This page has only limited features, please log in for full access.

Dr. Jungho Baek
University of Alaska Fairbanks

Basic Info


Research Keywords & Expertise

0 Econometric Modeling
0 Energy & the Environment
0 International Trade
0 Energy and Trade
0 Environment and Trade

Fingerprints

Energy & the Environment
Environment and Trade
International Trade

Honors and Awards

The user has no records in this section


Career Timeline

The user has no records in this section.


Short Biography

The user biography is not available.
Following
Followers
Co Authors
The list of users this user is following is empty.
Following: 0 users

Feed

Journal article
Published: 27 July 2021 in Applied Economics
Reads 0
Downloads 0

The present article contributes to the existing research by applying a quantile autoregressive distributed lag (QARLD) method to investigate whether the locational asymmetries across quantiles exist between oil prices and the real exchange rate for an oil-importer, specifically South Korea (KRW). We discover that the oil price impacts are heterogeneous across quantiles and evidence of locational asymmetry in the short run. In the long run, however, there is little evidence of significant oil price impacts across quantiles and of locational asymmetry.

ACS Style

Jungho Baek. A new look at the oil prices and exchange rates nexus: a quantile cointegrating regression approach to south korea. Applied Economics 2021, 1 -12.

AMA Style

Jungho Baek. A new look at the oil prices and exchange rates nexus: a quantile cointegrating regression approach to south korea. Applied Economics. 2021; ():1-12.

Chicago/Turabian Style

Jungho Baek. 2021. "A new look at the oil prices and exchange rates nexus: a quantile cointegrating regression approach to south korea." Applied Economics , no. : 1-12.

Journal article
Published: 19 June 2021 in Economic Analysis and Policy
Reads 0
Downloads 0

The present article contributes to the existing literature by applying the NARDL approach of Shin et al. (2014) to investigate the asymmetric impacts of exchange rates on the bilateral exports and imports of 33 industries between South Korea and China. We demonstrate that there is evidence that fluctuations of the real South Korean won (KRW) to Chinese yuan (CNY) exchange rate have asymmetric impacts on some, though not all, types of South Korea’s exporting and importing industries in both the long- and short-run. Additionally, the asymmetric impacts appear to be an industrial-specific phenomenon.

ACS Style

Jungho Baek; SooJoong Nam. The South Korea–China trade and the bilateral real exchange rate: Asymmetric evidence from 33 industries. Economic Analysis and Policy 2021, 71, 463 -475.

AMA Style

Jungho Baek, SooJoong Nam. The South Korea–China trade and the bilateral real exchange rate: Asymmetric evidence from 33 industries. Economic Analysis and Policy. 2021; 71 ():463-475.

Chicago/Turabian Style

Jungho Baek; SooJoong Nam. 2021. "The South Korea–China trade and the bilateral real exchange rate: Asymmetric evidence from 33 industries." Economic Analysis and Policy 71, no. : 463-475.

Journal article
Published: 24 February 2021 in Economic Analysis and Policy
Reads 0
Downloads 0

In the present article, we contribute to the literature by applying a nonlinear autoregressive distributed lag (NARDL) method by Shin et al. (2014) to assess whether oil price fluctuations asymmetrically influence real exchange rates for oil-exporting countries, specifically selected six OPEC member countries. We discover that the price of crude oil seems to have an asymmetric effect on real exchange rates for the OPEC members with a floating exchange rate regime in both the long-and short-run. However, there is no evidence of the oil price asymmetry for the OPEC members with a fixed exchange rate regime in the long- and short-run. Thus, we conclude that asymmetry impacts appear to vary depending on the different types of exchange rate regimes in each of OPEC members.

ACS Style

Jungho Baek. A new look at the oil price-exchange rate nexus: Asymmetric evidence from selected OPEC member countries. Economic Analysis and Policy 2021, 70, 172 -181.

AMA Style

Jungho Baek. A new look at the oil price-exchange rate nexus: Asymmetric evidence from selected OPEC member countries. Economic Analysis and Policy. 2021; 70 ():172-181.

