OIL PRICE FLUCTUATIONS IMPACT ON THE LEBANESE ECONOMIC WELL BEING

Authors

Hanadi Taher, Associate Professor, Department of Economics, Faculty of Business Administration, Beirut Arab University, Beirut, LebanonFollow

English Title

OIL PRICE FLUCTUATIONS IMPACT ON THE LEBANESE ECONOMIC WELL BEING

Keywords

Oil Price Fluctuation, Economic Growth, Economic Well-being

Disciplines

Behavioral Economics | Business | Health Economics | International Economics | Macroeconomics | Political Economy

Abstract

This paper investigates the impact of oil price fluctuation on the Lebanese economic well being during the period from 1988 to 2018 using multivariable ordinary least square method with annual time series. taking the Lebanese GDP per capita as proxy for the economic wellbeing as dependent variable and the crud oil average annual prices as proxy for oil price fluctuations with Labor and gross fixed capital formation as two control variables. The test results show a significant and positive impact for the oil price fluctuations on the Lebanese economic well being and the significant results for control variables. In testing the stationarity for the model using ARMAX and LAD, the tests show good for the models and proof stationarity. Based on the results the Lebanese policy makers should work to minimize the negative impact for the oil price fluctuations on the Lebanese economic well being mainly through refereeing to green investments.

Recommended Citation

Taher, Hanadi (2021) "OIL PRICE FLUCTUATIONS IMPACT ON THE LEBANESE ECONOMIC WELL BEING," BAU Journal - Health and Wellbeing: Vol. 4: Iss. 1, Article 10.
DOI: https://doi.org/10.54729/2789-8288.1164