Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models

This study, by employing structural vector auto regression models, investigates the macroeconomic effects of world oil and food price shocks in the context of selected Asia and Pacific countries. The study reveals that the economic activities of resource-poor countries that specialise in heavy man...

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Main Authors:	Alom, Md. Fardous, Ward, Bert D., Hu, Baiding
Format:	Article
Language:	English
Published:	Wiley Blackwell 2013
Subjects:	HB131 Methodology.Mathematical economics. Quantitative methods
Online Access:	http://irep.iium.edu.my/32232/ http://irep.iium.edu.my/32232/ http://irep.iium.edu.my/32232/ http://irep.iium.edu.my/32232/1/Published_articles.pdf

id	iium-32232
recordtype	eprints
spelling	iium-322322013-10-11T04:13:57Z http://irep.iium.edu.my/32232/ Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models Alom, Md. Fardous Ward, Bert D. Hu, Baiding HB131 Methodology.Mathematical economics. Quantitative methods This study, by employing structural vector auto regression models, investigates the macroeconomic effects of world oil and food price shocks in the context of selected Asia and Pacific countries. The study reveals that the economic activities of resource-poor countries that specialise in heavy manufacturing industries, like Korea and Taiwan, are highly affected by world oil price shocks. On the other hand, the economic activities of oil-poor nations such as Australia and New Zealand, with diverse mineral resources other than oil, are not affected by oil price shocks. Furthermore, countries that are oil poor but specialise in international financial services, such as Singapore and Hong Kong, are also not affected by oil price increases. Moreover, some developing countries, in this case, India, with limited reserves of oil are not affected by oil price shocks, whereas other such countries, like Thailand, possessing a number of natural resources other than oil are more strongly affected by oil price shocks. With regard to food price shocks, limited impacts from food price increases can be recorded for India, Korea and Thailand. Overall, the effects of external oil and food prices depend on the economic characteristics of the countries. Wiley Blackwell 2013-09 Article PeerReviewed application/pdf en http://irep.iium.edu.my/32232/1/Published_articles.pdf Alom, Md. Fardous and Ward, Bert D. and Hu, Baiding (2013) Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models. OPEC Energy Review, 37 (3). pp. 327-372. ISSN 1753-0237 http://onlinelibrary.wiley.com/doi/10.1111/opec.12015/abstract 10.1111/opec.12015
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HB131 Methodology.Mathematical economics. Quantitative methods
spellingShingle	HB131 Methodology.Mathematical economics. Quantitative methods Alom, Md. Fardous Ward, Bert D. Hu, Baiding Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
description	This study, by employing structural vector auto regression models, investigates the macroeconomic effects of world oil and food price shocks in the context of selected Asia and Pacific countries. The study reveals that the economic activities of resource-poor countries that specialise in heavy manufacturing industries, like Korea and Taiwan, are highly affected by world oil price shocks. On the other hand, the economic activities of oil-poor nations such as Australia and New Zealand, with diverse mineral resources other than oil, are not affected by oil price shocks. Furthermore, countries that are oil poor but specialise in international financial services, such as Singapore and Hong Kong, are also not affected by oil price increases. Moreover, some developing countries, in this case, India, with limited reserves of oil are not affected by oil price shocks, whereas other such countries, like Thailand, possessing a number of natural resources other than oil are more strongly affected by oil price shocks. With regard to food price shocks, limited impacts from food price increases can be recorded for India, Korea and Thailand. Overall, the effects of external oil and food prices depend on the economic characteristics of the countries.
format	Article
author	Alom, Md. Fardous Ward, Bert D. Hu, Baiding
author_facet	Alom, Md. Fardous Ward, Bert D. Hu, Baiding
author_sort	Alom, Md. Fardous
title	Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_short	Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_full	Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_fullStr	Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_full_unstemmed	Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models
title_sort	macroeconomic effects of world oil and food price shocks in asia and pacific economies: application of svar models
publisher	Wiley Blackwell
publishDate	2013
url	http://irep.iium.edu.my/32232/ http://irep.iium.edu.my/32232/ http://irep.iium.edu.my/32232/ http://irep.iium.edu.my/32232/1/Published_articles.pdf
first_indexed	2023-09-18T20:46:31Z
last_indexed	2023-09-18T20:46:31Z
_version_	1777409711938732032

Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models

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