Oil Price and Industrial Production in G7 Countries: Evidence from the Asymmetric and Non-asymmetric Causality Tests

Makroekonomi̇k Denge İçi̇n Petfol Fi̇yatlari Önemli̇ Mi̇di̇r?

“…In further studies related Turkey; Altintas 13 , using the quarterly data of 1987-2010 period, he investigates the relationship between real oil prices and exports, relative export prices, international real income, real exchange rate variables, by using the ARDL method and causality tests, as a result, Altintas has determined that a 1% increase in the real exchange rate lead to 0.61% decrease in exports income. In the same survey conducted for Turkey referring to Yıldırım and Öztürk (2014) 14 based on the data, the period for 2003 -2013 period of G7 countries by asymmetric and non-asymmetric causality analysis method examined the relationship between oil prices and industrial production index. According to the finding of asymmetric causality analysis, shocks in oil prices, affect the industrial production index of net energy importing countries, however, it has determined that the increase in oil prices does not explain a decrease in industrial production index.…”

Natural resources volatility and causal associations for BRICS countries: Evidence from Covid-19 data

“…The association amongst natural resource volatility and economic growth is significant because it has the potential to alter macroeconomic stability and a country's level of welfare. For example, there are several ways in which a rise in the prices of natural resource commodity, particularly gas and oil costs, can affect output ( Yıldırım and Öztürk, 2014 ). At first, the natural gas and oil price shocks dampen overall demand because they produce a redistribution of wealth from oil exporters to oil importers.…”

Natural resources for policy makers: Revisiting COVID-19 perspective of aggregate South Asian economies

“…The nexus between natural resource fluctuation and economic performance is imperative as it changes the economy's macro policies and welfare level. For example, the rise in natural resource prices, particularly gas and oil price, can decrease production to a greater extent ( Yıldırım and Öztürk, 2014 ). Firstly, the shocks to oil and gas prices can decrease aggregate demand, and an increase in their price can contribute to income between oil-exporting and importing economies.…”