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

Narayan, S, Narayan, P and Smyth, R 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.


Document type: Journal Article
Collection: Journal Articles

Title Are oil shocks permanent or temporary? Panel data evidence from crude oil and NGL production in 60 countries
Author(s) Narayan, S
Narayan, P
Smyth, R
Year 2008
Journal name Energy Economics
Volume number 30
Issue number 3
Start page 919
End page 936
Total pages 18
Publisher Elsevier
Abstract 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.
Subject Environment and Resource Economics
Keyword(s) crude oil
panel unit-root
industrial economics
lagrange multipliers
liquefied natural gas
productivity
DOI - identifier 10.1016/j.eneco.2007.07.005
Copyright notice © 2007 Elsevier B.V. All rights reserved.
ISSN 0140-9883
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