Does oil price shock affect small open economies? Evidence from Hong Kong, Singapore, South Korea and Taiwan
Document Type
Journal article
Source Publication
Applied Economics Letters
Publication Date
1-1-2012
Volume
19
Issue
16
First Page
1599
Last Page
1602
Keywords
Real GDP, unemployment, oil price shocks, VAR, VECM, panel data model, Hong Kong, Singapore, South Korea, Taiwan
Abstract
We apply recursive VAR/VECM as well as panel data models to examine whether oil price shocks have any significant impacts upon the Asian small open economies. We found no significant impacts on Real Gross Domestic Product (RGDP), regardless of model specifications. However, we detected positive significant effects on unemployment after three time lags and significant contemporaneous effects on CPI in panel regressions contrary to previous studies.
DOI
10.1080/13504851.2011.641924
Print ISSN
13504851
E-ISSN
14664291
Publisher Statement
Copyright © 2012 Routledge
Access to external full text or publisher's version may require subscription.
Full-text Version
Publisher’s Version
Language
English
Recommended Citation
Ran, J., & Voon, J. P. (2012). Does oil price shock affect small open economies? Evidence from Hong Kong, Singapore, South Korea and Taiwan. Applied Economics Letters, 19(16), 1599-1602. doi: 10.1080/13504851.2011.641924