2017
DOI: 10.4236/ojbm.2017.52034
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The Crude Oil Price Influence on the Brazilian Industrial Production

Abstract: The oil price is a relevant variable for economic policy makers in countries where this commodity is the main energy source as well as in other countries where crude oil is not the only energy source. The sudden variations in the crude oil price cause direct influence in the national economies bringing changes in foreign trade, investments and productive activities. Therefore, the crude oil market is very important for the economic development. Furthermore, crude oil is directly or indirectly present in all pr… Show more

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Cited by 6 publications
(5 citation statements)
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“…If the cointegrating hypothesis between these variable's time series is not rejected, the VAR model must be modified to VEC model or VECM. The VECM takes into consideration the cointegration between these variables through the error correction mechanism (ECM), a linear combination between Yt and Zt (see Salles and Almeida (2017)). This VECM model can be described in its simplest form as follow:…”
Section: Methodsmentioning
confidence: 99%
“…If the cointegrating hypothesis between these variable's time series is not rejected, the VAR model must be modified to VEC model or VECM. The VECM takes into consideration the cointegration between these variables through the error correction mechanism (ECM), a linear combination between Yt and Zt (see Salles and Almeida (2017)). This VECM model can be described in its simplest form as follow:…”
Section: Methodsmentioning
confidence: 99%
“…After this procedure, these variables are said integrated of order n, or I(n). It is worth noting, however, that the use of large n can generate problems in small samples, since the estimation of the parameters of the VAR model will consume many degrees of freedom, as observed by [8]. In case the variables are cointegrated, the system must be altered in a way and consider such a long-term relationship.…”
Section: Methodological Approachmentioning
confidence: 99%
“…In addition, the fact that the modules of these parameters are lower than the unit ensures that the model has no explosive behavior. For more details, one can draw on the work of [8].…”
Section: Methodological Approachmentioning
confidence: 99%
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“…Crude oil is presently one of the most important sources of energy and commodity in the global economy [1]. The energy, industrial, domestic, transportation and economic sectors heavily depend on crude oil.…”
Section: Introductionmentioning
confidence: 99%