Dynamic relationship between oil price and macroeconomic variables: evidence from oil exporting and oil importing countries in Africa

Chinedu Nnenna Okoro
This study examines the asymmetric long-run and short-run relationship between oil price and key macroeconomic variables, within the context of net oil-exporting and importing countries in Africa. Using quarterly data ranging from 1996(Q1) to 2016(Q4), panel ARDL estimation is carried out to analyse how asymmetric changes in oil price affect macroeconomic activities in African countries and whether the effects are similar or different in oil importing and exporting African countries. The results show significant positive...
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