Persistence

Endogeneity

$p_t^{br}$

$p_t^{wti}$

$p_t^{br}$

$p_t^{wti}$

$s_t$

Bahrain

0.994***

0.994***

−0.008

−0.007

Kuwait

0.994***

0.994***

0.053***

0.059***

Oman

0.994***

0.994***

−0.008

−0.006

Qatar

0.994***

0.994***

−0.008

−0.007

Saudi Arabia

0.994***

0.994***

−0.009

−0.008

United Arab Emirate

0.994***

0.994***

−0.008

−0.007