Oil price fluctuations and stagflation in Libya

Authors

  • Hussen Faraj Alhwij قسم الاقتصاد/ كلية الاقتصاد/ جامعة المرقب Author

Keywords:

oil price, stagflation, the Libyan economy, Cointegration, JEL classification: Q31, E24, E31, C22

Abstract

The main aim of this study is to investigate the nature of relationship between oil price fluctuations and stagflation in the Libyan economy during the period 1971-2020. In order to achieve its objective, the study utilized HI, PO, EG cointegration tests. In addition, it used TY causality test. The main finding of the study indicated a negative long run impact of oil price on stagflation in Libya.

References

أولاً- المراجع العربية:

العقون، نادية. (2021). الركود التضخمي في الجزائر دراسة اقتصادية تحليلية للفترة 1980-2019. مجلة العلوم الاجتماعية والانسانية. 22(1)، 259-288.

خوني، رابح وعزري، حميد. (2020). التأصيل النظري لظاهرة الركود التضخمي في الأدبيات الاقتصادية. مجلة الاقتصاد الصناعي (خزارتك). 10(2)، 124-144.

ثانياً- المراجع الأجنبية:

Bahmani-Oskooee, M. (1996). Source of stagflation in an oil-producing country: evidence from Iran. Journal of Post Keynesian Economics, 18(4), 609-620.‏

Barsky, R. B., & Kilian, L. (2001). Do we really know that oil caused the great stagflation? A monetary alternative. NBER Macroeconomics annual, 16, 137-183.‏

Berthold, N., & Gründler, K. (2013). The determinants of stagflation in a panel of countries (No. 117 [rev.]). Wirtschaftswissenschaftliche Beiträge.‏

Ezugwu, C. (2017). Stagflation in Nigeria: A New Theory and Case Study.‏ DOI: 10.13140/RG.2.2.23147.31528.

Grubb, D., Jackman, R., & Layard, R. (1982). Causes of the current stagflation. The Review of Economic Studies, 49(5), 707-730.‏

Hunt, Benjamin, Oil Price Shocks: Can They Account for the Stagflation in the 1970s? (November 2005). IMF Working Paper No. 05/215, Available at SSRN: https://ssrn.com/abstract=888084

Kilian, L. (2008). Exogenous Oil Supply Shocks: How Big Are They and How Much Do They Matter for the US Economy?, Review of Economics and Statistics. (90)2, 216-240.

Kilian, L. (2009). Oil Price Shocks, Monetary Policy and Stagflation, CEPR Discussion Papers No.7324.

Marczewski, J. (1982). National Accounts As An Instrument For The Analysis Of The Sources Of Stagflation An Example: France And Germany, 1971–79. Review of Income and Wealth, 28(1), 89-117.‏

STATISTA database, https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/

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Published

2024-09-01