Have a personal or library account? Click to login
Assessing the Impact of Oil Price Volatility on Food Prices in Saudi Arabia: Insights From Nonlinear Autoregressive Distributed Lags (NARDL) Analysis Cover

Assessing the Impact of Oil Price Volatility on Food Prices in Saudi Arabia: Insights From Nonlinear Autoregressive Distributed Lags (NARDL) Analysis

Open Access
|Nov 2023

References

  1. Alghalith, M. (2010). The interaction between food prices and oil prices. Energy Economics, 32(6), 1520-1522. doi.org/10.1016/j.eneco.2010.08.012
  2. Alsahafi, M. (2009). Linear and non-linear techniques for estimating the money demand function: The case of Saudi Arabia (Doctoral dissertation, University of Kansas). https://kuscholarworks.ku.edu/handle/1808/5651
  3. Alom, F., Ward, B. D., & Hu, B. (2011). Spillover effects of World oil prices on food prices: evidence for Asia and Pacific countries. https://hdl.handle.net/10182/4526
  4. Amolegbe, K. B., Upton, J., Bageant, E., & Blom, S. (2021). Food price volatility and household food security: Evidence from Nigeria. Food Policy, 102. doi.org/10.1016/j.foodpol.2021.102061
  5. Baffes, J. (2007). Oil spills on other commodities. Resources Policy, 32(3), 126-134. doi.org/10.1016/j.resourpol.2007.08.004
  6. Basher, S. A., & Elsamadisy, E. M. (2012). Country heterogeneity and long‐run determinants of inflation in the Gulf Arab states. OPEC Energy Review, 36(2), 170-203. https://doi.org/10.1111/j.1753-0237.2011.00208.x
  7. Basher, S. A., & Fachin, S. (2014). Investigating long-run demand for broad money in the Gulf Arab countries. Middle East Development Journal, 6(2), 199-214. https://doi.org/10.1080/17938120.2014.961330
  8. Baumeister, C., & Kilian, L. (2014). Do oil price increases cause higher food prices?. Economic Policy, 29(80), 691-747. https://doi.org/10.1111/1468-0327.12039
  9. Cavallo, M. (2008). Oil Prices and Inflation, Federal Reserve Bank of San Francisco. FRBSF. Economic Letter, 31(3).
  10. Cecchetti, S. (2000). Making monetary policy: Objectives and rules. Oxford Review of Economic Policy, 16(4), 43-59. https://doi.org/10.1093/oxrep/16.4.43
  11. House, C. (2013). Global food insecurity and implications for Saudi Arabia. Energy, Environment and Resources Summary. Chatham House, London, 1-10. https://www.chathamhouse.org/sites/default/files/public/Research/Energy,%20Environment%20and%20Development/290413summary.pdf
  12. Chen, S. S. (2009). Oil price pass-through into inflation. Energy economics, 31(1), 126-133. https://doi.org/10.1016/j.eneco.2008.08.006
  13. Chikhi M.,Bouchetara M. and Zerouti M. (2022). Factors of investment in renewable energy and energy efficiency in Algeria. ECONOMICS- Innovative and Economics Research Journal, 10(2), 161-181. https://doi.org/10.2478/eoik-2022-0020
  14. Clark, T. E., & Terry, S. J. (2010). Time variation in the inflation passthrough of energy prices. Journal of Money, credit and Banking, 42(7), 1419-1433. https://doi.org/10.1111/j.1538-4616.2010.00347.x
  15. Cunado, J., & De Gracia, F. P. (2005). Oil prices, economic activity and inflation: evidence for some Asian countries. The Quarterly Review of Economics and Finance, 45(1), 65-83. https://doi.org/10.1016/j.qref.2004.02.003
  16. Dancy, J. (2012). Food Prices Mirror Oil Prices: The Crude Oil-FAO Food Price Index Price Correlation. Financial sense, 14. https://www.financialsense.com/contributors/joseph-dancy/food-prices-mirror-oil-prices-the-crude-oil-fao-food-price-index-price-correlation
  17. Delatte, A. L., & López-Villavicencio, A. (2012). Asymmetric exchange rate pass-through: Evidence from major countries. Journal of Macroeconomics, 34(3), 833-844. https://doi.org/10.1016/j.jmacro.2012.03.003
  18. Ding, C., Gummi, U. M., Lu, S. B., & Muazu, A. (2020). Modelling the impact of oil price fluctuations on food price in high and low-income oil exporting countries. Agricultural Economics, 66(10), 458-468. https://doi.org/10.17221/197/2020-AGRICECON
