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

Feyyaz Zeren () and Hilmi Tunahan Akku⪠()
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Feyyaz Zeren: Yalova University, Turkey
Hilmi Tunahan Akkuâª: Balikesir University, Turkey

Management and Economics Review, 2018, vol. 3, issue 1, 110-122

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

Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:rom:merase:v:3:y:2018:i:1:p:110-122

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