Are oil shocks permanent or temporary? panel data evidence from crude oil and NGL production in 60 countries

Narayan, Paresh Kumar, Narayan, Seema and Smyth, Russell 2008, Are oil shocks permanent or temporary? panel data evidence from crude oil and NGL production in 60 countries, Energy economics, vol. 30, no. 3, pp. 919-936.

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Title Are oil shocks permanent or temporary? panel data evidence from crude oil and NGL production in 60 countries
Author(s) Narayan, Paresh Kumar
Narayan, Seema
Smyth, Russell
Journal name Energy economics
Volume number 30
Issue number 3
Start page 919
End page 936
Publisher Elsevier B.V.
Place of publication Amsterdam, The Netherlands
Publication date 2008-05
ISSN 0140-9883
1873-6181
Keyword(s) crude oil
panel unit root
Summary This paper examines the unit root properties of crude oil production for 60 countries employing a range of panel data unit root tests for the period 1971 to 2003. The study first employs a number of panel data tests that do not accommodate structural breaks and then proceeds to apply the Lagrange Multiplier (LM) panel unit root test with one structural break. The results of the panel data tests without a structural break are inconclusive with at best mixed support for joint stationarity. The findings from the LM panel unit root test with a structural break, however, are conclusive, suggesting that for a world panel and smaller regional-based panels, crude oil and NGL production are jointly stationary.
Language eng
Field of Research 140305 Time-Series Analysis
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2008
Copyright notice ©2008, Elsevier B.V.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30017251

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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