Arbeitspapier
Revisiting the Macroeconomic Impact of Oil Shocks in Asian Economies
This paper analyzes the macroeconomic impact of oil shocks in four of the largest oil-consuming Asian economies, using a structural vector autoregressive model. We identify three different types of oil shocks via sign restrictions: an oil supply shock, an oil demand shock driven by global economic activity and an oil-specific demand shock. The main results suggest that economic activity and prices respond very differently to oil price shocks depending on their type. In addition, a country's oil-importing and -exporting status in the world oil market affects the transmission of shocks. Finally, subsample analysis shows a possible structural break in Japan and South Korea for all three types of oil shocks.
- Language
-
Englisch
- Bibliographic citation
-
Series: Bank of Canada Working Paper ; No. 2015-23
- Classification
-
Wirtschaft
Business Fluctuations; Cycles
Energy and the Macroeconomy
Economywide Country Studies: Asia including Middle East
- Subject
-
Econometric and statistical methods
International topics
- Event
-
Geistige Schöpfung
- (who)
-
Cunado, Juncal
Jo, Soojin
Perez de Gracia, Fernando
- Event
-
Veröffentlichung
- (who)
-
Bank of Canada
- (where)
-
Ottawa
- (when)
-
2015
- DOI
-
doi:10.34989/swp-2015-23
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Cunado, Juncal
- Jo, Soojin
- Perez de Gracia, Fernando
- Bank of Canada
Time of origin
- 2015
Other Objects (12)
Revisiting the monetary sovereignty rationale for CBDCs
Canadian financial stress and macroeconomic conditions
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
Imperfect banking competition and macroeconomic volatility: A DSGE framework
Macroeconomic determinants of the term structure of corporate spreads
Capital requirement and financial frictions in banking: Macroeconomic implications
Sterilized intervention in emerging-market economies: Trends, costs, and risks
Sluggish exports in advanced economies: How much is due to demand?
A macroeconomic model of an epidemic with silent transmission and endogenous self-isolation
The rise of non-regulated financial intermediaries in the housing sector and its macroeconomic implications
Assessing vulnerabilities in emerging-market economies
Macroeconomic uncertainty through the lens of professional forecasters
Revisiting the monetary sovereignty rationale for CBDCs
Canadian financial stress and macroeconomic conditions
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
Imperfect banking competition and macroeconomic volatility: A DSGE framework
Macroeconomic determinants of the term structure of corporate spreads
Capital requirement and financial frictions in banking: Macroeconomic implications
Sterilized intervention in emerging-market economies: Trends, costs, and risks
Sluggish exports in advanced economies: How much is due to demand?
A macroeconomic model of an epidemic with silent transmission and endogenous self-isolation
The rise of non-regulated financial intermediaries in the housing sector and its macroeconomic implications
Assessing vulnerabilities in emerging-market economies
Macroeconomic uncertainty through the lens of professional forecasters
Revisiting the monetary sovereignty rationale for CBDCs
Canadian financial stress and macroeconomic conditions
Revisiting National Border Effects in Foreign Trade in Goods of Canadian Provinces
Imperfect banking competition and macroeconomic volatility: A DSGE framework
Macroeconomic determinants of the term structure of corporate spreads
Capital requirement and financial frictions in banking: Macroeconomic implications
Sterilized intervention in emerging-market economies: Trends, costs, and risks
Sluggish exports in advanced economies: How much is due to demand?
A macroeconomic model of an epidemic with silent transmission and endogenous self-isolation
The rise of non-regulated financial intermediaries in the housing sector and its macroeconomic implications
Assessing vulnerabilities in emerging-market economies