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Oil Prices and Stock Markets: Further Evidence from Newly Industrialized Countries

Author

Listed:
  • Feyyaz ZEREN

    (Yalova University, Turkey)

  • Hilmi Tunahan AKKUª

    (Balikesir University, Turkey)

Abstract

In this paper, the relationship between stock prices and global oil prices in newly industrialized countries (Brazil, China, India, Malaysia, Mexico, Philippines, South Africa, Thailand, Turkey and Indonesia) has been investigated. Maki Cointegration (2012) and Enders-Jones (2015) Fourier Causality Tests were used in the study including oil prices and stock market data with different start dates. While the empirical findings differ from the country to the country in terms of the cointegration relation, there is a causality mainly from stock market to oil prices. Classification-JEL: G15, Q02. Keywords: Fourier causality, Maki cointegration, oil prices, share prices

Suggested Citation

  • Feyyaz ZEREN & Hilmi Tunahan AKKUª, 2018. "Oil Prices and Stock Markets: Further Evidence from Newly Industrialized Countries," Management and Economics Review, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 3(1), pages 110-122, June.
    • Handle: RePEc:rom:merase:v:3:y:2018:i:1:p:110-122
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    Keywords

    fourier causality; maki cointegration; oil prices; share prices;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market

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