دانلود مقاله ISI انگلیسی شماره 42174
عنوان فارسی مقاله

نوسانات دائمی و گذرای نفت و سرمایه گذاری کل در مالزی

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
42174 2014 12 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Permanent and transitory oil volatility and aggregate investment in Malaysia
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Energy Policy, Volume 67, April 2014, Pages 552–563

کلمات کلیدی
نوسانات نفت - سرمایه گذاری کل - مالزی
پیش نمایش مقاله
پیش نمایش مقاله نوسانات دائمی و گذرای نفت و سرمایه گذاری کل در مالزی

چکیده انگلیسی

This paper investigates the relation between aggregate investment and oil volatility and its permanent and transitory components for a developing country, Malaysia. In the paper, the components generalized autoregressive conditional heteroskedasticity (CGARCH) model is utilized to decompose conditional oil volatility into permanent oil volatility and transitory oil volatility. Respectively reflecting fundamental-driven and random shifts in oil volatility, they are expected to exert differential effects on aggregate investment. Adopting a vector autoregression (VAR) framework to allow feedback effects between aggregate investment and its determinants, the paper documents evidence supporting the adverse effects of conditional oil volatility, permanent oil volatility and transitory oil volatility on aggregate investment and real output. Interestingly, contrary to the findings for the developed markets (US and OECD), the real effects of permanent oil volatility tend to be stronger. These findings are reasonably robust to variable specification and measurements in the VAR system. Hence, there is an indication that heightened oil volatility accounts for the slumps in Malaysia's aggregate investment after the Asian financial crisis.

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