Impact of global health crisis and oil price shocks on stock markets in the GCC

Hisham Al Refai, Rami Zeitun and Mohamed Abdel-Aziz Eissa

Finance Research Letters, 2022, vol. 45, issue C

Abstract: This study examines the impact of global COVID-19 cases and oil price shocks on the stock markets in the GCC. Using the Kalman filter to generate the unexpected oil price shocks, we find that, with the exception of Oman, the GCC markets responded to positive and negative oil price shocks before and during the pandemic, with impacts of higher magnitude since March 11, 2020. We also find that the spread of global COVID-19 cases had in itself no meaningful impact on the GCC stock markets.

Keywords: COVID-19; Oil price shocks; GCC stock markets; Global health crisis; Kalman filter (search for similar items in EconPapers)
JEL-codes: C13 G15 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (11)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:45:y:2022:i:c:s1544612321002117

DOI: 10.1016/j.frl.2021.102130

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