Title

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

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