How do you treat variables that do not vary across countries when using panel data for volatility studies?

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Samson Adeniyi Aladejare

I would suggest you disaggregate the countries into oil importing and exporting and see the effect.

Pandelis Mitsis

You can use the ratio of the oil price with the general price index for each country. Unless if their also have the identical inflation rate, then you would have the variation needed for your estimations to proceed.

Miklesh Prasad Yadav

There is possibility that the volatility of the crude price will remain the same.