Impact of global health crisis and oil price shocks on stock markets in the GCC

Refai, Hisham Al; Zeitun, Rami; Eissa, Mohamed Abdelaziz

doi:10.1016/j.frl.2021.102130

Cited by 30 publications

(19 citation statements)

References 26 publications

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“…Fasanya et al ( 2021 ) investigated the oil-stock nexus using non-linear ARDL. Finally, some recent studies see, e.g., Ziadat and McMillan ( 2021 ), Al Refai et al ( 2022 ), and Tien and Hung ( 2022 ), have also investigated the topic under discussion. Ziadat and AlKhouri ( 2022 ) decomposed oil price shock into supply and demand shock using Ready ( 2018 )’s method using monthly data.…”

Section: Literature Reviewmentioning

confidence: 99%

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Volatility connectedness of GCC stock markets: how global oil price volatility drives volatility spillover in GCC stock markets?

Hussain

Rehman

2022

Environ Sci Pollut Res

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s The study investigated the volatility connectedness of GCC stock market return and S&P global oil index returns using Diebold and Yilmaz ( 2012 ) method. The current study has also analyzed the possible impact of oil price volatility on net volatility spillover in GCC stock market returns pre- and post-COVID-19 period. The current study results suggest that the GCC stock markets have volatility connectedness with S&P Global Oil Index returns’ volatility and across GCC stock markets. The GCC stock markets have greater volatility in their stock markets than volatility spillover from other GCC countries. Further investigation also suggests that global oil price volatility has a divergent causal impact on net spillover in GCC stock markets. Such results would enhance the understanding of GCC stock market connection, spillover, and economic channels through which GCC markets are connected.

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Section: Literature Reviewmentioning

confidence: 99%

“…Cheikh et al ( 2021 ) have found asymmetric relationship between oil and stock nexus in GCC. Finally, Al Refai et al ( 2022 ) investigated oil-stock nexus and possible impact of COVID-19 and concluded that COVID-19 has no meaningful effect on oil-stock nexus in GCC.…”

Section: Introductionmentioning

confidence: 99%

Volatility connectedness of GCC stock markets: how global oil price volatility drives volatility spillover in GCC stock markets?

Hussain

Rehman

2022

Environ Sci Pollut Res

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“…Source: Country authorities; IMF staff estimates An uptake in oil revenues presents some issues. Buoyant economic activities, enhancing the confidence level of investor as well as customers and plentiful liquidity spurred extreme growth of credit, enhance asset cost and inflation (Refai et al, 2021).…”

Section: Table 3 Selected Economic Indicators For 2008mentioning

confidence: 99%

“…Increases the inflation rate with the reduced interest rates will result in minimizing real interest with the reduction in the interest for economic development. The financial crisis is related to a sudden reduction in the cost of assets that might be materials like equipment and machinery or financially such as bonds and shares (Refai et al, 2021). A sudden reduction in assets may be taken place as it enhances the cost of collapse.…”

Section: Introductionmentioning

confidence: 99%

Global Crises Reflections on the Gulf Cooperation Council Countries

2022

IJSSHR

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This research is mainly taken into consideration the effects of the global financial crisis on the Gulf Cooperation Council (GCC) countries. The global financial crisis has been arisen in developing and developed countries that were not to be immune to its impact. The crisis is manifested in developing the trade and budget deficits, high inflation rates, currency devaluations and enhancing public debt. Conducting the present investigation is effective in providing information about how the financial crisis impact GCC countries in a negative manner. There has been different the different articles and opinion of authors on the area. Results of this research are that foreign currency large reserves attained through GCC countries in past years have assisted the expansionary policies to buy pumping liquidity for absorbing regressive crisis impact. The findings examined from the mention information that financial crisis impact on GCC countries’ economies is versatile and involve reduce international demand for the GCC exports, minimize oil prices of oil and impact on the public budget status of GCC countries and the investment and development programs. The enhanced inflation rates with a minimum in context to incentives for purpose of saving and economic growth. It has been concluded that the international financial crisis developed a negative impact on GCC countries’ economies indirectly or directly. These impacts were shown in the Gulf stock market and deterioration and reduced demand and cost of oil. Hence, expansionary policies have been applicated in the GCC countries, the precautionary process should be taken for the impact which will rise from applied policies in GCC countries.

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“…Due to the pandemic, they find inefficiency in India and efficiency in Russian financial markets. Al-Refai et al ( 2022 ) use the Kalman filter to investigate the shocks of COVID-19 and oil prices on GCC financial markets. They find that except in Oman, all the GCC financial markets react positively and negatively to oil price changes and COVID-pandemics with a higher magnitude after March 2020.…”

Section: Literature Reviewmentioning

confidence: 99%

COVID-19 and adaptive behavior of returns: evidence from commodity markets

Shahid

2022

Humanit Soc Sci Commun

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This study examines the Adaptive Market Hypothesis during the COVID-19 pandemic. The pandemic has impacted global economic activity, trade, and financial market activity. There has been much interest in testing financial market theories and relationships during COVID-19. Therefore, we have investigated the varying return predictability from commodities during COVID-19 concerning the adaptive market hypothesis. By applying linear and non-linear econometric models, we find a strong engagement of adaptive behavior of returns from commodities during the ongoing pandemic. The inconsistent return behavior is facilitated by dividing the sample period into different phases. Our results indicate that AMH best explains the impact of COVID-19 on commodity markets.

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Impact of global health crisis and oil price shocks on stock markets in the GCC

Cited by 30 publications

References 26 publications

Volatility connectedness of GCC stock markets: how global oil price volatility drives volatility spillover in GCC stock markets?

Volatility connectedness of GCC stock markets: how global oil price volatility drives volatility spillover in GCC stock markets?

Global Crises Reflections on the Gulf Cooperation Council Countries

COVID-19 and adaptive behavior of returns: evidence from commodity markets

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