Chicago/Turabian Style

Jungho Baek. 2021. "A new look at the oil price-exchange rate nexus: Asymmetric evidence from selected OPEC member countries." Economic Analysis and Policy 70, no. : 172-181.

Research article
Published: 05 January 2021 in Applied Economics
Reads 0
Downloads 0

The effects of oil price fluctuations on growth, inflation, and exchange rates for Indonesia are investigated in the framework of the structural vector autoregressive (SVAR). To identify linking oil prices to the macroeconomic activities accurately, the entire sample period is separated into two sub-samples such as the era of net oil exporter (1998:M1-2003:M12) and the era of net oil importer (2004:M1-2019:M4). In the era of net oil exporter, we discover that a surge in oil prices promotes growth and contributes to appreciating the Indonesian currency. In the era of net oil importer, by contrast, an upsurge in oil prices reduces growth and causes a depreciation of the exchange rate. However, there is little evidence that an upswing in oil prices in both eras has a significantly detrimental effect on inflation.

ACS Style

Jungho Baek. Crude oil prices and macroeconomic activities: a structural VAR approach to Indonesia. Applied Economics 2021, 53, 2527 -2538.

AMA Style

Jungho Baek. Crude oil prices and macroeconomic activities: a structural VAR approach to Indonesia. Applied Economics. 2021; 53 (22):2527-2538.

Chicago/Turabian Style

Jungho Baek. 2021. "Crude oil prices and macroeconomic activities: a structural VAR approach to Indonesia." Applied Economics 53, no. 22: 2527-2538.

Original article
Published: 29 December 2020 in Australian Economic Papers
Reads 0
Downloads 0

Previous studies that investigated the impact of exchange rate volatility on Korean trade flows assumed that the effects are symmetric. When we change this assumption and investigate the asymmetric effects of the real won‐dollar volatility on 61 U.S. exporting industries to Korea and on 49 U.S. importing industries from Korea, we discover relatively more significant and asymmetric effects. Indeed, we find short‐run asymmetric effects in 37 U.S. exporting industries that last into significant long‐run asymmetric effects in 29 of them. We also find short‐run asymmetric effects on imports of 24 industries that last into significant long‐run asymmetric effects in 33 out of 49 industries.

ACS Style

Mohsen Bahmani‐Oskooee; Jungho Baek. On the asymmetric effects of exchange‐rate volatility on trade flows: Evidence from Korea‐U .S. commodity trade. Australian Economic Papers 2020, 1 .

AMA Style

Mohsen Bahmani‐Oskooee, Jungho Baek. On the asymmetric effects of exchange‐rate volatility on trade flows: Evidence from Korea‐U .S. commodity trade. Australian Economic Papers. 2020; ():1.

Chicago/Turabian Style

Mohsen Bahmani‐Oskooee; Jungho Baek. 2020. "On the asymmetric effects of exchange‐rate volatility on trade flows: Evidence from Korea‐U .S. commodity trade." Australian Economic Papers , no. : 1.

Journal article
Published: 05 November 2020
Reads 0
Downloads 0
ACS Style

Jungho Baek. The Marshall-Lerner condition at commodity level: Evidence from Korean-U.S. trade. 2020, 1 .

AMA Style

Jungho Baek. The Marshall-Lerner condition at commodity level: Evidence from Korean-U.S. trade. . 2020; ():1.

Chicago/Turabian Style

Jungho Baek. 2020. "The Marshall-Lerner condition at commodity level: Evidence from Korean-U.S. trade." , no. : 1.

