A Dynamic Network Comparison Analysis of Crude Oil Trade: Evidence from Eastern Europe and Eurasia

Masoud Shirazi Abdolrasoul Ghasemi Teymour Mohammadi Jurica Šimurina Ali Faridzad Atefeh Taklif
Additional contact information
Masoud Shirazi Abdolrasoul Ghasemi Teymour Mohammadi Jurica Šimurina Ali Faridzad Atefeh Taklif: Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran. Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran. Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran. Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia. Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran. Faculty of Economics, Allameh Tabataba’i University, Tehran, Iran.

Zagreb International Review of Economics and Business, 2020, vol. 23, issue 1, 95-119

Abstract: This article characterizes a dynamic crude oil trade network of Eastern Europe and Eurasia using the network connectedness measure of Diebold and Yilmaz (2014, 2015) and asymmetric reaction of crude oil bilateral trade flow in response to the positive and negative changes of its key determinants using the nonlinear panel ARDL model. Results indicate the existence of large and time-varying spillovers with a considerable explanatory power among the crude oil trade flow volatility of Iran, Russia, US and Saudi Arabia in Eastern Europe and Eurasia crude oil trade network. The findings also show that crude oil trade flow of Eastern Europe and Eurasia experiences net volatility transmission to Iran, Russia and US respectively, whereas it is a net volatility receiver from Saudi Arabia. Also based on gravity models, the analysis confirms the existence of impact, reaction and adjustment asymmetry through different magnitude among network participants. JEL Classification: C22, F13, Q370, Q43, Q47, Q370, C320

Keywords: Crude Oil Trade; Dynamic Network Connectedness Measure; Gravity Model; Nonlinear Panel ARDL Model (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hrcak.srce.hr/index.php?show=clanak&id_clanak_jezik=346047 (text/html)
Abstract only available on-line

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zag:zirebs:v:23:y:2020:i:1:p:95-119

Ordering information: This journal article can be ordered from
Zagreb International Review of Economics and Business, Faculty of Economics and Business, Trg J. F. Kennedy 6, 10000 Zagreb, Croatia.
http://www.efzg.hr/default.aspx?id=6045

DOI: 10.2478/zireb-2020-0007

Access Statistics for this article

Zagreb International Review of Economics and Business is currently edited by Soumitra Sharma

More articles in Zagreb International Review of Economics and Business from Faculty of Economics and Business, University of Zagreb Contact information at EDIRC.
Bibliographic data for series maintained by Jurica Šimurina ( this e-mail address is bad, please contact ).