2016
DOI: 10.1080/00036846.2016.1221045 View full text |Buy / Rent full text
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Abstract: This article investigates the causal impact of oil prices on stock prices in each G7 market as well as in the world market. An asymmetric causality test is used for this purpose. Since the underlying data appears to be non-normal with time-varying volatility, we use bootstrap simulations with leverage adjustments in order to produce more reliable critical values than the asymptotic ones. Based on symmetric causality tests, we find no causal effect of oil prices on the stock prices of the world market or any of… Show more

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