Article
Published: 13 October 2020 in Economic Change and Restructuring
Reads 0
Downloads 0

The linkages between oil prices and exchange rates have been researched considerably. However, studies to date typically assume symmetric responses of exchange rates to changes in crude oil prices and use a symmetric linear regression model when tackling the topic. Therefore, the new contribution of this article is to utilize the quantile autoregressive distributed lag approach newly developed by Cho et al. (J Econom 188:281–300, 2015) and investigate whether or not evidence of locational asymmetries exists between oil prices and the Indonesian rupiah (IDR). We detect that the relationship between oil prices and IDR is heterogeneous across different quantiles, thereby providing evidence of locational asymmetries in both the long- and short-run. We believe that this discovery has profound implications on empirical modeling of the oil price–exchange rate nexus and policy analysis.

ACS Style

Jungho Baek. The role of crude oil prices in the movement of the Indonesian rupiah: a quantile ARDL approach. Economic Change and Restructuring 2020, 1 -20.

AMA Style

Jungho Baek. The role of crude oil prices in the movement of the Indonesian rupiah: a quantile ARDL approach. Economic Change and Restructuring. 2020; ():1-20.

Chicago/Turabian Style

Jungho Baek. 2020. "The role of crude oil prices in the movement of the Indonesian rupiah: a quantile ARDL approach." Economic Change and Restructuring , no. : 1-20.

Journal article
Published: 01 October 2020 in Economic Analysis and Policy
Reads 0
Downloads 0

Although the literature on the relationship between oil prices and the trade balance exists, relatively little attention has been given to the asymmetric effects of oil prices on the trade balance at a bilateral level. Thus, the primary thrust of this paper is to probe the asymmetric influences of oil price fluctuations on the bilateral trade balance between Korea and each of her 14 largest trading partners. To this end, we use the method of the nonlinear autoregressive distributed lag (NARDL). We discover that there is evidence that ups and downs of oil prices appear to asymmetrically impacts Korea’s trade with some trading partners, though not all, in the long- and short-run.

ACS Style

Jungho Baek. An asymmetric approach to the oil prices-trade balance nexus: New evidence from bilateral trade between Korea and her 14 trading partners. Economic Analysis and Policy 2020, 68, 1 .

AMA Style

Jungho Baek. An asymmetric approach to the oil prices-trade balance nexus: New evidence from bilateral trade between Korea and her 14 trading partners. Economic Analysis and Policy. 2020; 68 ():1.

Chicago/Turabian Style

Jungho Baek. 2020. "An asymmetric approach to the oil prices-trade balance nexus: New evidence from bilateral trade between Korea and her 14 trading partners." Economic Analysis and Policy 68, no. : 1.

Original article
Published: 21 September 2020 in Australian Economic Papers
Reads 0
Downloads 0

Although previous literature has addressed an asymmetric response of economic growth to oil price movements in developed economies, less widely recognised is the possibility of such responses in developing economies. Thus, the primary thrust of the present article is to investigate the asymmetric effects of changes in crude oil prices on growth in a developing economy, particularly China. To examine this subject thoroughly, we first assume oil price symmetry and apply the method of the linear autoregressive distributed lag (ARDL) to China's 31 provinces. We discover that the price of crude oil has a significant effect on growth mostly in the short‐run. We then separate oil price hikes from oil price plunges and implement the method of the nonlinear ARDL (NARDL) to reveal that the price of crude oil has indeed an important role in affecting growth across China's 31 provinces in both the short‐ and long‐run. Further, there is evidence that fluctuations in oil prices appear to have asymmetric effects on growth for some provinces, though not all, in the short‐ and long‐run.

ACS Style

Jungho Baek; Guimin Lu; SooJoong Nam. On the asymmetric effects of changes in crude oil prices on economic growth: New evidence from China's 31 provinces. Australian Economic Papers 2020, 1 .

AMA Style

Jungho Baek, Guimin Lu, SooJoong Nam. On the asymmetric effects of changes in crude oil prices on economic growth: New evidence from China's 31 provinces. Australian Economic Papers. 2020; ():1.

Chicago/Turabian Style

Jungho Baek; Guimin Lu; SooJoong Nam. 2020. "On the asymmetric effects of changes in crude oil prices on economic growth: New evidence from China's 31 provinces." Australian Economic Papers , no. : 1.

