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Economies
Special Issues
Falling Oil Prices: Economic and Financial Implications
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Falling Oil Prices: Economic and Financial Implications

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (31 October 2017) | Viewed by 25507

Special Issue Editor

Dr. Juan Carlos Reboredo

E-Mail Website
Guest Editor
Department of Economics, Universidade de Santiago de Compostela, Avda. Xoán XXIII s/n, 15782 Santiago de Compostela, Spain
Interests: financial markets; energy markets; financial econometrics; systemic risk; green finance
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The latest falls in crude oil prices and high market volatility are raising questions regarding the direct impact on the oil industry and the ramifications for the real economy and financial markets. Although less-than-expected economic growth and abundant oil supplies may explain why oil prices are falling, economists are puzzled by speedy price adjustment, weak demand response to oil price changes and the hesitant reaction of financial markets.

In this Special Issue, we invite frontline researchers and authors to submit original research on the impact of oil prices on local and international economies. More broadly, we are interested in papers on oil policy and oil price forecasting and also welcome articles on oil price–stock market interaction. Potential topics include, but are not limited to:

  • Oil price forecasting
  • Oil price volatility modelling
  • Crude oil demand forecasts
  • Fiscal implications of falling oil prices for producing countries
  • Oil markets and economic growth
  • Oil prices and the USD exchange rate
  • Impact of oil prices on stock markets.

Dr. Juan C. Reboredo
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Published Papers (3 papers)

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Research

21 pages, 2810 KiB  
Article
Exchange Rate and Oil Price Interactions in Selected CEE Countries
by Krzysztof Drachal
Economies 2018, 6(2), 31; https://doi.org/10.3390/economies6020031 - 14 May 2018
Cited by 7 | Viewed by 6225
Abstract
This paper reports a study on the causal dynamics between spot oil price, exchange rates, and stock prices in Poland, the Czech Republic, Hungary, Romania, and Serbia. The results are compared with a benchmark analysis in which U.S. monthly data are used, and [...] Read more.
This paper reports a study on the causal dynamics between spot oil price, exchange rates, and stock prices in Poland, the Czech Republic, Hungary, Romania, and Serbia. The results are compared with a benchmark analysis in which U.S. monthly data are used, and time periods are selected according to the flexibility of exchange rate regimes in each country. A period between 2000 and 2015 is analyzed. The methodology is based on the Granger causality test, and the non-linear Diks–Panchenko test, while the causality in variance is checked with the Hafner–Herwartz test. Full article
(This article belongs to the Special Issue Falling Oil Prices: Economic and Financial Implications)
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789 KiB  
Article
The Role of Oil Prices in Exchange Rate Movements: The CIS Oil Exporters
by Fakhri Hasanov, Jeyhun Mikayilov, Cihan Bulut, Elchin Suleymanov and Fuzuli Aliyev
Economies 2017, 5(2), 13; https://doi.org/10.3390/economies5020013 - 19 Apr 2017
Cited by 18 | Viewed by 12117
Abstract
Undoubtedly, oil prices play a crucial role in the macroeconomic performances of oil-exporting developing countries. In this regard, the exchange rate is one of the key macroeconomic indicators worthy of investigation. Existing literature shows that world oil prices play an important role in [...] Read more.
Undoubtedly, oil prices play a crucial role in the macroeconomic performances of oil-exporting developing countries. In this regard, the exchange rate is one of the key macroeconomic indicators worthy of investigation. Existing literature shows that world oil prices play an important role in the appreciation of the exchange rates of oil-exporting developing countries. However, only a few studies have examined this issue by considering all three oil-exporting countries of the Commonwealth Independent States, namely Azerbaijan, Kazakhstan and Russia, together. In order to fill this gap and given the increasing importance of these economies in the world’s energy markets, this paper examines the role of oil prices in the movement of real effective exchange rates of the above-mentioned CIS countries. We applied the autoregressive distributed lag bounds testing method with a small sample bias correction to the data of these countries over the 2004Q1–2013Q4 period. The estimation results indicate that oil prices are certainly a main driver behind real effective exchange rate appreciation in the selected economies. Moreover, estimations show that productivity, to some extent, can also lead to the appreciation. The policy implication of this research is that an appreciation of the real exchange rate is harmful for the exports of non-oil goods and services in these countries. Since oil prices lead to the appreciation mainly through higher domestic prices, which is a result of tremendous public spending, decision-makers should reconsider the prevailing fiscal policy to make it much more counter-cyclical. Full article
(This article belongs to the Special Issue Falling Oil Prices: Economic and Financial Implications)
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1782 KiB  
Article
The Effects of Oil Price Shocks on IIP and CPI in Emerging Countries
by Yukino Sakashita and Yasunori Yoshizaki
Economies 2016, 4(4), 20; https://doi.org/10.3390/economies4040020 - 29 Sep 2016
Cited by 12 | Viewed by 6521
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 [...] Read more.
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. Full article
(This article belongs to the Special Issue Falling Oil Prices: Economic and Financial Implications)
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