• Media type: E-Article
  • Title: Efectos de la incertidumbre de los precios del petróleo en el crecimiento económico de México
  • Contributor: Rodríguez Benavides, Domingo [Author]; López Herrera, Francisco [Author]
  • imprint: Ciudad de México: Universidad Nacional Autónoma de México (UNAM), Faculdad de Economía, 2019
  • Language: Spanish
  • DOI: https://doi.org/10.22201/fe.01851667p.2019.309.70120
  • ISSN: 2594-2360
  • Keywords: multivariate var-garch in-mean ; E32 ; Oil price volatility ; asymmetric effects ; economic activity ; Mexico ; C32
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  • Description: We inquire whether the uncertainty of international oil prices affected Mexico's economic activity during 1983:2-2017:4. To measure such impact we use a bivariate structural vector autoregressive (VAR) model with a generalized autoregressive conditional heteroskedasticity (GARCH) in-mean process that captures the impact of oil price volatility on economic growth and gross fixed capital formation. Our results show that the said uncertainty has a negative influence on Mexico's economic activity. Further, they reveal the presence of asymmetric effects, as the output growth rate increases (decreases) after a negative (positive) oil price shock. These results highlight the importance of adopting public policies aimed at mitigating the effects of oil market uncertainty and help stabilize economic activity.
  • Access State: Open Access
  • Rights information: Attribution - Non Commercial - No Derivs (CC BY-NC-ND) Attribution - Non Commercial - No Derivs (CC BY-NC-ND)