Energy and economics: an empirical study on the global economic impact of energy crisis

This study aims to reveal the effects of extreme oil and gas price volatility during the energy crisis of 2022, examining the cause-effect relationship between energy crises and various economic factors. This paper questions not only the depth of the impact on an economic level but also its social i...

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Bibliographic Details
Published inTheoretical and applied economics Vol. XXXII; no. 2; pp. 143 - 164
Main Authors Agrima Kumar RAJVANSHI, Sonali Ahuja DUA
Format Journal Article
LanguageEnglish
Published General Association of Economists from Romania 01.06.2025
Subjects
energy crisis
granger-causality
international economics
regression analysis
renewable energy
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ISSN1841-8678
1844-0029

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Summary:This study aims to reveal the effects of extreme oil and gas price volatility during the energy crisis of 2022, examining the cause-effect relationship between energy crises and various economic factors. This paper questions not only the depth of the impact on an economic level but also its social implications by presenting empirical evidence while following an interdisciplinary approach. Series of regression analysis, Granger-Causality test with ADF stationarity and ACF models and multivariate correlation analysis were used. The results suggest that, increased cost of living, market volatility, change in supply patterns and policies are associated with extreme energy price fluctuations caused by various geopolitical factors and its large-scale impact due to globalization.
ISSN:1841-8678
1844-0029