationships with OP. Finally, excluding the case of the consumer price index, the sample economies, whether NOC or NOP, respond to global OP shocks very similarly.

Suggested Citation

  • M. Ali Sotoudeh & Andrew C. Worthington, 2015. "Long-term effects of global oil price changes on the macroeconomy and financial markets: a comparative panel co-integration approach," Applied Economics Letters, Taylor & Francis Journals, vol. 22(12), pages 960-966, August.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:12:p:960-966
    DOI: 10.1080/13504851.2014.990617
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