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Economies 2016, 4(4), 20; doi:10.3390/economies4040020

The Effects of Oil Price Shocks on IIP and CPI in Emerging Countries

1
International and Development Economics, Yale University, New Haven, CT 06511, USA
2
Graduate School of Economics, Kobe University, Rokkodai, Kobe 657-8501, Japan
*
Author to whom correspondence should be addressed.
Academic Editor: Juan C. Reboredo
Received: 31 July 2016 / Revised: 14 September 2016 / Accepted: 22 September 2016 / Published: 29 September 2016
(This article belongs to the Special Issue Falling Oil Prices: Economic and Financial Implications)
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Abstract

In this paper, we investigate the effects of oil price shocks on the production and price level in five emerging countries through comparison with the United States, using a two-block structural VAR model of the global crude oil market proposed by Kilian and Park (see International Economic, vol. 50, 2009, pp. 1267–1287). Our main finding is that the effect of oil price shocks on the index of the industrial production (IIP) and consumer price index (CPI) in emerging countries also depends on where the changes fundamentally come from (this is also the case for the United States). We also found that some emerging countries showed unique impulse response patterns, the shapes of which are different from those of the United States and there are differences in impulse response patterns among emerging countries. View Full-Text
Keywords: structural VAR; oil price; emerging countries structural VAR; oil price; emerging countries
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Sakashita, Y.; Yoshizaki, Y. The Effects of Oil Price Shocks on IIP and CPI in Emerging Countries. Economies 2016, 4, 20.

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