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Oil and food prices in Malaysia: a nonlinear ARDL analysis
Open accessAbstract
The present paper analyses the relations between food and oil prices for Malaysia using a nonlinear autoregressive distributed lags (NARDL) model. The bounds test of the NARDL specification suggests the presence of cointegration among the variables, which include the food price, oil price and real GDP. The estimated NARDL model affirms the presence of asymmetries in the food price behavior. Namely, in the long run, we find a significant relation between oil price increases and food price. Meanwhile, the long run relation between oil price reduction and the food price is absent. Furthermore, in the short run, only changes in the positive oil price exert significant influences on the food price inflation. With the absence of significant influence of oil price reduction on the food price both in the long run and in the short run, the role of market power in shaping the behavior of Malaysia’s food price is likely to be significant.
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“However, the proposition of linear relationship between financial development and economic growth is restrictive, especially when policy intervention occurs in the economy (Ibrahim, 2015).”
From How Does Financial Development Impact Economic Growth in Pakistan?: New Evidence from Threshold Model (2020) · cites this paper as Ibrahim, 2015
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Bounds testing approaches to the analysis of level relationships
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Department of Management Sciences, C. U., TARIQ, R., KHAN, M. A., & RAHMAN, A. (2020) · The Journal of Asian Finance, Economics and Business · doi:10.13106/jafeb.2020.vol7.no8.161 · Cited by 51
Metadata
- Authors
- Ibrahim, M. H.
- Affiliations
- International Centre for Education in Islamic Finance (MY)
- Corresponding author
- Ibrahim, Mansor H
- ORCID
- Ibrahim, Mansor H
- Venue
- Agricultural and Food Economics
- Published
- 2015-01-21
- Volume
- 3
- Issue
- 1
- ISSN
- 2193-7532 (ISSN-L)
- OpenAlex
- W1987727699
- Cited by
- 300
- References
- 2
- Citations by year
- 2026: 20 · 2025: 21 · 2024: 33 · 2023: 39 · 2022: 45 · 2021: 38 · 2020: 43 · 2019: 27 · 2018: 17 · 2017: 9 · 2016: 8
- FWCI
- 25.34
- Type
- journal article
- Language
- en
- Open access
- gold
- doi.org
- Locations
- Agricultural and Food Economics (publishedVersion, cc-by)
- Econstor (Econstor) (submittedVersion, cc-by)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economics of Agriculture and Food Markets
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
- Physical Sciences › Energy › Renewable Energy, Sustainability and the Environment › Energy, Environment, and Transportation Policies
- Keywords
- oil prices, food prices, food inflation, oil price shocks, asymmetric price effects, cointegration, market power, real GDP, Malaysia
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