External shocks and international inflation linkages

Galesi, Alessandro; Lombardi, Marco

doi:10.1093/acprof:oso/9780199670086.003.0005

Cited by 31 publications

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“…Aksoy and Ng () study whether increases to FP are good or bad for net food importers, revealing mixed results in that, for low income countries, FP shocks deteriorate the food trade balances, whereas for middle income countries the trade balances improve due to FP shocks. von Braun () further reports that net food importer countries become affected by high FP, whereas Galesi and Lombardi () document that CP and FP shocks have different inflationary effects; over their sample period (1999–2007), they find that the inflationary effects of CP mostly affect developed regions, whereas FP shocks affect emerging economies only.…”

Section: Literature Reviewmentioning

confidence: 99%

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

Alom

Ward

2013

OPEC Energy Review

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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.

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Section: Literature Reviewmentioning

confidence: 99%

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

Alom

Ward

2013

OPEC Energy Review

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“…Lorde et al . (2009), Galesi and Lombardi (2009) and Cooper (2008). Further, economists spotlight 1 on another noteworthy issue, which is the relationship between energy consumption and real output growth; for a comprehensive empirical work of more than 100 countries see Chontanawat et al .…”

Section: Introductionmentioning

confidence: 99%

Energy consumption and real output: new evidence from the UAE

Sweidan

2012

OPEC Energy Review

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The current paper seeks to examine the relationship between energy consumption and real output in the United Arab Emirates (UAE) economy. Technically, we assess the following two questions: ‘does the increase in energy consumption cause more economic growth in the UAE economy?’ or ‘does the rapid economic growth lead to more energy consumption?’ We utilise the bounds testing approach to cointegration and error correction model and Granger causality test to achieve the paper goal. The paper employs an annual data series of the UAE real gross domestic product and energy consumption over the 1973–2008 period. The findings of the paper have two levels: short‐run and long‐run. In the short‐run, the results reveal a clear statistically significant bidirectional positive relationship between energy consumption and real output in the UAE economy. However, in the long‐run the estimate illustrates only one relationship prevails from the short‐run. This one is the statistically significant positive unidirectional relationship running from real output to energy consumption.

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“…We expand the core set of 33 countries often considered in the GVAR literature, such as Dees et al . () and Galesi and Lombardi (), with the inclusion of 32 additional SSA countries, including five EAC countries. The list of countries is reported in Table .…”

Section: Global Vector Autoregressionmentioning

confidence: 99%

Assessing Inflation Convergence in the East African Community

Dridi

Nguyen

2018

J of Intl Development

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The paper investigates inflation convergence in five East African countries: Burundi, Kenya, Rwanda, Tanzania and Uganda, as they aspire to form a monetary union by 2024 under the umbrella of the East African Community (EAC). We find that inflation differentials in the five EAC countries are not persistent, implying that inflation rates in these countries have been converging. This convergence can be attributed to a similarity in terms of the nature of shocks affecting EAC countries as well as the crucial role of foreign factors as drivers of inflation in these countries since the early 1990s. © 2018 John Wiley & Sons, Ltd.

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External shocks and international inflation linkages

Cited by 31 publications

References 0 publications

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

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

Energy consumption and real output: new evidence from the UAE

Assessing Inflation Convergence in the East African Community

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