Oil, economic growth and strategic petroleum stocks

Difiglio, Carmen

doi:10.1016/j.esr.2014.10.004

Cited by 63 publications

(49 citation statements)

References 28 publications

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“…Over the last few decades, the prices of these energy sources have undergone oscillations that have threatened most worldwide economies, especially those of oil-importing countries. 1 Furthermore, the burning of fossil fuels significantly promotes climate change due to the large emission of greenhouse gases (CO 2 ).…”

mentioning

confidence: 99%

The Hydraulic Retention Time as a Key Parameter for the Performance of a Cyclically Fed Glycerol-Based Microbial Fuel Cell from Biodiesel

Santos

Barros

Linares

2016

J. Electrochem. Soc.

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This study focuses on the importance of the feed volume as an operational parameter for improving the performance of a cyclically fed glycerol-based microbial fuel cell. Experiments varying the daily feed volume from 10 to 50 mL for a 240 mL anode evidences that the electrochemical performance, Chemical Oxygen Demand (COD) and nitrogen and phosphorous removal is affected, in addition to the Coulombic efficiency (CE) and the kinetics of the glycerol biodegradation. A feed volume of 32 mL (hydraulic retention time (HRT) of 7.5 d) is shown to be the most effective for maximising the cell performance and COD removal. Longer HRTs reduce the organic loading rate, thereby reducing the cell performance due to the rapid depletion of the substrate, whereas shorter HRTs favor the development of non-exoelectrogenous bacteria, which reduces the CE and electrochemical performance with less effective COD removal. A final product analysis reveals that formic acid is the main product formed as a consequence of the microbiological degradation of glycerol.

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confidence: 99%

The Hydraulic Retention Time as a Key Parameter for the Performance of a Cyclically Fed Glycerol-Based Microbial Fuel Cell from Biodiesel

Santos

Barros

Linares

2016

J. Electrochem. Soc.

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“…Once again, co-movements seem to be stronger in normal periods. This result can be explained by the fact that spikes in oil prices are followed by a sharp drop in the GDP, with a certain lag (Difiglio, 2014). However, for the third period of co-movements in the long-run, from 1965 up to 1975, we see that an increase in international oil prices with a pick around the 1973 oil crisis, is followed by an increase in the U.S. output, the U.S. being one of the main oil producers.…”

Section: Fig 1 Wavelet Coherency Between the Growth Rate And Internmentioning

confidence: 99%

“…The authors discover that both in the long-and short-run, there is a unidirectional relationship from oil prices and international reserves to economic growth. Nevertheless, performing a historical analysis on oil prices -economic growth co-movements, Difiglio (2014) shows that for developed countries, oil prices' shocks are invariably followed by 2-3 years of weak economic growth and weak economic growth is almost always preceded by an oil prices shock. Consequently, the relationship between economic growth and oil prices is not well established and requires further clarifications.…”

Section: Literature Reviewmentioning

confidence: 99%

“…A first strand tests the relationship between commodity prices and economic growth (Deaton and Miller, 1996;Brückner and Ciccone, 2010;Céspedes and Velasco, 2012;Collier and Goderis, 2012;Camacho and Perez-Quiros, 2014), with a focus on oil prices (Jayaraman and Choong, 2009;Le and Chang, 2012;Difiglio, 2014;Narayan et al 2014) and gold prices (Pierdzioch et al, 2014). A second recent strand of literature pays importance to the role of housing prices in explaining the business cycle fluctuations (Miller et al, 2011;Pan and Wang, 2013;Loutskina and Strahan, 2015).…”

Section: Introductionmentioning

confidence: 99%

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Time–frequency relationship between US output with commodity and asset prices

Tiwari¹,

Albulescu

Gupta

2015

Applied Economics

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Commodity and asset prices have a well-documented effect on economic growth, manifested through various channels. At the same time, the business cycle influences the commodity and asset prices. Whereas empirical evidence on the effect of commodity and asset prices on the long-run economic growth is ambiguous, most of the previous researches highlight a positive correlation in the short-run. The aim of this paper is to disentangle the short-and long-run comovements between U.S. historical business cycles and commodity and asset prices, over the period . For this purpose we use a time-frequency approach and we test the historical influence of oil, gold, housing and stock prices, over the output growth. Different from other studies, we control for the effect of other prices and monetary conditions, using the wavelet partial coherency. In line with the previous works, we discover that comovements between economic growth and commodity and assets prices manifest especially in the short-run. We also find that stock returns and housing prices have a more powerful effect on the U.S. economic growth rate than the oil and gold prices. The long-run comovements are documented especially around the World War II. Finally, when controlling for the influence of the interest rate, inflation and other commodity and asset prices, comovements become weaker in the short-run. In general the oil and housing prices lead the GDP growth, the U.S. output lead the gold prices, while there is no clear causality direction between business cycle and stock prices.

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“…Several studies have focused on the relationship between the oil prices and GDP, and between construction sector and GDP, both globally and for Nigeria specifically (Tse and Ganesan 1997;Hamilton 2005;Lescaroux and Mignon 2008;Bolaji and Bolaji 2010;Olatunji 2010;Syed 2010;Rasmussen and Roitman 2011;Khan et al 2013;Shaari et al 2013;Difiglio 2014;Idrisov et al 2015). However, few empirical studies link the real aggregate GDP, the construction sector output, and the annual oil prices for Nigeria.…”

Section: Literature Reviewmentioning

confidence: 99%

Modeling the Construction Sector and Oil Prices toward the Growth of the Nigerian Economy: An Econometric Approach

2018

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This study empirically examined the interrelationship between the construction sector, oil prices, and the actual gross domestic product (GDP) in Nigeria. Using annual economic data from the National Bureau of Statistics (NBS), the OPEC Annual Statistical Bulletin, and econometric statistics, we found that although very strong positive and significant correlations exist between the construction sector output and total GDP output (0.934), the construction sector output and oil prices (0.856), and the total GDP output and oil prices (0.822), these linear relationships only exist for a short time. However, these relationships do not result in any direct causal influence on each other, except for the uni-directional Granger causal relationship that flows from the total GDP output to the construction sector output, which implies that economic activities of other major non-oil sectors stimulate the construction activities in Nigeria. Thus, we argue that neither the construction sector nor the oil prices directly influence the aggregate economy; rather, the other sectors' activities stimulate the construction sector in Nigeria. Two policy recommendations for achieving the Federal Government's medium term Economic Recovery and Growth Plan (ERGP) are suggested: (1) the Nigerian government should de-emphasize overreliance on the oil sector through policy readjustment and (2) an urgent need for economic diversification in Nigeria exists, since we revealed that an increase in the aggregate GDP output is due to the activities of other non-oil sectors.

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Oil, economic growth and strategic petroleum stocks

Cited by 63 publications

References 28 publications

The Hydraulic Retention Time as a Key Parameter for the Performance of a Cyclically Fed Glycerol-Based Microbial Fuel Cell from Biodiesel

The Hydraulic Retention Time as a Key Parameter for the Performance of a Cyclically Fed Glycerol-Based Microbial Fuel Cell from Biodiesel

Time–frequency relationship between US output with commodity and asset prices

Modeling the Construction Sector and Oil Prices toward the Growth of the Nigerian Economy: An Econometric Approach

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