Redirigiendo al acceso original de articulo en 15 segundos...
ARTÍCULO
TITULO

OIL PRICE SHOCKS AND MACROECONOMIC PERFORMANCE OF THE NIGERIAN ECONOMY: A STRUCTURAL VAR APPROACH

Raymond Osi Alenoghena    

Resumen

This study examines the effect of oil price shocks on the macroeconomic performance of the Nigerian economy covering the period from 1980 to 2018. The effect of oil price shocks is investigated on macroeconomic variables like output growth, inflation, interest rate, exchange rate and industrial production index using the structural vector autoregression (SVAR) approach. The results of the investigation reveal that oil price shocks have significantly and negatively affected economic growth and industrial output. Furthermore, while the results show that oil price shocks have a significant positive effect on inflation, the effect is also positive on interest rate and exchange rate, but it is not significant. The results of impulse response function show a negative effect on output growth, it is positive on inflation, but mild and indeterminate on industrial production, interest rate and exchange rate. Based on findings in this study, the Renaissance theory and the Dutch Disease theories of economic growth apply to the Nigerian economy. The policy recommendations include the isolation of the country?s real sector from the vagaries of oil price volatility and the pursue of economic diversification to reduce the over-dependence on oil.

 Artículos similares

       
 
Jimoh Sina Ogede,Felix O. Ajayi     Pág. 027 - 037
The determinants of food prices have attracted sizeable debates among scholars over the last three decades. However, many of these studies ignore the possibility that the impact of oil prices on food prices could vary across the food price distribution. ... ver más

 
Talal A. N. M. S. Alotaibi and Lucía Morales    
Global stock markets experienced a dual shock in 2020 due to the impact of the global health crisis, parallel to a simultaneous shock derived from the Saudi Arabia and Russia oil price war. The dual shock fueled oil market volatility with lasting effects... ver más

 
Hülya Yilmaz,Bülent Ilhan     Pág. 26 - 38
This paper investigates the dynamic relationship between the stock market index and a set of macroeconomic variables in four emerging countries. The dependent variable measures monthly stock exchange points of respective markets from January 2010 to Marc... ver más

 
Emmanuel Senyo Fianu    
Because of the non-linearity inherent in energy commodity prices, traditional mono-scale smoothing methodologies cannot accommodate their unique properties. From this viewpoint, we propose an extended mode decomposition method useful for the time-frequen... ver más
Revista: Forecasting

 
Kuan-Chieh Chen     Pág. 96 - 103
Most studies continue to analyze oil shocks. Earlier authors recognize that oil price volatility plays a critical role in the economy. There is accordingly evidence that oil price shocks negatively impact real gross domestic product (GDP) growth rates an... ver más