Oil Crisis, Market Reforms, and Human Welfare： An Econometric Analysis of the Australian Economy.pdfVIP

JournalofModem AccountingandAuditing，ISSN 1548-6583 December2013，Vo1．9，No．12，1655—1670 aLl墨 HlN售 OilCrisis，MarketReforms，andH E XinZheng TheUniversityofSydney,Sydney,Australia Asanactivetraderininternationalcrudeoilandpetroleumproductmarkets，Australia’shumanwelfraeisaffectedby oilcrisisand contagion from theperspectivesofeconomicgrowth，incomeinequaliyt,and environmental sustainabiliyt．ThispaperinvestigatestheimpactsofoilpriceshocksuponAustralia’sgrossdomesticproduct(GDP) grOwth．Ginicoefficients，and crabondioxideemissionspercapitafrom 1970to2012withyearly ~equency- HvpothesesconcemingwhetherAustralia’seconomicimmuniyt againstoilcrisisisaffectedafterthederegulationof oilmarketandwhetherendogenousoilpriceshocksaccountformorevraiationsinhumanwelfarethanexogenousoil Driceshocksaretested．Themethodologiesincludeatheoreticmodelandaseriesofeconometrictests·Forthe short．rundynarctics oilpriceisintegrated into themodelbothlineraly andnonl‘inearly．Oilpriceshocksare categorized into exogenousandendogenousshocks．Theconclusionsarethatinflated oilpricesexertmainly non-linearnegativeimpactsupon human welfraeindicatorsand exogenousshocksinduceendogenoussh00k tIlroughlaborprice，ConsumerPriceIndex(CPI)，interestrate，nadexchnagerate．Forthelong。runequilibrum， non．1inearshocks’effectsdecaymoreslowlythna linera shocksandtheimpactsofendogenousshockslastlonger thanthatofexogenousshocks．Finally,oilmraketpoliciesareevaluatedna dproposed· 。rdsendogenousoilpriceshocks，exogenousoilpriceshocks，grossdomesticproduct(GDP)growth，Gini coefficients，crabondioxideemissionspercapita，mraketreforms