The relationship between oil price shocks and China's macro-economy: An empirical analysis

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	The relationship between oil price shocks and China's macro-economy: An empirical analysis
	Du, Limin ; He, Yanan ; Wei, Chu ; Du LM(杜立民) ; He YN(何亚男)
刊名	http://dx.doi.org/10.1016/j.enpol.2010.03.042
	2010-08
关键词	ECONOMIC-ACTIVITY TIME-SERIES UNIT-ROOT CRUDE-OIL TESTS UNEMPLOYMENT COMPETITION PARAMETER INCREASES GROWTH
英文摘要	China Postdoctoral Science Foundation [20090460751]; Ministry of Education of the People's Republic of China [09YJC790167, 09YJA820074]; National Social Science Funds [09ZD050, 08AJY031]; This paper investigates the relationship between the world oil price and China's macro-economy based on a monthly time series from 1995:1 to 2008:12, using the method of multivariate vector autoregression (VAR). The results show that the world oil price affects the economic growth and inflation of China significantly, and the impact is non-linear. On the other hand, China's economic activity fails to affect the world oil price, which means that the world oil price is still exogenous with respect to China's macro-economy in time series sense, and China has not yet had an oil pricing power in the world oil markets. The structural stability tests demonstrate that there is a structural break in the VAR model because of the reforms of China's oil pricing mechanism, thus it is more appropriate to break the whole sample into different sub-samples for the estimation of the model. (c) 2010 Elsevier Ltd. All rights reserved.
语种	英语
出版者	ENERG POLICY
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/90094]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	Du, Limin,He, Yanan,Wei, Chu,et al. The relationship between oil price shocks and China's macro-economy: An empirical analysis[J]. http://dx.doi.org/10.1016/j.enpol.2010.03.042,2010.
APA	Du, Limin,He, Yanan,Wei, Chu,杜立民,&何亚男.(2010).The relationship between oil price shocks and China's macro-economy: An empirical analysis.http://dx.doi.org/10.1016/j.enpol.2010.03.042.
MLA	Du, Limin,et al."The relationship between oil price shocks and China's macro-economy: An empirical analysis".http://dx.doi.org/10.1016/j.enpol.2010.03.042 (2010).