Original paper
Published: 24 August 2020 in Empirica
Reads 0
Downloads 0

One strand of the literature in exchange rate economics argues and demonstrates that exchange rate uncertainty could affect domestic investment in either direction. In this paper, we argue and demonstrate that the effects of exchange rate volatility on domestic investment could be asymmetric, meaning that increased uncertainty may have different effect in size or direction than decreased uncertainty. We use data from each of the G7 countries and how those effects are asymmetric in the short run in almost all seven countries. However, short-run asymmetric effects translate into the long-run only in Germany and the U.S. While in the U.S., long-run effects are asymmetric, in Germany they are not.

ACS Style

Mohsen Bahmani-Oskooee; Jungho Baek. Exchange rate volatility and domestic investment in G7: are the effects asymmetric? Empirica 2020, 48, 775 -799.

AMA Style

Mohsen Bahmani-Oskooee, Jungho Baek. Exchange rate volatility and domestic investment in G7: are the effects asymmetric? Empirica. 2020; 48 (3):775-799.

Chicago/Turabian Style

Mohsen Bahmani-Oskooee; Jungho Baek. 2020. "Exchange rate volatility and domestic investment in G7: are the effects asymmetric?" Empirica 48, no. 3: 775-799.

Journal article
Published: 18 August 2020 in The Singapore Economic Review
Reads 0
Downloads 0

Although oil prices likely influence the trade balance via macroeconomy channels (i.e. exchange rates and income), less widely recognized is the possibility of such an effect in investigating the hypothesis of a J-Curve. Thus, the primary thrust of this paper is to investigate the effect of oil prices on the J-Curve using bilateral trade data between Korea and her 14 largest partners. We uncover that the price of crude oil is indeed important in affecting the Korean trade balance and thus further validity evidence of the J-Curve. We further discover that incorporating exchange rate asymmetry provides more evidence supporting the J-Curve in the Korean trade balance.

ACS Style

Jiangqin Xu; Jungho Baek. THE J-CURVE AND KOREA’S BILATERAL TRADE: THE ROLE OF CRUDE OIL PRICES. The Singapore Economic Review 2020, 1 -24.

AMA Style

Jiangqin Xu, Jungho Baek. THE J-CURVE AND KOREA’S BILATERAL TRADE: THE ROLE OF CRUDE OIL PRICES. The Singapore Economic Review. 2020; ():1-24.

Chicago/Turabian Style

Jiangqin Xu; Jungho Baek. 2020. "THE J-CURVE AND KOREA’S BILATERAL TRADE: THE ROLE OF CRUDE OIL PRICES." The Singapore Economic Review , no. : 1-24.

Original article
Published: 23 June 2020 in Australian Economic Papers
Reads 0
Downloads 0

Two studies have assessed the symmetric and asymmetric effects of exchange rate changes on domestic investment. One included six emerging countries and the other one, 18 African nations. Both revealed that using nonlinear models to assess the asymmetric effects yield a more significant outcome compared to symmetric and linear models. We add to this small literature by showing the same using quarterly data from each of the G7 countries. Indeed, nonlinear models produced relatively more short‐run and long‐run effects of changes in the real effective exchange rate on domestic investment, though in an asymmetric manner.

ACS Style

Mohsen Bahmani‐Oskooee; Jungho Baek. On the asymmetric effects of the real exchange rate on domestic investment in G7 countries. Australian Economic Papers 2020, 59, 303 -318.

AMA Style

Mohsen Bahmani‐Oskooee, Jungho Baek. On the asymmetric effects of the real exchange rate on domestic investment in G7 countries. Australian Economic Papers. 2020; 59 (4):303-318.

Chicago/Turabian Style

Mohsen Bahmani‐Oskooee; Jungho Baek. 2020. "On the asymmetric effects of the real exchange rate on domestic investment in G7 countries." Australian Economic Papers 59, no. 4: 303-318.

