能源价格冲击对印度宏观经济指标的影响:一种新的衡量标准

Karan Raj, Devashish Sharma
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引用次数: 0

摘要

目的本研究旨在构建一个新指数,以评估能源价格冲击对印度宏观经济指标的影响。本文还对构建的指数与世界银行和国际货币基金组织已有的能源指数进行了比较分析。本文使用了三个向量自回归,并通过脉冲响应函数计算了指数对所考虑的宏观经济变量的长期影响。研究结果本文发现,从长期来看,能源价格冲击会对印度的宏观经济指标产生不利影响。本研究还发现,与国际货币基金组织和世界银行的指数相比,所构建的指数是一个相对更敏感的指数,这与发展中经济体的情况相吻合。这种敏感性归因于对一篮子不同能源成分的动态加权,这与印度的国情更为相关。 原创性/价值本研究的新颖之处在于构建了一个新指数,并将其与现有指数进行了比较。这项研究说明了为什么发展中经济体需要不同于现有指数的能源衡量标准。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Effects of energy price shock on the macroeconomic indicators of India: a new measure
Purpose The purpose of this study is to construct a new index to assess the impact of an energy price shock on macroeconomic indicators of India. This paper also shows a comparative analysis of the constructed index along with pre-existing World Bank and International Monetary Fund indices on energy. Design/methodology/approach This paper uses three vector autoregressions and compute the long-term impact of the indices on the considered macroeconomic variables through impulse response functions. Findings This paper finds that an energy price shock has a detrimental impact on the macroeconomic indicators of India in the long run. This study also finds that the constructed index acts as a relatively more sensitive index in comparison to the International Monetary Fund and World Bank indices, which is bespoke to a developing economy case. This sensitivity is ascribed to dynamic weighting for a different basket of energy components, which are more pertinent to an Indian context. Originality/value The novelty of this research lies in the construction of a new index and its comparison to the existing ones. This study justifies why a developing economy would require a different measure of energy as opposed to the existing indices.
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