Time-varying effects of oil price shocks and economic policy uncertainty on the nonferrous metals industry: From the perspective of industrial security

Lee, Seonjoo; Liao, Jianhui; Chen, Ying

doi:10.1016/j.eneco.2021.105192

Cited by 39 publications

(9 citation statements)

References 66 publications

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“…Specifically, the empirical results support significantly favorable effects on non-ferrous metals industry, which is also confirmed in the research of Zhu et al (2021). However, this paper extends the sample to cover almost all the industrial sectors.…”

Section: Discussion Of Resultssupporting

confidence: 78%

“…Ju et al , 2014; Nasir et al , 2018), whereas several suggest that the effects are positive (Du et al , 2010; Mo et al , 2019). Specifically, Zhu et al (2021) consider the non-ferrous metals industry and prove that oil price shocks produce positive impacts in the short term but diverse impacts in the long term. It is crucial to identify the sectoral responses, which can help determine how these shocks are transmitted throughout the economy.…”

Section: Literature Reviewmentioning

confidence: 99%

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Asymmetric pass through of oil price to Chinese economic growth: new evidence from industrial sectors

Liu

Ling

Wang

2021

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PurposeOil is crucial for industrial development. This paper investigates the impacts of oil price changes on China's industrial growth and examines whether the impacts are asymmetric. The estimations can help determine how oil price shocks are transmitted throughout the economy.Design/methodology/approachThis paper adopts West Texas Intermediate (WTI) crude oil price and industrial sector output and uses monthly data. The recently developed nonlinear autoregressive distributed lag (NARDL) model is employed to illustrate the effects in both the short term and long term. Importantly, under NARDL framework, this paper examines whether the impacts are asymmetric by decomposing oil price shocks into their positive and negative partial sums.FindingsThe empirical results prove clear evidence of asymmetries in the short term, long term or both terms. Specifically, some sectors benefit from, rather than suffer from higher oil prices, even some energy-intensive sectors, i.e. C31 (Smelting and Pressing of Ferrous Metals) and C32 (Smelting and Pressing of Non-ferrous Metals). However, the effects on some other energy-intensive sectors appear insignificant. Additionally, the results prove significantly negative responses in some sectors in the long term, and most of these sectors are in the top half of the ranking by energy consumptions.Originality/valueThis paper studies the economic responses at a disaggregated level by employing industry-level data. NARDL method is used to decompose oil price changes into their increases and decreases and investigate the asymmetries in the impacts of oil price changes.

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Section: Discussion Of Resultssupporting

confidence: 78%

Section: Literature Reviewmentioning

confidence: 99%

Asymmetric pass through of oil price to Chinese economic growth: new evidence from industrial sectors

Liu

Ling

Wang

2021

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“…As an important non-renewable resource, petroleum, is a core raw material for modern industry and plays an important role in the operation of socioeconomic systems [1,2]. As the third largest energy consuming sector, petroleum remains the most dependent power source for the automotive industry.…”

Section: Introductionmentioning

confidence: 99%

“…(1) To capture research trends in the subject area using selected bibliometric data; (2) To clarify public preferences and analyze the factors influencing the promotion of new energy vehicles, etc. ; (3) To summarize the main substantive findings of the existing literature; (4) To identify future research directions; (5) To provide a scientific basis for enterprises and governments to formulate policies for the promotion of new energy vehicles.…”

Section: Introductionmentioning

confidence: 99%

What Is Affecting the Popularity of New Energy Vehicles? A Systematic Review Based on the Public Perspective

Jiang,

Wu,

et al. 2023

Sustainability

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The dependence of traditional fuel vehicles on petroleum energy has aggravated the energy crisis, while the harmful gas emissions generated during the use of traditional fuel vehicles have aggravated environmental pollution and climate warming. Therefore, it is urgent to alleviate energy consumption and environmental pollution in the transportation sector. The development and promotion of energy-saving and environmentally friendly new energy vehicles has become an important initiative in the world automotive industry. However, there is still a gap between the promotion of new energy vehicles and the public’s purchase preference, and understanding and respecting the public’s purchase preference can help promote the popularity of new energy vehicles. Based on the core database of the Web of Science, we extracted 1498 papers related to the public’s purchase preference and the popularization of new energy vehicles in the past two decades. We adopted a systematic literature review framework to clarify the research trajectory and research hotspots from literature combing, with the aim to reveal the interaction between the popularity of new energy vehicles and the public’s purchase preference. In addition, we further refined and summarized the existing major studies in order to provide solution ideas for achieving the transition to new energy vehicles in an effort to promote the green and sustainable development of energy.

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“…A significant difficulty now is determining how to reduce the direct and substantial harmful effects of spillover triggered by imported inflation. Crude oil prices in the international markets have changed due to global economic trends and geopolitical forces [10][11][12]. These global crude oil market price variations are transferred to other asset markets as global economic integration accelerates.…”

Section: Introductionmentioning

confidence: 99%

Connectedness between Pakistan’s Stock Markets with Global Factors: An Application of Quantile VAR Network Model

Zaidi,

Khan,

Khan

et al. 2023

Mathematics

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This study aims to provide important insights regarding the integrated structure of global factors and Pakistan’s leading sector-level indices by estimating the dynamic network and pairwise connectedness of the global crude oil index, MSCI index, European economic policy uncertainty index, and important sector-level indices of Pakistan based on QVAR using daily frequency over the period of 20 years from 2002 to 2022. The findings demonstrate high interconnectedness among global factors indices and Pakistan’s leading sector-level indices. The results of net directional connectivity showed that the EPEUI, WTI, and MSCI indices are the “net receivers” of volatility spillover. At the same time, the financial and energy sectors are the “net transmitter” of shocks. Connectedness is high amid financial upheavals. The research findings provide crucial insights for policymakers, businesses, portfolio managers, and investors.

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Time-varying effects of oil price shocks and economic policy uncertainty on the nonferrous metals industry: From the perspective of industrial security

Cited by 39 publications

References 66 publications

Asymmetric pass through of oil price to Chinese economic growth: new evidence from industrial sectors

Asymmetric pass through of oil price to Chinese economic growth: new evidence from industrial sectors

What Is Affecting the Popularity of New Energy Vehicles? A Systematic Review Based on the Public Perspective

Connectedness between Pakistan’s Stock Markets with Global Factors: An Application of Quantile VAR Network Model

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