Fig. 3: Causality between the negative shock of uncertainty indexes and the economic growth and the industrial production index (IP) (Annual frequency).
From: How volatility in the oil market and uncertainty shocks affect Saudi economy: a frequency approach
a Negative crude oil volatility vs financial development (Measure: MCGDP). b Negative GPR vs financial development (Measure: MCGDP). c Negative WUI vs financial development (Measure: MCGDP). d Negative crude oil volatility vs economic growth. e Negative GPR vs economic growth. f Negative WUI vs economic growth. g Negative crude oil volatility vs financial development (Measure: FIAIX). h Negative GPR vs financial development (Measure: FIAIX). i Negative WUI vs financial development (Measure: FIAIX). Each panel illustrates the effect of negative shocks in uncertainty indicators (crude oil volatility, GPR, WUI) on financial development or economic growth. MCGDP and FIAIX serve as financial development measures, and the Industrial Production Index (IP) is included to show industrial impacts.
