Effects of oil price shocks on the stock market performance: Do nature of shocks and economies matter?

Causal Nexus between Financial Integration and Economic Growth : Does Nonlinearity Matter?

“…This approach has also become a prominent technique to study the linear causal relation between economic and financial variables. For example, it has been shown to be especially useful for exploring the relations between healthcare expenditure and GDP (Amiri and Ventelou (Nazlioglu and Soytas 2011), oil price shocks and stock market performance (Le and Chang 2015), terms of trade and economic growth (Jawaid and Raza 2013), energy consumption and output (Payne 2009, Menyah andWolde-Rufael 2010), debt and growth (Kemba and Khan 2016), the shadow economy and unemployment (Saafi et al 2015a(Saafi et al , 2015b, and economic growth and financial development (Abu-Bader andAbu-Qarn 2008, Wolde-Rufael 2009). Toda and Yamamoto (1995) used the modified Wald (MWALD) statistic for testing linear restrictions on the coefficients in an augmented VAR (k + d max ) model, where k is the optimal lag order in the VAR system and d max is the maximal order of integration in the model.…”

The Effects of Fluctuations of Oil Price on Economic Growth of Libya

“…Changing oil prices have an effect on the global economic performance and the economy level of any country. This impact, in general, is positive or negative depends on the nature of the relation between oil-exporting economy and oil-importing economy (Le and Chang, 2015) that higher oil revenues play an oil price increase contributes to a transfer of wealth from oil importing to oil-exporting countries (Balcilar and Ozdemir, 2013).…”

Response of Stock Returns to Oil Price Shocks: Evidence from Oil Importing and Exporting Countries

“…The present study belongs to a literature that distinguishes on the equities' responses to oil price shocks between oil exporting and oil importing countries (Apergis and Miller 2009, Park and Ratti 2008, Wang et al 2013, Le and Chang 2015. In fact, Park and Ratti (2008) analyzed the oil price-stock returns nexus for thirteen European countries and deduced that oil price shocks exert a significant and positive influence on oil exporters (e.g.…”