Original article
Published: 31 May 2020 in The World Economy
Reads 0
Downloads 0

Current research on the oil price impacts on exchange rates typically relies on the assumption that fluctuations in crude oil prices have symmetric impacts on a country’s real exchange rate. Thus, the contribution of the paper is to use the nonlinear autoregressive distributed lag (ARDL) method of Shin et al. (2014) and examine whether crude oil prices are asymmetrically passed on to the real exchange rate in the case of Indonesia. We uncover that oil price changes indeed asymmetrically affect the Indonesian rupiah in both the long‐and short‐run; that is, the movement in the Indonesian rupiah appears to be more responsive to rising oil prices than to declining oil prices.

ACS Style

Jungho Baek; Yoon Jung Choi. Do fluctuations in crude oil prices have symmetric or asymmetric effects on the real exchange rate? Empirical evidence from Indonesia. The World Economy 2020, 44, 312 -325.

AMA Style

Jungho Baek, Yoon Jung Choi. Do fluctuations in crude oil prices have symmetric or asymmetric effects on the real exchange rate? Empirical evidence from Indonesia. The World Economy. 2020; 44 (1):312-325.

Chicago/Turabian Style

Jungho Baek; Yoon Jung Choi. 2020. "Do fluctuations in crude oil prices have symmetric or asymmetric effects on the real exchange rate? Empirical evidence from Indonesia." The World Economy 44, no. 1: 312-325.

Original article
Published: 22 May 2020 in Australian Economic Papers
Reads 0
Downloads 0

The contribution of this article is to assess the effect of oil prices have on the trade balance in the framework of bilateral commodity trade data between Korea and each of the four ASEAN member countries—Indonesia, Malaysia, Singapore, and Thailand. To examine this subject thoroughly, we first assume the effects of oil price changes to be symmetric and apply the linear autoregressive distributed lag (ARDL) method to the subject. We find that the price of crude oil indeed has an important role in affecting Korea's trade balance with those four ASEAN economies in both the long‐ and short‐run. We then separate oil price hikes from oil price plunges and implement the nonlinear ARDL method to reveal that there is evidence that changes in oil prices appear to have asymmetric effects on the trade balance for certain products in the long‐ and short‐run.

ACS Style

Jungho Baek; Yoon Jung Choi. Do oil price changes really matter to the trade balance? Evidence from Korea‐ASEAN commodity trade data. Australian Economic Papers 2020, 59, 250 -278.

AMA Style

Jungho Baek, Yoon Jung Choi. Do oil price changes really matter to the trade balance? Evidence from Korea‐ASEAN commodity trade data. Australian Economic Papers. 2020; 59 (3):250-278.

Chicago/Turabian Style

Jungho Baek; Yoon Jung Choi. 2020. "Do oil price changes really matter to the trade balance? Evidence from Korea‐ASEAN commodity trade data." Australian Economic Papers 59, no. 3: 250-278.

Original paper
Published: 06 May 2020 in Mineral Economics
Reads 0
Downloads 0

The existing research on the oil price-growth nexus in oil-exporting regions typically assumes that the oil price impacts are symmetric. In this article, therefore, we attempt to make an incremental contribution to the literature by empirically studying whether or not oil price changes have asymmetric impacts on economic growth in the case of an oil-exporting region, specifically Alaska. After applying the nonlinear autoregressive distributed lag (NARDL) method to quarterly data between 1998: Q1 and 2017: Q2, we uncover that oil price changes indeed asymmetrically affect Alaska’s economic growth in both the short and long run.

ACS Style

Jungho Baek; Taylor B. Young. A new look at the crude oil prices and economic growth nexus: asymmetric evidence from Alaska. Mineral Economics 2020, 1 -6.

AMA Style

Jungho Baek, Taylor B. Young. A new look at the crude oil prices and economic growth nexus: asymmetric evidence from Alaska. Mineral Economics. 2020; ():1-6.

Chicago/Turabian Style

Jungho Baek; Taylor B. Young. 2020. "A new look at the crude oil prices and economic growth nexus: asymmetric evidence from Alaska." Mineral Economics , no. : 1-6.

