2011 8th International Conference on the European Energy Market (EEM) 2011
DOI: 10.1109/eem.2011.5953034
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The puzzle of asymmetric effects of oil: New results from international stock markets

Abstract: Previous work has documented that oil price changes have nonlinear effects in the economy and in stock market returns. We show that the nonlinear effects are different depending on whether countries are energy dependent or not. While price soars seem to have a negative effect on the stock markets of oil energy dependent countries, they have a positive effect on the stock markets of oil exporting countries. Stock market returns are negatively affected by oil price volatility in energy dependent countries and po… Show more

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