Oil Prices, Economic Growth, Price Level and Stock Price Index in a Structural Cointegrated VAR Model in China

摘要

In this paper, we analyzed the relationship between the international crude oil prices and Chinese macro-economic variables using Granger Causality Test. We found that the cointegration relationship between the crude oil price and Chinese economic growth, and the quantitative analysis using VAR model and impulse response analysis. Finally, we recommended some suggestions and measures to cope with the international oil price shocks to our country.