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Review of Middle East Economics and Finance

Ed. by Dibeh, Ghassan / Assaf, Ata / Cobham, David / Hakimian, Hassan / Henry, Clement M.

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Asymmetric Effects of Oil Prices on the Manufacturing Sector in Turkey

Orhan Torul / C. Emre Alper
Published Online: 2010-07-16 | DOI: https://doi.org/10.2202/1475-3693.1269

We investigate the relationship between oil prices and manufacturing sector of a small open economy, Turkey. We take into account exogeneity of oil prices, extreme oil-reliance and import-dependence, as well as asymmetric responses of oil product prices to world crude oil price changes. We also control for the global liquidity and domestic finance conditions, along with real exchange rate dynamics in our VAR estimations. We report that while oil price increases do not significantly affect the manufacturing sector in aggregate terms, some sub-sectors are adversely affected.

Keywords: petroleum derivative price; global liquidity; small open economy

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Published Online: 2010-07-16

Citation Information: Review of Middle East Economics and Finance, Volume 6, Issue 1, Pages 90–105, ISSN (Online) 1475-3693, DOI: https://doi.org/10.2202/1475-3693.1269.

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