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      The impact of oil price shocks on the economic growth of selected MENA countries

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      Author(s)
      Berument, Hakan
      Ceylan, N. B.
      Dogan, N.
      Date
      2010
      Source Title
      The Energy Journal
      Print ISSN
      0195-6574
      Electronic ISSN
      1944-9089
      Publisher
      International Association for Energy Economics
      Volume
      31
      Issue
      1
      Pages
      149 - 176
      Language
      English
      Type
      Article
      Item Usage Stats
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      1,582
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      Abstract
      This paper examines how oil price shocks affect the output growth of selected MENA countries that are considered either net exporters or net importers of this commodity, but are too small to affect oil prices. That an individual country's economic performance does not affect world oil prices is imposed on the Vector Autoregressive setting as an identifying restriction. The estimates suggest that oil price increases have a statistically significant and positive effect on the outputs of Algeria, Iran, Iraq, Kuwait, Libya, Oman, Qatar, Syria, and the United Arab Emirates. However, oil price shocks do not appear to have a statistically significant effect on the outputs of Bahrain, Djibouti, Egypt, Israel, Jordan, Morocco, and Tunisia. When we further decompose positive oil shocks such as oil demand and oil supply for the latter set of countries, oil supply shocks are associated with lower output growth but the effect of oil demand shocks on output remain positive. Copyright © 2010 by the IAEE.
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      http://hdl.handle.net/11693/22390
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