Causality Among Oil Prices, GDP and Exchange Rate: Evidence from Azerbaijan and Kazakhstan
Following their independence, Azerbaijan and Kazakhstan, which place great importance to oil industry, have also succeeded in attracting foreign investments to this industry. Over time, this industry, which has become a key to the economy, has made the economy vulnerable particularly to oil prices....
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| Published in | Bilig (Ankara) Vol. 83; pp. 79 - 98 |
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| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Ankara
Ahmet Yesesvi Universitesi, Management Center
01.10.2017
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| Subjects | |
| Online Access | Get full text |
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| Abstract | Following their independence, Azerbaijan and Kazakhstan, which place great importance to oil industry, have also succeeded in attracting foreign investments to this industry. Over time, this industry, which has become a key to the economy, has made the economy vulnerable particularly to oil prices. In this regard, current paper investigates causal relationships between quarterly time series of oil prices, GDP and exchange rate for both Azerbaijan and Kazakhstan separately. Toda-Yamamoto causality test results for Azerbaijan suggest that there are unidirectional causalities from exchange rate to oil prices, from oil prices to GDP and from GDP to exchange rate. As for Kazakhstan, causalities run from oil prices to GDP, exchange rate to GDP and oil prices to exchange rate. |
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| AbstractList | Following their independence, Azerbaijan and Kazakhstan, which place great importance to oil industry, have also succeeded in attracting foreign investments to this industry. Over time, this industry, which has become a key to the economy, has made the economy vulnerable particularly to oil prices. In this regard, current paper investigates causal relationships between quarterly time series of oil prices, GDP and exchange rate for both Azerbaijan and Kazakhstan separately. Toda-Yamamoto causality test results for Azerbaijan suggest that there are unidirectional causalities from exchange rate to oil prices, from oil prices to GDP and from GDP to exchange rate. As for Kazakhstan, causalities run from oil prices to GDP, exchange rate to GDP and oil prices to exchange rate. |
| Author | Dikkaya, Mehmet Doyar, Bayram Veli |
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| Copyright | Copyright Ahmet Yesesvi Universitesi, Management Center Fall 2017 |
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| Snippet | Following their independence, Azerbaijan and Kazakhstan, which place great importance to oil industry, have also succeeded in attracting foreign investments to... |
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| SubjectTerms | Causality Crude oil prices Foreign exchange rates Gasoline GDP Gross Domestic Product Petroleum Prices Time series |
| Title | Causality Among Oil Prices, GDP and Exchange Rate: Evidence from Azerbaijan and Kazakhstan |
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