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

Yıl 2015, Cilt: 5 Sayı: 3, 731 - 737, 01.09.2015

Fatemeh Razmi Azali Mohamed Lee Chin Muzafar Shah Habibullah

Öz

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.

Anahtar Kelimeler

monetary transmission global financial crisis oil price shock

Yıl 2015, Cilt: 5 Sayı: 3, 731 - 737, 01.09.2015

Fatemeh Razmi Azali Mohamed Lee Chin Muzafar Shah Habibullah

Öz

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Ayrıntılar

Diğer ID JA34UA49ES
Bölüm Araştırma Makalesi
Yazarlar

Fatemeh Razmi Bu kişi benim

Azali Mohamed Bu kişi benim

Lee Chin Bu kişi benim

Muzafar Shah Habibullah Bu kişi benim

Yayımlanma Tarihi 1 Eylül 2015
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.
AMA 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. Eylül 2015;5(3):731-737.
Chicago Razmi, Fatemeh, Azali Mohamed, Lee Chin, ve 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”. International Journal of Energy Economics and Policy 5, sy. 3 (Eylül 2015): 731-37.
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 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, 2015.
ISNAD 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 5/3 (Eylül 2015), 731-737.
JAMA 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, 2015, ss. 731-7.
Vancouver 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):731-7.