Causality Among Oil Prices, GDP and Exchange Rate: Evidence from Azerbaijan and Kazakhstan
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Tarih
2017
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Ahmet Yesevi Univ
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
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.
Açıklama
Anahtar Kelimeler
Azerbaijan; Kazakhstan; Oil Prices; GDP; Exchange Rate; Causality
Kaynak
Bilig
WoS Q Değeri
Q4
Scopus Q Değeri
Q3
Cilt
Sayı
83
