Crisis Management: Oil and money in analyzing the impact of Oil Prices on Inflation, Growth, and Money
Journal Title: Religación. Revista de Ciencias Sociales y Humanidades - Year 2019, Vol 4, Issue 13
Abstract
Energy plays a very important role in the economic development of Third World countries. Therefore, energy consumption in the world is a function of political power in developed or developing societies. The Middle East economy, like most other oil-exporting countries, faces a major government contribution to economic activity, tensions in monetary and fiscal policies, and low levels of production mobility. Therefore, sudden changes in oil prices have significant effects on production, inflation and the volume of money in the country. In this research, with the proposed model of Kou and Peron (2007), the structural impacts of the Iranian economy due to the exogenous price of oil, with regard to production variables, inflation and volume of money as dependent and endogenous variables during the study period from April 1961 to March 2017 were investigated. The result was that five structural impacts were identified in September 1973, August 1979, August 1990, August 1994, and June 2006. The highest coefficient of oil price impact on production, inflation and growth of money was in the first and fifth regimes, respectively. Also, the highest period of oil price impact on production, inflation and growth of money was in the fourth, second and fifth regimes, respectively.
Authors and Affiliations
Mohammad Rezaie Narimisa, Noor Ezlin Ahmad Basri, Ramezanali Shayanrad
Keywords
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