Are Oil Prices and Remittance Outflows Asymmetric? Evidence From Saudi Arabia

Akçay, Selçuk

doi:10.46557/001c.18948

Cited by 13 publications

(20 citation statements)

References 15 publications

(21 reference statements)

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“…Besides, the results reveal that positive shocks in oil prices promote remittance outflows, while negative shocks have no significant impact. In a similar study for Saudi Arabia, Akcay (2021) finds that oil prices and remittance outflows are asymmetrically related in the long run. Furthermore, the results reveal that positive oil price shocks promote remittance outflows, whereas negative shocks have no significant impact.…”

Section: Empirical Reviewmentioning

confidence: 91%

“…The nonlinear effect of oil price on remittances is explained through the oil price-economic activity asymmetry nexus (Akcay 2021). The asymmetry relationship between oil price and economic activity is founded on three theoretical channels.…”

Section: Theoretical Frameworkmentioning

confidence: 99%

“…The asymmetry relationship between oil price and economic activity is founded on three theoretical channels. These are, namely, precautionary-saving channel, irreversible investment channel, and costly sectoral reallocation channel (Herrera et al 2015;Akcay 2021). The precautionary-saving theory argues that a fall in oil price might aggravate negative expectations about future employment and income, thereby leading to an increase in precautionary saving.…”

Section: Theoretical Frameworkmentioning

confidence: 99%

“…Consequently, high level of uncertainty could aggravate the recessionary effect of an increase in oil prices and lessen the expansionary impact of an increase in the prices of oil in the oil-importing countries. However, for an oil-exporting country, high uncertainty may aggravate the direct recessionary effect of an increase in oil price and reduce the direct expansionary effect of an oil price increase (Plante and Traum 2012;Akcay 2021;Herrera et al 2015).…”

Section: Theoretical Frameworkmentioning

confidence: 99%

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Examining the asymmetric effects of oil price shocks on remittances inflows: evidence from Nigeria

Enisan

Ojo

2021

SN Bus Econ

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This paper examines the asymmetric impact of oil prices on remittance inflows in Nigeria based on annual data over 1981-2018. The study employs the nonlinear autoregressive distributed lag approach, which allows testing the short-and long-run asymmetric response of remittances inflows to positive and negative innovations in oil prices. The results confirm a long-run relationship between remittance inflows, exchange rate, misery index, gross domestic product per capita, and oil prices. The results show that changes in oil price have an asymmetric effect on remittance inflows in the short run but not in the long run. Moreover, exchange rate appreciation and depreciation have different impact on remittances inflows in both the short and long run. Exchange rate depreciation hurts remittance inflows. GDP per capita harms remittances inflows not only in the short run but also in the long run. Nigerian authorities implement necessary measures to enhance the efficiency of migration process and ensure appropriate exchange rate value.

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Section: Empirical Reviewmentioning

confidence: 91%

Section: Theoretical Frameworkmentioning

confidence: 99%

Section: Theoretical Frameworkmentioning

confidence: 99%

Section: Theoretical Frameworkmentioning

confidence: 99%

See 2 more Smart Citations

Examining the asymmetric effects of oil price shocks on remittances inflows: evidence from Nigeria

Enisan

Ojo

2021

SN Bus Econ

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“…NARDL yöntemi ARDL yöntemindekine benzer şekilde serilerin durağan olma ya da aynı dereceden durağan olma şartı taşımamaktadır. Bu yöntemde serilerin ikinci dereceden durağan olmaması gerekmektedir(Akçay, 2021).…”

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Petrol Fiyatı ve Döviz Kurunun Gıda Fiyatları Üzerine Asimetrik Etkisi: Türkiye Örneği

Gokce¹

2021

berj

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Öz: Ekonomik istikrarın önündeki engellerden biri yüksek enflasyondur. Enflasyonun belirleyici faktörleri arasında da gıda enflasyonu sayılabilir. Bu çerçevede çalışmanın amacı, Türkiye'de petrol fiyatlarının ve döviz kurunun gıda fiyatları üzerindeki etkisini incelemektir. Çalışmada petrol fiyatlarının ve döviz kurunun gıda fiyatları üzerinde asimetrik etkisi olduğu öngörüsü çerçevesinde NARDL (Doğrusal Olmayan Otoregresif Dağıtılmış Gecikme) yöntemi uygulanmıştır. Çalışmada Ocak 2010-Aralık 2019 dönemine ilişkin aylık veriler kullanılmıştır. Elde edilen temel bulgular beklenti çerçevesinde gerçekleşmiştir. Bulgular, petrol fiyatlarının ve döviz kurunun gıda fiyatları ile uzun dönemde asimetrik ilişki içerisinde olduğunu göstermektedir. Kısa dönemde ise asimetrik bir ilişki tespit edilememiştir. Ayrıca uzun dönem katsayılar incelendiğinde, petrol fiyatlarının ve döviz kurunun pozitif değişimlerinin istatistiksel olarak anlamlı olduğu görülmektedir. Petrol fiyatı ve döviz kurundaki pozitif değişimler gıda fiyatlarını aynı yönde etkilemektedir. Petrol fiyatları 1 ABD Doları arttığında gıda fiyat endeksi 0,30 birim, Dolar kuru 1 TL arttığında ise gıda fiyat endeksi 16,6 birim artmaktadır. Bu bulgular çerçevesinde bir politika önerisi olarak; petrol fiyatlarındaki ve döviz kurlarındaki pozitif şokların gıda fiyatlarına geçişkenliğini azaltacak tedbirlerin alınması gerekmektedir.

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Spillover connection between oil prices, energy risk exposure, and financial stability: implications for the COVID-19 pandemic

Shi

Zheng

2022

Environ Sci Pollut Res

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The aim of the study is to test the nexus between oil prices, energy risk exposer, and financial stability to recommend the implications for the period of COVID-19 crises. The study findings show that a systemic macroeconomic simulation that combines with the 17% oil prices and 26% energy risk exposure at household item demand gives a rise to energy subsidies at 18.14% and it contributes to make energy financing as efficient as 38.3% in study context. By this, the oil prices and energy risk exposure repercussions caused significant connection with financial stability. Utilization of oil-importing and oil-exporting economies necessitates the use of energy. Energy and capital are complementary in manufacturing. Following the study findings, we suggested and adjusted the energy risk exposure framework to take into account. The findings show that allocating oil price-related subsidy to enterprises yields the best policy results. However, the benefit to society as a whole is quite small. Additional analysis results indicate that in a less energy-dependent sector, having no subsidies would be the best strategy. On such benefits, different policy implications are also suggested for associated individuals to sustain financial stability.

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Are Oil Prices and Remittance Outflows Asymmetric? Evidence From Saudi Arabia

Cited by 13 publications

References 15 publications

Examining the asymmetric effects of oil price shocks on remittances inflows: evidence from Nigeria

Examining the asymmetric effects of oil price shocks on remittances inflows: evidence from Nigeria

Petrol Fiyatı ve Döviz Kurunun Gıda Fiyatları Üzerine Asimetrik Etkisi: Türkiye Örneği

Spillover connection between oil prices, energy risk exposure, and financial stability: implications for the COVID-19 pandemic

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