Journal article
Published: 07 February 2020 in The Singapore Economic Review
Reads 0
Downloads 0

As the world’s second-largest crude oil consumer, China depends on imports for approximately 60% and domestic production for approximately 40%, of its oil demand. Therefore, it is very interesting to assess the pass-through effects of both domestic and international crude oil prices to gasoline and diesel prices. After the short- and long-run investigations using the nonlinear autoregressive distributed lag (ARDL) methodology of Shin et al. [Shin, Y, BC Yu and M Greenwood-Nimmo (2014). Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework” Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications, R Sickels and W Horrace (eds.), pp. 281–314. Springer.], we find overwhelming evidence supporting the asymmetric price transmission mechanism between crude oil prices and gasoline prices in both the short- and long-run. In the case of diesel prices, on the other hand, the asymmetry effects seem likely to be a long-run phenomenon.

ACS Style

Xianchun Liao; Jungho Baek. ANALYZING THE ASYMMETRIC EFFECTS OF CRUDE OIL PRICE CHANGES ON CHINA’S PETROLEUM PRODUCT PRICES. The Singapore Economic Review 2020, 1 -20.

AMA Style

Xianchun Liao, Jungho Baek. ANALYZING THE ASYMMETRIC EFFECTS OF CRUDE OIL PRICE CHANGES ON CHINA’S PETROLEUM PRODUCT PRICES. The Singapore Economic Review. 2020; ():1-20.

Chicago/Turabian Style

Xianchun Liao; Jungho Baek. 2020. "ANALYZING THE ASYMMETRIC EFFECTS OF CRUDE OIL PRICE CHANGES ON CHINA’S PETROLEUM PRODUCT PRICES." The Singapore Economic Review , no. : 1-20.

Articles
Published: 09 July 2019 in The Journal of International Trade & Economic Development
Reads 0
Downloads 0

This article examines the effect oil price fluctuations have on exchange rates in selected sub-Saharan African (SSA) countries. To investigate the subject thoroughly, unlike previous studies we take specific account of the asymmetric effects of oil price changes in our modeling process, using the nonlinear autoregressive distributed lag (NARDL) model proposed by Shin et al. [2014. “Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework.” In Festschrift in Honor of Peter Schmidt: Econometric Methods and Applications, edited by R. Sickels, and W. Horrace, 281–314. New York: Springer.] The results provide strong evidence that changes in oil prices have the asymmetric effects on the real exchange rates in the long-run; that is, the movements in the real exchange rates in selected SSA countries appear to respond mostly more to oil price increases than to decreases. In the short-run, on the other hand, the asymmetry of oil price changes is not observed.

ACS Style

Jungho Baek; Hong-Youl Kim. On the relation between crude oil prices and exchange rates in sub-saharan African countries: A nonlinear ARDL approach. The Journal of International Trade & Economic Development 2019, 29, 119 -130.

AMA Style

Jungho Baek, Hong-Youl Kim. On the relation between crude oil prices and exchange rates in sub-saharan African countries: A nonlinear ARDL approach. The Journal of International Trade & Economic Development. 2019; 29 (1):119-130.

Chicago/Turabian Style

Jungho Baek; Hong-Youl Kim. 2019. "On the relation between crude oil prices and exchange rates in sub-saharan African countries: A nonlinear ARDL approach." The Journal of International Trade & Economic Development 29, no. 1: 119-130.

Original article
Published: 03 July 2019 in The World Economy
Reads 0
Downloads 0

The main new contribution of this study is to delve into the asymmetric impacts of changes in oil prices on the trade balance in the framework of six major African economies. To tackle this topic carefully, we employ three measures of external balances ‐ oil, non‐oil and total trade balances, and assess the asymmetric response of the external balances of those six economies to oil price changes in the short‐ and long‐run. Like most previous studies, we first assume the impacts of oil price fluctuations to be symmetric and employ the linear autoregressive distributed lag (ARDL) method to explore the topic. We then separate oil price hikes from oil price plunges and implement the nonlinear ARDL method to reveal that the price of crude oil has a vital role to play in the trade balances for those six African economies. Further, there is evidence of significant asymmetric impacts of oil prices typically on the oil trade balance of Africa's top oil producing countries. For the non‐oil and total trade balances, in contrast, there is little evidence of the asymmetry of oil price changes. This article is protected by copyright. All rights reserved.

