Ran, Jimmy; Voon, JanP.; Li, Guangzhong - In: Pacific Economic Review 15 (2010) 2, pp. 263-280
We find no evidence from either in-sample or out-of-sample analyses that an oil price shock would necessarily affect a small non-oil producing economy such as Hong Kong. In our in-sample recursive vector autoregressive investigations, oil price does not Granger cause the key macroeconomic...