Portuguese stock market returns and oil price variations

Sebastião Messias Marques and Margarida Catalão-Lopes

Applied Economics Letters, 2015, vol. 22, issue 7, 515-520

Abstract: This article investigates the existence of a dynamic link between oil prices and stock market returns. A vector autoregressive model is estimated for Portugal, a small open non-producer economy. Results show that none of the three types of oil price shocks addressed - global supply shocks, global demand shocks for all industrial commodities and precautionary demand shocks - affect Portuguese stock market returns.

Date: 2015
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DOI: 10.1080/13504851.2014.952888

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