Period

Variance decomposition of US oil prices due to shocks

US Oil

France

Spain

Malaysia

Singapore

Taiwan

Japan

3

99.023^***

(0.6123)

0.0068

(0.0911)

0.038

(0.1612)

0.086

(0.242)

0.1615

(0.262)

0.350

(0.315)

0.333

(0.412)

6

99.008^***

(0.6321)

0.0076

(0.0910)

0.045

(0.175)

0.087

(0.243)

0.1616

(0.2622)

0.350

(0.316)

0.345

(0.418)

9

99.001^***

(0.623)

0.0076

(0.0910)

0.045

(0.173)

0.0876

(0.244)

0.1616

(0.2623)

0.350

(0.316)

0.345

(0.173)

12

99.000^***

(0.621)

0.0079

(0.0900)

0.046

(0.174)

0.0879

(0.247)

0.1754

(0.2645)

0.352

(0.321)

0.356

(0.178)