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Macroeconomic effects of world oil and food price shocks in Asia and Pacific economies: application of SVAR models

机译:亚太经济体中世界石油和食品价格冲击的宏观经济影响:SVAR模型的应用

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摘要

This study, by employing structural vector auto regression models, investigates the macroeconomic effects of world oil and food price shocks in the context of selected Asia and Pacific countries. The study reveals that the economic activities of resource-poor countries that specialise in heavy manufacturing industries, like Korea and Taiwan, are highly affected by world oil price shocks. On the other hand, the economic activities of oil-poor nations such as Australia and New Zealand, with diverse mineral resources other than oil, are not affected by oil price shocks. Furthermore, countries that are oil poor but specialise in international financial services, such as Singapore and Hong Kong, are also not affected by oil price increases. Moreover, some developing countries, in this case, India, with limited reserves of oil are not affected by oil price shocks, whereas other such countries, like Thailand, possessing a number of natural resources other than oil are more strongly affected by oil price shocks. With regard to food price shocks, limited impacts from food price increases can be recorded for India, Korea and Thailand. Overall, the effects of external oil and food prices depend on the economic characteristics of the countries.
机译:这项研究采用结构向量自动回归模型,在选定的亚太地区背景下,研究了世界石油和食品价格冲击的宏观经济影响。该研究表明,韩国和台湾等专门从事重工业的资源匮乏国家的经济活动受到世界石油价格冲击的严重影响。另一方面,澳大利亚和新西兰等石油匮乏的国家的经济活动不受石油价格冲击的影响,这些国家除石油外拥有多种矿产资源。此外,石油匮乏但专门从事国际金融服务的国家,例如新加坡和香港,也不受油价上涨的影响。而且,一些发​​展中国家,在这种情况下,印度,石油储备有限,不受油价冲击的影响,而其他这样的国家,例如泰国,除了石油以外,拥有许多其他自然资源,受油价冲击的影响更大。 。关于粮食价格冲击,印度,韩国和泰国对粮食价格上涨的影响有限。总体而言,外部石油和食品价格的影响取决于这些国家的经济特征。

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  • 来源
    《OPEC energy review》 |2013年第3期|327-372|共46页
  • 作者单位

    Assistant Department of Economics, International Islamic University Malaysia, PO Box 10, 50728 Kuala Lumpur, Malaysia;

    Adjunct faculty member, Department of Accounting, Economics and Finance, Lincoln University, PO Box 84, Christchurch 7647, New Zealand;

    Department of Accounting, Economics and Finance, Lincoln University, PO Box 84, Christchurch 7647, New Zealand;

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