Fig. 2: Causality between the positive shock of uncertainty indexes and the economic growth and financial development (Annual frequency).
From: How volatility in the oil market and uncertainty shocks affect Saudi economy: a frequency approach
a Positive crude oil volatility vs financial development (Measure: MCGDP). b Positive GPR vs financial development (Measure: MCGDP). c Positive WUI vs financial development (Measure: MCGDP). d Positive crude oil volatility vs economic growth. e Positive GPR vs economic growth. f Positive WUI vs economic growth. g Positive crude oil volatility vs financial development (Measure: FIAIX). h Positive GPR vs financial development (Measure: FIAIX). i Positive WUI vs financial development (Measure: FIAIX). Each panel presents the impact of positive shocks in uncertainty indicators (crude oil volatility, GPR, WUI) on either financial development or economic growth. MCGDP and FIAIX are used as measures of financial development.
