Competitiveness analysis of the oil industry in the main Latin American oil countries, 1996-2017

Mario Gómez, Lilibeth K. Marquez, Irma C. Espitia

Resumen


The objective of this research is to analyze the main determinants of competitiveness
in the oil industry in the main Latin American oil countries during
the period 1996-2017. For this purpose, panel data econometric methods are
applied in this research, namely, cross-section dependence (Pesaran), second
generation unit root, cointegration (Kao and Fisher–Johansen), and heterogeneous
causality tests (Hurlin and Dumitrescu). In this way, it is demonstrated
that most of the variables are characterized by a cross-section dependence and
there is evidence of cointegration relationships between the variables in the
long term. Using the estimator Fully Modified OLS (FMOLS), it is determined
that there is a positive relationship between competitiveness and oil barrel
production, referring to the fact that an increase in oil barrel production
creates an increase in competitiveness, while there is a negative relationship
between competitiveness with the real exchange rate and the crude oil barrel
price, referring to an increase in the real exchange rate and the oil barrel price
in each country generate a decrease in the competitiveness of the oil industry.

Palabras clave


Competitiveness; oil industry; unit root; cointegration; causality

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