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Oil Price Volatility and Latin American Growth

Author

Listed:
  • Giraldo, Carlos

    (Latin American Reserve Fund)

  • Giraldo, Iader

    (Latin American Reserve Fund)

  • Turner, Philip

    (University of Basel)

Abstract

Understanding the intricate relationship between oil price volatility and economic growth is essential for policymakers and investors seeking to develop effective policies to promote sustainable development and reduce vulnerabilities in the Latin American region. Our aim of this research paper was to analyze this relationship by accounting for the unique characteristics of the region, including both oil-producing countries and net oil importers, and comparing it with other regions worldwide. Our results revealed that the surge in oil prices following the pandemic has directly impacted the economic growth of Latin America. However, the economic growth of advanced economies has a more significant influence on Latin America's growth compared to that of other regions. Furthermore, we examined the potential implications of oil price volatility for inflation levels within countries, and we analyze the relationship between oil prices and the profitability of oil-producing firms based on microeconomic data, which elucidates the overall impact of oil price volatility on the region's economic growth.

Suggested Citation

  • Giraldo, Carlos & Giraldo, Iader & Turner, Philip, 2024. "Oil Price Volatility and Latin American Growth," Documentos de trabajo 21125, FLAR.
    • Handle: RePEc:col:000566:021125
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    References listed on IDEAS

    as
    1. Rodrigo da Silva Souza & Leonardo Bornacki de Mattos, 2022. "Oil price shocks, exchange rate and uncertainty: case of Latin American economies," Applied Economics Letters, Taylor & Francis Journals, vol. 29(10), pages 880-886, June.
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    More about this item

    Keywords

    Economic Growth; Commodities Market; Oil Prices; Latin America;
    All these keywords.

    JEL classification:

    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices

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