ASYMMETRIC EFFECTS OF OIL PRICE SHOCKS ON ECONOMIC GROWTH OF OPEC AND OECD BY FOCUSING ON SHOCKS SETTING AND REGIME CHANGES

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MEHREGAN N.; HAGHANI M.; SALMANI Y.

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Journal: Journal of Economic Modelling Year:2013 | Volume:6 | Issue:4 (20) Page(s): 1-20

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Information Journal Paper

Title

ASYMMETRIC EFFECTS OF OIL PRICE SHOCKS ON ECONOMIC GROWTH OF OPEC AND OECD BY FOCUSING ON SHOCKS SETTING AND REGIME CHANGES

Author(s)

MEHREGAN N. | HAGHANI M. | SALMANI Y. | Issue Writer Certificate

Keywords

OIL PRICE SHOCKSQ2

UNCERTAINTYQ2

OPECQ2

OECDQ2

ASYMMETRICQ2

MARKOV SWITCHING REGRESSIONQ1

Abstract

This paper investigate the ASYMMETRIC effect of OIL PRICE SHOCKS on economic growth in OECD and OPEC countries with emphasis on the setting of shocks and regime changes during 1972-2011. The results indicate that the role of OIL PRICE SHOCKS on the development price UNCERTAINTY is ASYMMETRIC in world markets and the shocks formed in this setting have ASYMMETRIC effects on the economy in both groups. But, the asymmetry in the OECD countries and the effects of OPEC, are greater. Of course, the impact of shocks increase when occurred after a stable period of oil price.Furthermore, a shock which influences positively a group (OPEC or OECD), has negative impact on the other group.

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