Spillovers from the oil sector to the housing market cycle

Luca Agnello, Ricardo M. Sousa, Shawkat Hammoudeh, Vitor Castro

Research output: Contribution to journalArticlepeer-review

6 Citations (Scopus)

Abstract

We assess the spillovers from the oil sector to the housing market cycle using quarterly data for 20 net oil-exporting and -importing industrial countries, and employing continuous- and discrete-time duration models. We do not uncover a statistically significant difference in the average duration of booms and normal times in the housing markets of those net oil-importers and net oil-exporters. Similarly, the degree of exposure to commodity price fluctuations does not seem to significantly affect the housing market cycle. However, we find that housing booms are shorter when oil prices increase than housing busts when oil prices decrease. We also show that the net oil-importers are more vulnerable to protracted housing slump episodes than the net-oil exporters.
Original languageEnglish
Pages (from-to)209-220
Number of pages12
JournalEnergy Economics
Volume61
Publication statusPublished - 2017

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Energy(all)

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