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Published in:
2011 | OriginalPaper | Chapter
The Asymmetrical Analysis of the International Crude Oil Price Fluctuation on Chinese Economy
Authors : Xiang Wu, Yanhong Wang, Yan Pan
Published in: Modeling Risk Management for Resources and Environment in China
Publisher: Springer Berlin Heidelberg
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Abstract
In this paper, we applied the method of asymmetric cointegration to analysis the non-symmetry impact of the international crude oil price volatility on the economic of China. The empirical results show that asymmetric cointegration relationship exists, even though there is no long-term cointegration between the international crude oil prices fluctuations and GDP in China. This shows that the rise in international crude oil price on China’s economic role played by the obstacles is greater than the price drop on the economy played a stimulating role, but the non-symmetry relationship is not obvious. This paper puts forward policy recommendation.