Impact of Oil Prices on Economic Growth in Latin American Oil Exporting Countries (1990-2014): A Panel Data Analysis

30 Pages Posted: 19 Nov 2015

See all articles by Roberto J. Santillán-Salgado

Roberto J. Santillán-Salgado

EGADE Business School (Tecnológico de Monterrey)

Francisco Venegas-Martínez

Instituto Tecnologico y de Estudios Superiores de Monterrey (ITESM)

Date Written: November 17, 2015

Abstract

This paper is aimed at assessing the impact of oil prices on the GDP growth rate of a sample of net oil exporting Latin American countries during the period 1990-2014. The obtained empirical results from pooled regression and panel data analysis allowing for idiosyncratic differences among the observation units (countries) suggests that the relative economic importance of oil exports and crude oil price fluctuations (West Texas Intermediate and Brent) has a positive relationship and a highly significant effect on the levels of economic activity in Latin American countries.

Keywords: Impact of Oil Prices on GDP, Relative Importance of the Oil Industry, Latin American Oil Exporting Countries

JEL Classification: P28, Q43, O54

Suggested Citation

Santillan-Salgado, Roberto J. and Venegas-Martínez, Francisco, Impact of Oil Prices on Economic Growth in Latin American Oil Exporting Countries (1990-2014): A Panel Data Analysis (November 17, 2015). Available at SSRN: https://ssrn.com/abstract=2692024 or http://dx.doi.org/10.2139/ssrn.2692024

Roberto J. Santillan-Salgado (Contact Author)

EGADE Business School (Tecnológico de Monterrey) ( email )

AV. Fundadores y Rufino Tamayo
Garza García, Nuevo León 64619
Mexico
(52) 81 86 25 61 80 (Phone)

HOME PAGE: http://www.egade.mx/

Francisco Venegas-Martínez

Instituto Tecnologico y de Estudios Superiores de Monterrey (ITESM) ( email )

Av. Eugenio Garza Sada #2501
Col. Tecnológico
Monterrey, Nuevo León 64849
Mexico

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