[
Abeysinghe, T. (2001). Estimation of direct and indirect impact of oil price on growth. Economics Letters 73(2): 147–153.
]Search in Google Scholar
[
Akinsola, M. O.; Odhiambo, N. M. (2020). Asymmetric effect of oil price on economic growth: Panel analysis of low-income oil-importing countries. Energy Reports 6: 1057–1066.
]Search in Google Scholar
[
Aliyu, S. U. (2011). Oil price shocks and the macroeconomy of Nigeria: A non-linear approach. Journal for International Business and Entrepreneurship Development 5(3): 179–198.
]Search in Google Scholar
[
Amusa, H.; Wabiri, N.; Chetty, K. (2008). Application of a multi-criteria integrated portfolio model for quantifying South Africa’s crude oil import risk. Working Paper No. 108, Economic Research Southern Africa.
]Search in Google Scholar
[
Asongu, S.; El Montasser, G; Toumi, H. (2016). Testing the relationships between energy consumption, CO2 emissions, and economic growth in 24 African countries: A panel ARDL approach. Environmental Science and Pollution Research 23(7): 6563–6573.
]Search in Google Scholar
[
Bacon, R.; Mattar, A. (2005). The vulnerability of African countries to oil price shocks: Major factors and policy options. ESMAP. Report 308/5.
]Search in Google Scholar
[
Balcilar, M.; Van Eyden, R.; Uwilingiye, J.; Gupta, R. (2017). The impact of oil price on South African GDP growth: A Bayesian Markov switching~VAR analysis. African Development Review 29(2): 319–336.
]Search in Google Scholar
[
Barbieri, L. (2006). Panel unit root tests: A review. SerieRossa: Economia-UCSC Piacenza 43: 1–53.
]Search in Google Scholar
[
Behmiri, N.; Manso, J. (2013). How crude oil consumption impacts on economic growth of sub-Saharan Africa? Energy 54: 74–83.10.1016/j.energy.2013.02.052
]Search in Google Scholar
[
Benedictow, A.; Fjærtoft, D.; Løfsnæs, O. (2013). Oil dependency of the Russian economy: An econometric analysis. Economic Modelling 32: 400–428.
]Search in Google Scholar
[
Berk I.; Yetkiner H. (2014). Energy prices and economic growth in the long run: Theory and evidence. Renewable and Sustainable Energy Reviews 36: 228–235.
]Search in Google Scholar
[
Bjørnland, H. C. (2000). The dynamic effects of aggregate demand, supply and oil price shocks—A comparative study. The Manchester School 68(5): 578–607.
]Search in Google Scholar
[
BP (2018). Statistical Review of World Energy. 67th edition.
]Search in Google Scholar
[
Canuto, O. (2014). The commodity super cycle: Is this time different? Economic Premise 150: 1–3.
]Search in Google Scholar
[
Casselli, F.; Esquivel, G.; Lefort, F. (1996). Reopening the convergence debate: A new look at cross-country growth empirics. Journal of Economic Growth 1(3): 363–389.
]Search in Google Scholar
[
Du, L.; Wei, C. (2010). The relationship between oil price shocks and China’s macroeconomy: An empirical analysis. Energy Policy 38: 4142–4151.
]Search in Google Scholar
[
Eregha, P. B.; Mesagan, E. P. (2020). Oil resources, deficit financing and per capita GDP growth in selected oil-rich African nations: A dynamic heterogeneous panel approach. Resources Policy 66: 1–11.
]Search in Google Scholar
[
Essama-Nssah, B.; Go, D. S.; Kearney, M.; Korman, V.; Robinson, S.; Thierfelder, K. (2007). Economy-wide and distributional impacts of an oil price shock on the South African economy. The World Bank.10.1596/1813-9450-4354
]Search in Google Scholar
[
Estrada, A.; Hernández de Cos, P. (2012). Oil prices and their effect on potential output. Applied Economics Letters 19(3): 207–214.
]Search in Google Scholar
[
European Central Bank (2016). Economic Bulletin. Retrieved from: https://www.ecb.europa.eu/pub/pdf/ecbu/eb201603.en.pdf.
]Search in Google Scholar
[
Fofana, I.; Chitiga, M.; Mabugu, R. (2009). Oil prices and the South African economy: A macro-meso-micro analysis. Energy policy 37(12): 5509–5518.
]Search in Google Scholar
[
Gbatu, A. P.; Wang, Z.; Wesseh, P. K., Jr.; Tutdel, I. Y. R. (2017a). The impacts of oil price shocks on small oil-importing economies: Time series evidence for Liberia. Energy 139: 975–990.10.1016/j.energy.2017.08.047
]Search in Google Scholar
[
Gbatu, A. P.; Wang, Z.; Wesseh, P. K., Jr.; Tutdel, I. Y. R. (2017b). Asymmetric and dynamic effects of oil price shocks and exchange rate fluctuations: Evidence from a panel of Economic Community of West African States (ECOWAS). International Journal of Energy Economics and Policy 7(3): 1–13.
]Search in Google Scholar
[
Ghirmay, T. (2004). Financial development and economic growth in sub-Saharan African countries: Evidence from time series analysis. African Development Review 16(3): 415–432.
]Search in Google Scholar
[
Hamilton, J. D. (1983). Oil and the macroeconomy since World War II. Journal of Political Economy 91(2): 228–248.