  19. Derouez, F., Adel, I., Bayomei, S., Ahmed, S., & Alrawad, M. (2023). The effect of spatial distribution on the composition of the middle social class in the Kingdom of Saudi Arabia: A spatial econometric analysis. Computers in Human Behavior Reports, 11. https://doi.org/10.1016/j.chbr.2023.100316
  20. US Energy Information Administration. (2014). Country Analysis Brief: Saudi Arabia.
  21. Esmaeili, A., & Shokoohi, Z. (2011). Assessing the effect of oil price on world food prices: Application of principal component analysis. Energy Policy, 39(2), 1022-1025. https://doi.org/10.1016/j.enpol.2010.11.004
  22. Erkişi K. and Boğa S. (2023). Does Financial Inclusion Improve Income Equality? The Case of Türkiye. ECONOMICS- Innovative and Economics Research Journal, 11(2). https://doi.org/10.2478/eoik-2023-0049
  23. Gordon, R. J. (1981). Inflation, flexible exchange rates, and the natural rate of unemployment (No. w0708). National Bureau of Economic Research. doi.org/10.3386/w0708
  24. Gordon, Robert J. (1990). U.S. Inflation, Labor’s Share, and the Natural Rate of Unemployment. In Economics of Wage Determination, ed. Heinz Konig, New York: Springer-Verlag, 1–34. doi.org/10.3386/w2585
  25. De Gregorio, J., Landerretche, O., Neilson, C., Broda, C., & Rigobon, R. (2007). Another pass-through bites the dust? Oil prices and inflation [with comments]. Economia, 7(2), 155-208. https://www.jstor.org/stable/20060494
  26. Hooker, M. A. (2002). Are oil shocks inflationary? Asymmetric and nonlinear specifications versus changes in regime. Journal of money, credit and banking, 540-561. https://www.jstor.org/stable/3270701
  27. Ibrahim, M. H. (2015). Oil and food prices in Malaysia: a nonlinear ARDL analysis. Agricultural and Food Economics, 3(1), 1-14. https://doi.org/10.1186/s40100-014-0020-3
  28. Ibrahim, M. H., & Chancharoenchai, K. (2014). How inflationary are oil price hikes? A disaggregated look at Thailand using symmetric and asymmetric cointegration models. Journal of the Asia Pacific Economy, 19(3), 409-422. https://doi.org/10.1080/13547860.2013.820470
  29. Ibrahim, M. H., & Said, R. (2012). Disaggregated consumer prices and oil price pass‐through: evidence from Malaysia. China agricultural economic review, 4(4), 514-529. https://doi.org/10.1108/17561371211284858
  30. Idris A.,Hanafi M.,Rahmawati A. and Surwanti A. (2023). Impact of Intellectual Capital and Risk Attitude Through Financial Literacy on Business Sustainability in Indonesia Batik Smes. ECONOMICS- Innovative and Economics Research Journal, 11(2). https://doi.org/10.2478/eoik-2023-0052
  31. Karimi, M., Kaliappan, S. R., & Matemilola, B. T. (2014). World Oil Price and Food Prices in US: Evidence from the Threshold Cointegration Models. The Empirical Economics Letters, 13(10). http://www.eel.my100megs.com/volume-13-number-10.htm
  32. Lizardo, R. A., & Mollick, A. V. (2010). Oil price fluctuations and US dollar exchange rates. Energy Economics, 32(2), 399-408. https://doi.org/10.1016/j.eneco.2009.10.005
  33. Lauvsnes, S. O., & Ingulfsvann, A. (2023). Dutch disease and agriculture in Norway revisited: The oil price, food imports, resource and sustainability nexus. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2023.138934
  34. Lucas, R. E. (1973). Some international evidence on output-inflation tradeoffs. The American economic review, 326-334. https://www.jstor.org/stable/1914364
  35. Lutfi, A., Ashraf, M., Watto, W. A., & Alrawad, M. (2022). Do Uncertainty and Financial Development Influence the FDI Inflow of a Developing Nation? A Time Series ARDL Approach. Sustainability, 14(19). https://doi.org/10.3390/su141912609