ACS Style

Jungho Baek; Kyoung Doug Kwon. Asymmetric effects of oil price changes on the balance of trade: Evidence from selected African countries. The World Economy 2019, 42, 3235 -3252.

AMA Style

Jungho Baek, Kyoung Doug Kwon. Asymmetric effects of oil price changes on the balance of trade: Evidence from selected African countries. The World Economy. 2019; 42 (11):3235-3252.

Chicago/Turabian Style

Jungho Baek; Kyoung Doug Kwon. 2019. "Asymmetric effects of oil price changes on the balance of trade: Evidence from selected African countries." The World Economy 42, no. 11: 3235-3252.

Journal article
Published: 19 April 2019 in Sustainability
Reads 0
Downloads 0

This study is to investigate whether the multifaceted roles of democracy have a positive relationship with environmental quality. Using a panel data of 132 high- and low-income countries from 2014 to 2016, a random effect (RE) model is analyzed in comparison with cross-sectional analysis. To pursue the current research thoroughly, five elements of democracy that encompass the aspects of democratic institutions (election system, civil liberties, and government function) and the aspects of democratic culture (political participation and political culture) are selected. We find that elements of democracy are positively correlated with the environment in high-income countries. In low-income countries, on the other hand, it is found that the role of democracy in explaining the environmental quality appears to be very weak; only the effect of government function positively relates with the environment.

ACS Style

Soohyeon Kim; Jungho Baek; Eunnyeong Heo. A New Look at the Democracy–Environment Nexus: Evidence from Panel Data for High- and Low-Income Countries. Sustainability 2019, 11, 2353 .

AMA Style

Soohyeon Kim, Jungho Baek, Eunnyeong Heo. A New Look at the Democracy–Environment Nexus: Evidence from Panel Data for High- and Low-Income Countries. Sustainability. 2019; 11 (8):2353.

Chicago/Turabian Style

Soohyeon Kim; Jungho Baek; Eunnyeong Heo. 2019. "A New Look at the Democracy–Environment Nexus: Evidence from Panel Data for High- and Low-Income Countries." Sustainability 11, no. 8: 2353.

Article
Published: 11 March 2019 in Empirical Economics
Reads 0
Downloads 0

In this article, we examine whether oil inventories react to oil demand and supply shocks as a buffer to the market, as a facilitation of speculative trading, or both. Unlike previous studies that discuss the role of inventories from the perspective of the relationship between inventory and price, this study derives speculative and buffer roles from the endogenous responses of inventory to demand and supply shocks. Global, US, and Cushing, Oklahoma inventories from January 2003 to June 2008 and January 2009 to May 2018 are compared from the aggregate to sub-aggregate levels. A sign-restricted structural vector autoregressive model is employed, and robustness verifications are added. Overall, while supply and demand shocks shift oil production and consumption, the buffer responses of inventories are found to be immediate for demand shocks but gradual for supply shocks, and the instantaneous speculative responses of the Cushing inventories are revealed.

ACS Style

Soohyeon Kim; Jungho Baek; Eunnyeong Heo. Crude oil inventories: The two faces of Janus? Empirical Economics 2019, 59, 1003 -1018.

AMA Style

Soohyeon Kim, Jungho Baek, Eunnyeong Heo. Crude oil inventories: The two faces of Janus? Empirical Economics. 2019; 59 (2):1003-1018.

Chicago/Turabian Style

Soohyeon Kim; Jungho Baek; Eunnyeong Heo. 2019. "Crude oil inventories: The two faces of Janus?" Empirical Economics 59, no. 2: 1003-1018.