Orhan, Torul; Emre, Alper C. - In: Review of Middle East Economics and Finance 6 (2010) 1, pp. 90-105
We investigate the relationship between oil prices and manufacturing sector of a small open economy, Turkey. We take into account exogeneity of oil prices, extreme oil-reliance and import-dependence, as well as asymmetric responses of oil product prices to world crude oil price changes. We also...