  36. Mohammed, S., Ibrahim, U. S., & Abubakar, N. (2014). Effect of hike in food prices on household food expenditure in kano State, Nigeria: a case of 2008 global food crisis. Agriculture and Biology Journal of North America, 5(4), 155-159.
  37. Nazlioglu, S., & Soytas, U. (2011). World oil prices and agricultural commodity prices: Evidence from an emerging market. Energy Economics, 33(3), 488-496. https://doi.org/10.1016/j.eneco.2010.11.012
  38. Pal, D., & Mitra, S. K. (2020). Time-frequency dynamics of return spillover from crude oil to agricultural commodities. Applied Economics, 52(49), 5426-5445. https://doi.org/10.1080/00036846.2020.1764482
  39. Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of applied econometrics, 16(3), 289-326. https://doi.org/10.1002/jae.616
  40. Pesaran, M. H., & Shin, Y. (1995). An autoregressive distributed lag modelling approach to cointegration analysis, 9514. Cambridge Working papers in Economics 9514, University of Cambridge. https://ideas.repec.org/p/cam/camdae/9514.html
  41. Podlevska O. and Podlevskyi A. (2023). Development of Circular Economy in Modern Conditions. ECONOMICS- Innovative and Economics Research Journal, 11(2). https://doi.org/10.2478/eoik-2023-0025
  42. Raza, S. A., Guesmi, K., Belaid, F., & Shah, N. (2022). Time-frequency causality and connectedness between oil price shocks and the world food prices. Research in International Business and Finance, 62. https://doi.org/10.1016/j.ribaf.2022.101730
  43. Scheibe, J. (2005). Vines DA Phillips curve for China. CAMA Working Paper, 2. https://cama.crawford.anu.edu.au/sites/default/files/publication/cama_crawford_anu_edu_au/2021-06/2_scheibe_vines_2005.pdf
  44. Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. Festschrift in honor of Peter Schmidt: Econometric methods and applications, 281-314. https://link.springer.com/chapter/10.1007/978-1-4899-8008-3_9
  45. Shokoohi, Z., & Saghaian, S. (2022). Nexus of energy and food nutrition prices in oil importing and exporting countries: A panel VAR model. Energy, 255. https://doi.org/10.1016/j.energy.2022.124416
  46. Sun, Y., Gao, P., Raza, S. A., Shah, N., & Sharif, A. (2023). The asymmetric effects of oil price shocks on the world food prices: Fresh evidence from quantile-on-quantile regression approach. Energy, 270. https://doi.org/10.1016/j.energy.2023.126812
  47. Siagian P. (2023). Determinants of Banking Operational Efficiency and the Relationship Between the Factors to Market Price: Evidence from Indonesia. ECONOMICS- Innovative and Economics Research Journal, 11(2). https://doi.org/10.2478/eoik-2023-0051
  48. Chou, Kuo-Wei;Tseng, Yi-Heng (2011). Oil price pass-through into CPI inflation in Asian emerging countries: the discussion of dramatic oil price shocks and high oil price periods. British Journal of Economics, Finance and Management Sciences 2(1), 1-13. http://fguir.fgu.edu.tw:8080/handle/039871000/3744
  49. Yousif, I. E. A. K., & Al-Kahtani, S. H. (2014). Effects of high food prices on consumption pattern of Saudi consumers: A case study of Al Riyadh city. Journal of the Saudi Society of Agricultural Sciences, 13(2), 169-173. https://doi.org/10.1016/j.jssas.2013.05.003
  50. Ujkani X. and Gara A. (2023). Determinants of the Inflation Rate: Evidence from Panel Data. ECONOMICS- Innovative and Economics Research Journal, 11(2). https://doi.org/10.2478/eoik-2023-0054
DOI: https://doi.org/10.2478/eoik-2023-0056 | Journal eISSN: 2303-5013 | Journal ISSN: 2303-5005
Language: English
Page range: 5 - 23
Submitted on: Aug 18, 2023
|
Accepted on: Aug 28, 2023
|
Published on: Nov 10, 2023
Published by: Oikos Institut d.o.o.
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year

© 2023 Faten Darwez, Farea Alharbi, Adel Ifa, Samah Bayomei, Engy Mostfa, Abdalwali Lutfi, Mohammed Abu haya, Mahmaod Alrawad, published by Oikos Institut d.o.o.
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.