Macroeconomic effects of crude oil shocks: Evidence from South Asian countries
Autor
Ahmad, Iftikhar
Iqbal, Shahid
Khan, Salim
Han, Heesup
Vega-Muñoz, Alejandro
Ariza-Montes, Antonio
Resumen
This research tends to convey the relationship between crude oil price volatility and key macroeconomics indicators, i.e., gross domestic product (GDP), inflation rate (IR), interest rate, and exchange rate. The study collected the time-series data (2000–2020) from the South Asian countries (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka), and employed macroeconomic policy modeling tools (impulse response function and the prediction error variance decomposition technique) in the vector autorepression (VAR) setup. The outcome of the impulse response function explained considerable variance among macroeconomic indicators in response to crude oil price shocks. The macroeconomic indicators are extremely susceptible to minor fluctuations in oil prices causing a significant impact on the region's socioeconomic situation. The result of variance decomposition indicates that each country in the region reacts differently to crude oil price volatility which reflects their macroeconomics fundamentals, independent policy, sector structure, and country differences. The findings support change in public policies in a way to reduce their dependency on oil energy and encourage them toward renewal and green energy sources for better environmental results and sustainable development. Copyright © 2022 Ahmad, Iqbal, Khan, Han, Vega-Muñoz and Ariza-Montes.
Colecciones
Ítems relacionados
Mostrando ítems relacionados por Título, autor o materia.
-
Article
Sustainability as a “new normal” for modern businesses: Are smes of pakistan ready to adopt it? (2021)
Ahmad, Naveed; Mahmood, Asif; Han, Heesup; Ariza-Montes, Antonio; Vega-Muñoz, Alejandro; Ud Din, Mohi; Khan, Ghazanfar Iqbal; Ullah, Zia (MDPI AG, 2021-02-02)While in developed countries, the concept of sustainability is being recognized as a “new normal” for modern businesses, the situation is entirely different in the context of developing and underdeveloped regions of the ... -
Article
Exploring the impact of corporate social responsibility communication through social media on banking customer e-wom and loyalty in times of crisis (2021)
Zhang, Dianxi; Mahmood, Asif; Ariza-Montes, Antonio; Vega-Muñoz, Alejandro; Ahmad, Naveed; Han, Heesup; Sial, Muhammad Safdar (MDPI AG, 2021-05-01)Previous studies have largely explored corporate social responsibility (CSR) for organization-centric outcomes to achieve organizational performance, organizational commitment, or organizational citizenship behavior. ... -
Article
Corporate social responsibility at the micro-level as a “new organizational value” for sustainability: Are females more aligned towards it? (2021)
Ahmad, Naveed; Ullah, Zia; Mahmood, Asif; Ariza-Montes, Antonio; Vega-Muñoz, Alejandro; Han, Heesup; Scholz, Miklas (MDPI AG, 2021-02-02)While prior studies have largely addressed corporate social responsibility (CSR) at a macro or institutional level, its importance at the micro or individual level is to date underexplored, especially in the context of ...