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Oil-growth nexus in oil producing countries: macro panel evidence

2015Journal article Open access
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dc.contributor.authorFuinhas, José Alberto
dc.contributor.authorMarques, António Cardoso
dc.contributor.authorCouto, Alcino Pinto
dc.date.accessioned2019-01-22T09:42:38Z
dc.date.available2019-01-22T09:42:38Z
dc.date.issued2015
dc.description.abstractThe oil consumption-economic growth nexus is examined in a panel of oil producing countries over a long time span (1965-2012). Both, the ratio of oil production to primary energy consumption, i.e. oil self-sufficiency, and the persistence of the second structural oil shock were controlled for. The phenomenon of cross-sectional dependence that is present in the panel confirms that these countries share common spatial patterns, unobserved common factors, or both. The cointegration/long memory relationships as well as the panel data estimators’ appropriateness are analysed and discussed. A dynamic Driscoll-Kraay estimator, with fixed effects, was shown to be adequate to cope with the phenomena of heteroskedasticity, contemporaneous correlation, first order autocorrelation and cross-sectional dependence present in the panel. The results are consistent with the growth hypothesis, i.e. that oil consumption proves be a driver of economic growth. The second structural oil break (1979), reveals the long-lasting positive effect exerted by oil consumption on growth. The ratio of oil production to primary energy consumption has exerted a positive impact on growth. Thus, policymakers should take into account the benefits of promoting oil self-sufficiency, by reinforcing the use of endogenous resourcespt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.urihttp://hdl.handle.net/10400.6/6823
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.subjectOil productionpt_PT
dc.subjectMacro panelspt_PT
dc.subjectOil-growth nexuspt_PT
dc.subjectOil self-sufficiencypt_PT
dc.titleOil-growth nexus in oil producing countries: macro panel evidencept_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage163pt_PT
oaire.citation.startPage148pt_PT
oaire.citation.volume5pt_PT
person.familyNameFuinhas
person.familyNameMarques
person.familyNameCouto
person.givenNameJosé Alberto
person.givenNameAntónio Cardoso
person.givenNameAlcino Pinto
person.identifierR-000-7ZC
person.identifier1880954
person.identifier.ciencia-id7817-FFB9-9DC0
person.identifier.ciencia-idBE19-EAEF-30CF
person.identifier.ciencia-id0A15-4C58-C509
person.identifier.orcid0000-0002-6937-5420
person.identifier.orcid0000-0002-9906-3874
person.identifier.orcid0000-0001-7100-0786
person.identifier.ridP-1603-2017
person.identifier.ridD-2235-2011
person.identifier.scopus-author-id36168979700
person.identifier.scopus-author-id36169680100
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication3261ccf1-fcd4-48ad-bf1d-a8834c5f17ad
relation.isAuthorOfPublication0dfb8b49-b2ad-4a47-8478-a3ac0a8c639f
relation.isAuthorOfPublication8f7d5efa-de2a-4747-85db-a2a9280126dc
relation.isAuthorOfPublication.latestForDiscovery3261ccf1-fcd4-48ad-bf1d-a8834c5f17ad

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