Persistence

Endogeneity

$p_t^{br}$

$p_t^{wti}$

$p_t^{br}$

$p_t^{wti}$

$s_t$

Bahrain

0.993***

0.991***

−0.283

−0.257

Kuwait

0.995***

0.994***

−0.155

−0.249

Oman

0.994***

0.994***

0.043

−0.064

Qatar

0.994***

0.994***

0.116

−0.027

Saudi Arabia

0.995***

0.994***

−0.096

−0.194

United Arab Emirate

0.996***

0.995***

0.014

−0.026