The Impact of Oil Price Changes on Some Macroeconomic Factors in Libya: An Econometric Study For The Period 1970-2023.
DOI:
https://doi.org/10.54172/sa9wy316Keywords:
Oil prices , Error correction Vectors , Net Foreign Assets Money Supply , Response Function, Analysis of Variance ComponentsAbstract
This study aimed to measure the impact of oil price shocks on the Libyan economy in both the short and long terms, and to examine the nature of the relationship between oil price fluctuations and the Libyan economy, identifying their effects and directional trends. Methodologically, the study relied on both a descriptive-analytical approach and an empirical approach using Vector Error Correction Models (VECM). Given the Libyan economy's heavy reliance on oil revenues, which constitute the main source of national income, the study analyzed the response functions of four economic variables: Net Foreign Assets, Gross Domestic Product, Government Expenditure, and Money Supply, along with variance decomposition analysis. The aim was to link the results and understand the cyclical nature of economic policies in Libya.
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Copyright (c) 2024 Hanan Baraka, Younes Boujelbane, Sanad Husayn (Author)
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