]Search in Google Scholar
[
Hamilton, J. D. (1996). This is what happened to the oil price – macroeconomy relationship. Journal of Monetary Economics 38: 215–220.
]Search in Google Scholar
[
Hanabusa, K. (2009). Causality relationship between the price of oil and economic growth in Japan. Energy Policy 37: 1953–1957.
]Search in Google Scholar
[
Hooker, M. A. (1996a). What happened to the oil price macroeconomics relationship? Journal of Monetary Economics 38: 195–213.10.1016/S0304-3932(96)01281-0
]Search in Google Scholar
[
Hooker, M. A. (1996b). This is what happened in the oil price macroeconomics relationship: Reply. Journal of Monetary Economics 38: 221–222.10.1016/S0304-3932(96)01283-4
]Search in Google Scholar
[
Hooker, M. A. (1999). Oil and the macroeconomy revisited. Mimeo, Federal Reserve Board, Washington, D. C.10.17016/FEDS.1999.43
]Search in Google Scholar
[
Im, K. S.; Pesaran, M. H.; Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics 115(1): 53–74.
]Search in Google Scholar
[
Ito, K. (2008). Oil price and macroeconomy in Russia. Economics Bulletin 17(17): 1–9.
]Search in Google Scholar
[
Jiang, Q.; Cheng, S.; Cao, Y.; Wang, Z. (2021). The asymmetric and multi-scale volatility correlation between global oil price and economic policy uncertainty of China. Environmental Science and Pollution Research 1–12.
https://doi.org/10.1007/s11356-021-16446-1
.10.1007/s11356-021-16446-1
]Search in Google Scholar
[
Jiménez-Rodríguez, R.; Sánchez, M. (2005). Oil price shocks and real GDP growth: Empirical evidence for some OECD countries. Applied Economics 37(2): 201–228. DOI: 10.1080/0003684042000281561.10.1080/0003684042000281561
]Search in Google Scholar
[
Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics 90: 1–44.
]Search in Google Scholar
[
Kumar, S. (2009). The macroeconomic effects of oil price shocks: Empirical evidence for India. Economics Bulletin 29(1): 15–37.
]Search in Google Scholar
[
Lee, K.; Ni, S.; Ratti, R. A. (1995). Oil shocks and the macroeconomy: The role of price variability. The Energy Journal 16(4): 39–56.
]Search in Google Scholar
[
Levin, A.; Lin, C. F.; Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of econometrics 108(1): 1–24.
]Search in Google Scholar
[
McDonald, S.; van Schoor, M. (2005). A computable general equilibrium (CGE) analysis of the impact of an oil price increase in South Africa. PROVIDE Project Working Paper (No. 1854-2016-152583).
]Search in Google Scholar
[
Mork, K. A. (1989). Oil and the macroeconomy when prices go up and down: An extension of Hamilton’s results. Journal of Political Economy 97(3): 740–744.
]Search in Google Scholar
[
Mory, J. F. (1993). Oil prices and economic activity: Is the relationship symmetric? The Energy Journal 14(4): 151–161.10.5547/ISSN0195-6574-EJ-Vol14-No4-10
]Search in Google Scholar
[
Nusair, S. A. (2016). The effects of oil price shocks on the economies of the Gulf Co-Operation Council countries: Nonlinear analysis. Energy Policy 91: 256–267. DOI:10.1016/j.enpol.2016.01.013.10.1016/j.enpol.2016.01.013
]Search in Google Scholar
[
Pedroni, P. (2004). Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Econometric Theory 20(3): 597–625.
]Search in Google Scholar
[
Pesaran, M. H.; Shin, Y; Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association 94(446): 621–634.
]Search in Google Scholar
[
Raheem, I. D. (2017). Asymmetry and break effects of oil price-macroeconomic fundamentals dynamics: The trade effect channel. The Journal of Economic Asymmetries 16: 12–25.
]Search in Google Scholar
[
Rasmussen T.; Roitman A. (2011). Oil shocks in a global perspective: Are they really that bad? International Monetary Fund Working Paper. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1910497.
]Search in Google Scholar
[
Salisu, A. A.; Isah, K. O. (2017). Revisiting the oil price and stock market nexus: A nonlinear panel ARDL approach. Economic Modelling 66: 258–271.
]Search in Google Scholar
[
Salisu, A. A.; Isah, K. O.; Oyewole, O. J.; Akanni, L. O. (2017). Modelling oil price-inflation nexus: The role of asymmetries. Energy 125: 97–106.
]Search in Google Scholar
[
Shin, Y.; Yu, B.; Greenwood-Nimmo, M. (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In: Sickles, Robin C.; Horrace, William C. (eds.), Festschrift in honor of Peter Schmidt. New York: Springer. 281–314.
]Search in Google Scholar
[
Su, C. W.; Huang, S. W.; Qin, M.; Umar, M. (2021). Does crude oil price stimulate economic policy uncertainty in BRICS? Pacific-Basin Finance Journal 66: 101519.10.1016/j.pacfin.2021.101519
]Search in Google Scholar
[
Suleiman, M. (2013). Oil demand, oil prices, economic growth and the resource curse: An empirical analysis. University of Surrey (United Kingdom).
]Search in Google Scholar
[
World Bank. (2019). World development indicators 2019. The World Bank.
]Search in Google Scholar
[
Ziramba, E. (2010). Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis. Energy Policy 38(12): 7844–7849.
]Search in Google Scholar
