Analysis of the Relationship between Oil Prices and Current Accounts in Oil Importing Countries

The fact that oil resources are concentrated in certain regions of the world is a serious economic problem for countries that import oil intensively. Especially the changes in oil prices have a great effect on the economic indicators of the countries. The current account balance is shown among the most important macroeconomic problems of many countries. The aim of this study is to examine the effect of the changes in oil prices between the periods of 2000Q1-2024Q1 on the current account balance of oil importing countries. The relationship between the variables was analyzed with Hacker and Hatemi-J (2006) symmetric and Hatemi-J (2012) asymmetric causality tests. As a result of the analyzes, no symmetric causality relationship was determined between oil prices and the current account balance in oil importing countries. According to the results of the Hatemi-J (2012) asymmetric causality test, it was determined that there were asymmetric causality relationships between the variables in all other countries except Germany and the Netherlands.