Economics

Assessing the extent and persistence of major crisis events in the crude oil market and economy: evidence from the past 30 years

Q. Zhang, Y. Hu, et al.

Explore the intriguing findings of a study conducted by Qi Zhang, Yi Hu, Jianbin Jiao, and Shouyang Wang on the persistent impacts of major crisis events in the crude oil market. Discover how geopolitical conflicts and financial crises have reshaped oil production and prices in China and the US, with long-lasting effects that demand strategic policy responses.

00:00

Playback language: English

Index

Abstract

This study investigates the extent and persistence of major crisis events in the crude oil market and economy using a Proxy-SVAR model on 50 major crisis events across four categories. Results show substantial impacts on crude oil production, prices, and inflation in China and the US, with geopolitical conflicts severely impacting the S&P500 and industrial production. Financial crises had the most prolonged impact (four years), while COVID-19's impact on the oil market lasted over three years. Four policy measures are suggested to enhance economic resilience.

Publisher

HUMANITIES AND SOCIAL SCIENCES COMMUNICATIONS

Published On

Jul 12, 2024

Authors

Qi Zhang, Yi Hu, Jianbin Jiao, Shouyang Wang

Related Publications

Explore these studies to deepen your understanding of the subject.

Economics

The impact of external shocks on volatility persistence and market efficiency of the foreign exchange rate regime: evidence from Malawi

J. P. Chunga and P. Yu

The Arts

The impact of major infectious disease events and government relief packages on the film industry: evidence from Taiwan

L. Lee and Y. Liu

Medicine and Health

The societal economic impact of vision impairment in adults 40 years and above: findings from the National Eye Survey of Trinidad and Tobago

T. Braithwaite, H. Bailey, et al.

Health and Fitness

30 years of polio campaigns in Ethiopia, India and Nigeria: the impacts of campaign design on vaccine hesitancy and health worker motivation

A. H. Neel, S. Closser, et al.

Listen, Learn & Level Up

Over 10,000 hours of research content in 25+ fields, available in 12+ languages.

No more digging through PDFs, just hit play and absorb the world's latest research in your language, on your time.

listen to research audio papers with researchbunny