The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time

Cilt: 5 Sayı: 3 1 Eylül 2015
  • Fatemeh Razmi
  • Azali Mohamed
  • Lee Chin
  • Muzafar Shah Habibullah
PDF İndir
EN

The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time

Abstract

This paper examines the impact of oil price, as a cause of economic crisis, and monetary policy through the four known channels of monetary transmission mechanism (interest rate, exchange rate, domestic credit, and stock price). Using a structural VAR model based on monthly data from 2002 to 2013 for ASEAN-4 countries, oil price and monetary transmission channels are compared pre- and post-crisis. The result indicates oil price remains an important factor in explaining price volatility, even though oil price has a weaker effect compared to a stronger effect of monetary transmission mechanism on prices. Stock price for Malaysia and domestic credit for the three others can affect the prices against oil price shock. Unlike prices, the output of all countries except Thailand is more affected by oil price post-crisis compared to pre-crisis. Different monetary transmission tools affecting industrial production are compared for the four countries.

Keywords

Ayrıntılar

Birincil Dil

İngilizce

Konular

-

Bölüm

-

Yazarlar

Fatemeh Razmi Bu kişi benim

Azali Mohamed Bu kişi benim

Muzafar Shah Habibullah Bu kişi benim

Yayımlanma Tarihi

1 Eylül 2015

Gönderilme Tarihi

1 Eylül 2015

Kabul Tarihi

-

Yayımlandığı Sayı

Yıl 2015 Cilt: 5 Sayı: 3

Kaynak Göster

APA
Razmi, F., Mohamed, A., Chin, L., & Habibullah, M. S. (2015). The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time. International Journal of Energy Economics and Policy, 5(3), 731-737. https://izlik.org/JA94KB89TZ
AMA
1.Razmi F, Mohamed A, Chin L, Habibullah MS. The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time. IJEEP. 2015;5(3):731-737. https://izlik.org/JA94KB89TZ
Chicago
Razmi, Fatemeh, Azali Mohamed, Lee Chin, ve Muzafar Shah Habibullah. 2015. “The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time”. International Journal of Energy Economics and Policy 5 (3): 731-37. https://izlik.org/JA94KB89TZ.
EndNote
Razmi F, Mohamed A, Chin L, Habibullah MS (01 Eylül 2015) The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time. International Journal of Energy Economics and Policy 5 3 731–737.
IEEE
[1]F. Razmi, A. Mohamed, L. Chin, ve M. S. Habibullah, “The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time”, IJEEP, c. 5, sy 3, ss. 731–737, Eyl. 2015, [çevrimiçi]. Erişim adresi: https://izlik.org/JA94KB89TZ
ISNAD
Razmi, Fatemeh - Mohamed, Azali - Chin, Lee - Habibullah, Muzafar Shah. “The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time”. International Journal of Energy Economics and Policy 5/3 (01 Eylül 2015): 731-737. https://izlik.org/JA94KB89TZ.
JAMA
1.Razmi F, Mohamed A, Chin L, Habibullah MS. The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time. IJEEP. 2015;5:731–737.
MLA
Razmi, Fatemeh, vd. “The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time”. International Journal of Energy Economics and Policy, c. 5, sy 3, Eylül 2015, ss. 731-7, https://izlik.org/JA94KB89TZ.
Vancouver
1.Fatemeh Razmi, Azali Mohamed, Lee Chin, Muzafar Shah Habibullah. The Role of Monetary Policy in Macroeconomic Volatility of Association of Southeast Asian Nations-4 Countries against Oil Price Shock over Time. IJEEP [Internet]. 01 Eylül 2015;5(3):731-7. Erişim adresi: https://izlik.org/JA94KB89TZ