Relationship Between Crude Oil prices and Macro-economic Variables: Evidence from BRICS Countries

Authors

  • Guntur Anjana Raju Professor and Programme Director for Doctor of Philosophy (Commerce), Goa Business School, Goa University, Goa, India
  • Shripad Ramchandra Marathe Research Scholar and Assistant Professor in Commerce.

Abstract

The article analyses the relationship between Crude oil Prices and Macro-economic variables in BRICS countries using Quarterly data from 31st March 1999 to 31st December 2019 and an Autoregressive Distributed lag model has been developed to study the long term relationship between Crude oil and Macro-economic variable. The study found out that the long term relationship exists between the variables. We have also identified that all the countries react differently to the fluctuations in Oil prices. But interestingly China and India share some commonalities in terms of reacting to the changes in Crude Oil prices. Additionaly we have also found that fluctuations in the Oil price effect Trade Openness in every country under study except Russia.

Keywords: Crude Oil prices, Macro-economic variables, ARDL, Bound test

JEL Classifications: C22, E40, E31, E50, Q43

DOI: https://doi.org/10.32479/ijeep.9755

Downloads

Download data is not yet available.

Author Biography

Shripad Ramchandra Marathe, Research Scholar and Assistant Professor in Commerce.

Research Scholar in Goa Business School and Assistant Professor in Swami Vivekanand VM's College of Commerce Bori Ponda Goa India.

Downloads

Published

2020-08-10

How to Cite

Raju, G. A., & Marathe, S. R. (2020). Relationship Between Crude Oil prices and Macro-economic Variables: Evidence from BRICS Countries. International Journal of Energy Economics and Policy, 10(5), 264–271. Retrieved from https://www.econjournals.com/index.php/ijeep/article/view/9755

Issue

Section

Articles