Exploring the oil price and real GDP nexus for a small island economy, the Fiji Islands

Prasad, Arti, Narayan, Paresh and Narayan, Jashwini 2007, Exploring the oil price and real GDP nexus for a small island economy, the Fiji Islands, Energy policy, vol. 35, no. 12, pp. 6506-6513, doi: 10.1016/j.enpol.2007.07.032.

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Title Exploring the oil price and real GDP nexus for a small island economy, the Fiji Islands
Author(s) Prasad, Arti
Narayan, PareshORCID iD for Narayan, Paresh orcid.org/0000-0001-7934-8146
Narayan, Jashwini
Journal name Energy policy
Volume number 35
Issue number 12
Start page 6506
End page 6513
Publisher Pergamon - Elsevier Ltd
Place of publication Oxford, England
Publication date 2007-12
ISSN 0301-4215
Keyword(s) Fiji
oil prices
Summary The goal of this paper is to examine the relationship between real GDP and oil prices using time series data for the period 1970–2005. Our main finding is that an increase in oil has a positive, albeit inelastic, impact on real GDP, inconsistent with the bulk of the literature. We argue that this is not a surprising result for the Fiji Islands. Our central argument focuses on two aspects of the Fijian economy: (1) the fact that actual output in Fiji has been around 50 per cent less than potential output; thus, Fiji's actual output has not reached a threshold level at which oil prices can negatively impact output; and (2) a rise in oil prices filters through to value added, which in turn is reflected in a larger actual output.

Language eng
DOI 10.1016/j.enpol.2007.07.032
Field of Research 140305 Time-Series Analysis
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2007, Elsevier Ltd
Persistent URL http://hdl.handle.net/10536/DRO/DU:30007779

Document type: Journal Article
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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