Crude Oil Price Fluctuation and Economic Growth: ARDL Model Approach
The relationship between crude oil prices and countries' GDP is used to consider whether crude oil prices impact their economic growth and the extent to which they are impacted. To explore and investigate this relationship, the autoregressive distributed lag model (ARDL) was combined with the...
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| Format: | Article |
| Language: | English |
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EconJournals
2022-07-01
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| Series: | International Journal of Energy Economics and Policy |
| Subjects: | |
| Online Access: | https://econjournals.com/index.php/ijeep/article/view/13177 |
| _version_ | 1828017907040256000 |
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| author | Doan Van Dinh |
| author_facet | Doan Van Dinh |
| author_sort | Doan Van Dinh |
| collection | DOAJ |
| description |
The relationship between crude oil prices and countries' GDP is used to consider whether crude oil prices impact their economic growth and the extent to which they are impacted. To explore and investigate this relationship, the autoregressive distributed lag model (ARDL) was combined with the unit root, Pearson's correlation (two-tailed) tests, and time series collected from 1991 to 2020 to explore their relationship. The crude oil prices affecting Vietnam, China, and South Korea are -52.6%, -37.6%, -48.5%, respectively, while other countries have a minimal impact, such as Thailand (-20.3 %), Singapore (-24.7%), Indonesia (11.1%), Malaysia (-23.4%), Japanese (-18.3%) and America (-12.8%). Crude oil prices negatively impact all countries except Indonesia. In addition, the empirical results provide accurate forecasting and alternative energy policymaking for micromanagers who set sustainable economic growth goals and have short-term and long-term economic development strategies.
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| first_indexed | 2024-04-10T10:55:54Z |
| format | Article |
| id | doaj.art-f3c20e07fbc24b649b70b97b90c019a0 |
| institution | Directory Open Access Journal |
| issn | 2146-4553 |
| language | English |
| last_indexed | 2024-04-10T10:55:54Z |
| publishDate | 2022-07-01 |
| publisher | EconJournals |
| record_format | Article |
| series | International Journal of Energy Economics and Policy |
| spelling | doaj.art-f3c20e07fbc24b649b70b97b90c019a02023-02-15T16:19:59ZengEconJournalsInternational Journal of Energy Economics and Policy2146-45532022-07-0112410.32479/ijeep.13177Crude Oil Price Fluctuation and Economic Growth: ARDL Model ApproachDoan Van Dinh0Faculty of Finance and Banking, Industrial University of Ho Chi Minh City, Vietnam. The relationship between crude oil prices and countries' GDP is used to consider whether crude oil prices impact their economic growth and the extent to which they are impacted. To explore and investigate this relationship, the autoregressive distributed lag model (ARDL) was combined with the unit root, Pearson's correlation (two-tailed) tests, and time series collected from 1991 to 2020 to explore their relationship. The crude oil prices affecting Vietnam, China, and South Korea are -52.6%, -37.6%, -48.5%, respectively, while other countries have a minimal impact, such as Thailand (-20.3 %), Singapore (-24.7%), Indonesia (11.1%), Malaysia (-23.4%), Japanese (-18.3%) and America (-12.8%). Crude oil prices negatively impact all countries except Indonesia. In addition, the empirical results provide accurate forecasting and alternative energy policymaking for micromanagers who set sustainable economic growth goals and have short-term and long-term economic development strategies. https://econjournals.com/index.php/ijeep/article/view/13177GDP growthcrude oil crisisenergy policyalternative energystabilization policy |
| spellingShingle | Doan Van Dinh Crude Oil Price Fluctuation and Economic Growth: ARDL Model Approach International Journal of Energy Economics and Policy GDP growth crude oil crisis energy policy alternative energy stabilization policy |
| title | Crude Oil Price Fluctuation and Economic Growth: ARDL Model Approach |
| title_full | Crude Oil Price Fluctuation and Economic Growth: ARDL Model Approach |
| title_fullStr | Crude Oil Price Fluctuation and Economic Growth: ARDL Model Approach |
| title_full_unstemmed | Crude Oil Price Fluctuation and Economic Growth: ARDL Model Approach |
| title_short | Crude Oil Price Fluctuation and Economic Growth: ARDL Model Approach |
| title_sort | crude oil price fluctuation and economic growth ardl model approach |
| topic | GDP growth crude oil crisis energy policy alternative energy stabilization policy |
| url | https://econjournals.com/index.php/ijeep/article/view/13177 |
| work_keys_str_mv | AT doanvandinh crudeoilpricefluctuationandeconomicgrowthardlmodelapproach |