期刊
RESOURCES POLICY
卷 74, 期 -, 页码 -出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.resourpol.2021.102429
关键词
Volatility; Natural resources; Natural gas; Wavelet analysis; Economic growth; China
资金
- National Natural Science Foundation of China [71974001]
- National Social Science Fund of China [21CTJ024]
- Ministry of Education in China [20YJC790193]
- Anhui Provincial Natural Science Foundation [2108085Y24]
- Top Talent Project in Anhui Province
- Higher Education Institutions in Anhui Province of China [KJ2020A0006]
This study examines the volatility of natural resources commodity prices in the context of major global events and identifies a bidirectional causal relationship between natural resources and economic growth. The findings guide policy implications to address the volatile nature of resource commodity prices.
Economic growth and natural resources commodity prices are the variables greatly influenced by events such as the Gulf war, the Asian financial crisis, the global financial crisis, and the recent COVID-19 pandemic. The on-hand research fills the research gap by investigating the role of natural resources, natural gas and oil production for pre and post COVID-19 periods. The authors employ the Wavelet power spectrum and Wavelet coherence approaches to trace the volatility for natural resources commodity prices and establish a correlation between each variable and economic growth. The empirical findings suggest high fluctuations in the natural resources such as total natural resources, natural gas resources and oil rent for the stated period. This study found a bidirectional causal association between economic performance, total natural resources, natural gas resources and oil rent. The current research guides relevant policy implications to capture the volatile nature of resources commodity prices and to prescribe relevant policy implications in this regard.
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