The Effects of Different Types of Oil Price Shocks on Industrial PPI: Evidence from 36 Sub-industries in China

Chen, Jinyu; Lee, Seonjoo

doi:10.1080/1540496x.2019.1694897

Cited by 19 publications

(12 citation statements)

References 53 publications

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“…As the data on the IO begins in February 2006, the sample interval is from February 2006 to June 2017. According to Cross and Nguyen (2017) and Chen and Zhu (2019), WOP is obtained from the US Energy Information Administration. Following Gupta and Modise (2013), Hu et al (2017) and Chen et al (2020), we take the economic index developed by Kilian (2009) to represent aggregate demand.…”

Section: Model and Datamentioning

confidence: 99%

“…According to Sanders, Boris, and Manfredo (2004), Fan and Xu (2011) and Zhou et al (2019), the present position held by non‐commercial traders is used to measure SP. For the ROP, following Gupta and Modise (2013) and Chen and Zhu (2019), the US refiners' acquisition cost for imported crude oil is selected as a proxy, and it is deflated using the US consumer price index.…”

Section: Model and Datamentioning

confidence: 99%

“…In May 2011, the international oil market entered down cycle, which reached a nadir of 26.66 dollars per barrel in February 2016. In addition, China's economy has continued to grow rapidly since the reform and opening up, driving oil demand to rise rapidly (Chen & Zhu, 2019; Wen et al, 2019; Zhang, Shi, & Yu, 2018). To meet domestic oil demand, China's crude oil imports have also risen rapidly, which makes its dependence on oil imports very high (Chen & Zhu, 2019; Gong & Lin, 2018a; Jiao, Zuo, Li, Yuan, & Li, 2017; Xiao, Hu, Ouyang, & Wen, 2019).…”

Section: Introductionmentioning

confidence: 99%

“…In addition, China's economy has continued to grow rapidly since the reform and opening up, driving oil demand to rise rapidly (Chen & Zhu, 2019; Wen et al, 2019; Zhang, Shi, & Yu, 2018). To meet domestic oil demand, China's crude oil imports have also risen rapidly, which makes its dependence on oil imports very high (Chen & Zhu, 2019; Gong & Lin, 2018a; Jiao, Zuo, Li, Yuan, & Li, 2017; Xiao, Hu, Ouyang, & Wen, 2019). Due to its massive oil consumption and high external dependence, oil price fluctuations make China's oil industry more vulnerable (Li, Cheng, & Yang, 2017; Jo et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

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Time‐varying effects and structural change of oil price shocks on industrial output: Evidence from China's oil industrial chain

2020

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Based on the output data of the oil industry chain from February 2006 to June 2017, we construct a time‐varying parameter structural vector auto‐regression with stochastic volatility (TVP‐SVAR‐SV) model and specifically analyse the time‐varying effects and structural change of oil price shocks on China's output at each stage of the oil industrial chain. The results show that the effects of oil price shocks on output from upstream to downstream in the oil industrial chain are time‐varying, and the dynamic impacts vary under different lag lengths. The increase in oil price driven by oil demand shocks is the major factor affecting output at each stage of the oil industrial chain. In addition, there is a structural change in the impacts of oil price shocks before and after the international financial crisis. With the decline in external demand and the implementation of policies to expand domestic demand, the responses of China's output at each stage of the oil industrial chain to oil price shocks have decreased significantly since the international financial crisis.

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Section: Model and Datamentioning

confidence: 99%

Section: Model and Datamentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Time‐varying effects and structural change of oil price shocks on industrial output: Evidence from China's oil industrial chain

2020

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“…Due to the lack of available data, while the quantitative method has become a trend in economy related issues [39][40][41][42][43][44][45], most of the researches belong to qualitative analysis in Convention and Exhibition industry area, and we try to utilize the following spatial econometric model to investigate the exact relationship between financial flexibility and investment. e first step of studying the existence of the spatial spillover effect is correctly setting the spatial econometric model.…”

Section: Benchmark Model Settings and Descriptionsmentioning

confidence: 99%

Spatial Spillover Effect of Financial Flexibility on Investment in China’s Convention and Exhibition Listed Companies

Liu

Zhang

et al. 2020

Mathematical Problems in Engineering

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Financial flexibility is an important research issue in corporate finance. This paper utilizes the Spatial Durbin Model (SDM) to analyze the impact of financial flexibility on the investment of Convention and Exhibition companies listed on the New Third Board from 2014 to 2016. The empirical results show the following. Firstly, the greater the financial flexibility, the more investment the firm will make. Secondly, the enhancement in financial flexibility would lead to an increase in investment of companies in the Convention and Exhibition industry in the local provinces, indicating that the financial flexibility has a significant positive intraregional spatial spillover effect on investment. On the other hand, financial flexibility has spatial spillover effects, and its rise will reduce the investment in other provinces, which could be explained by the competition effect between enterprises. Overall, we have further elucidated the role of different levels of financial flexibility on the investment of the Convention and Exhibition listed enterprises from the spatial dimension, thereby enriching the existing research on corporate financial flexibility and corporate value to some certain extent.

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The response of oil-importing and oil-exporting countries’ macroeconomic aggregates to crude oil price shocks: some international evidence

Shang,

Hamori

2024

Eurasian Econ Rev

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The Effects of Different Types of Oil Price Shocks on Industrial PPI: Evidence from 36 Sub-industries in China

Cited by 19 publications

References 53 publications

Time‐varying effects and structural change of oil price shocks on industrial output: Evidence from China's oil industrial chain

Time‐varying effects and structural change of oil price shocks on industrial output: Evidence from China's oil industrial chain

Spatial Spillover Effect of Financial Flexibility on Investment in China’s Convention and Exhibition Listed Companies

The response of oil-importing and oil-exporting countries’ macroeconomic aggregates to crude oil price shocks: some international evidence

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