Oil prices and stock market returns among emerging seven economies: empirical evidence from the recent decade Online publication date: Mon, 09-Jan-2023
by Mearaj Ud Din Dar; Khursheed Ahmad Butt
International Journal of Business Competition and Growth (IJBCG), Vol. 8, No. 1/2, 2022
Abstract: Crude oil is one of the most important components and input for almost all manufacturing and service activities. Given its importance, oil has been among the major exports or imports of all the countries, especially for emerging economies to fuel their economic growth. Further oil prices have been very volatile during the recent decade. Therefore the present study is an attempt to examine the impact of oil prices on the stock returns of the most progressive emerging market group called EM7 (India, China, Russia, Brazil, Indonesia, Mexico and Turkey). The study employs ARDL modelling as a novel technique of cointegration on monthly time series data for the most recent decade starting from 2010. The study found that oil price changes pose a significant positive impact on stock returns of oil exporting countries (Russia, Mexico, Brazil) while a negative significant impact on stock market returns of oil importing countries (India, China, Indonesia, Turkey).
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Business Competition and Growth (IJBCG):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com
Our Blog 
Follow us on Twitter 
Visit us on Facebook