Description of Invention
The study aims to empirically explore how oil price changes affect different countries, considering their oil dependency and specific economic structures, with a focus on nonlinearities and cross-section dependency. The project's potential benefits include informing energy policymakers, assisting market participants and portfolio diversification, managing energy risks, and contributing to achieving the United Nations' SDG 8 for economic growth in least developed countries with a target of 7% annual GDP growth.